One thing that always surprises me with professional traders is their unwavering belief on what works and what doesn’t.
What surprises me most is how these beliefs almost always contradict each other.
While the price action versus indicators argument is the most common, I do remember one staunch trader (many moons ago) professing that WD Gann’s methods simply don’t work.
Well, today you’re in for a treat!
To get the other side of the story, we hear from the first Gann trader I’ve had on the show – Tim Walker.
Oh, and if you’re looking for the video I mention in the intro, here it is.
Podcast Interview
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Truth of the Stock Tape by W.D. Gann
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Tim’s Video of the Week
Key Lessons
[08:10] Markets can be broken down into Mathematics.
[08:41] Prices of highs and lows in markets would have mathematical relationships to other highs and lows.
[13:06] When you get something that works, stick to it rather than trying to turn a simple plan that works into a complicated one that doesn’t.
[14:35] People are fascinated by the word “forecast”.
[15:43] Price moves in markets are a bit like the waves at the beach.
[16:21] When you see a range that the market’s done 3 times before and you see that it’s done a very similar range this time – 1. It’s a good reason not to buy it at this point in time, 2. It’s a good reason to take profits on any positions that you hold, and 3. It’s an opportunity if you like trading short to look for signal that the market might go another way.
[21:28] When you have a positive outlook you tend to take better trades, or you manage them better, or you analyze the chart better.
[25:34] The market is neutral. The market’s willing for you to make a million or lose a million, depending on whether you learn the rules that govern market movements or now.
[26:39] You don’t need to master something, but you just need to have a bit of an edge that enables you to stay ahead of the crowd.
[27:35] Limiting my teaching and focus to one market enables me to see a lot more of what goes on in it.
[29:46] Trading gives me the means to do things that are important to me, that would hopefully make the world the better place to live in.
[34:28] The people who make the biggest success in every area whether it’s business, sport, trading, dancing, music or anything, are the people who work at it consistently over a long period of time.
[35:27] The problem is, people look to somebody else to give them the answers far too much and they want results too quickly.
[40:50] It’s important to find a market that suits you.
[51:13] It doesn’t matter how good you are, the market could always be smarter than you.
[51:32] All we can try to do is to understand what drives the market, what makes it go up and down, and try to read the signals so that we can see what the smart people are doing and do the same as them.
Tim’s Trading
- He’s a futures trader from Australia
- He uses W.D. Gann’s methodology
- He’s fascinated by the Mathematical side of W.D. Gann
- He also studied Elliott Wave and Wyckoff
- He’s studied trading while working full-time
- He trades Australian SP200 Futures
- He works and places his orders on a daily chart
- His trades last for 2 to 3 days
- He always checks the market when he wakes up every morning
- He aims to get 70% to 80% winning rate
- He also aims for a 2:1 reward-risk ratio
