Duane's Ten Commandments of Trading

1. Always trade with a stop.
2. Always leave your stop alone once it has been placed. Moving orders around prematurely tends to make things more difficult than they need to be.
3. Think in terms of risk. When you control risk, reward has a way of showing up more easily.
4. Stay away from stock message boards. They are usually full of disinformation and people who know less than you do.
5. Learn to trust your instincts. Many people second guess theirs. This comes with experience.
6. Competence leads to confidence, not the other way around. Study the market daily and your confidence will increase as a result.
7. Trading is a marathon, not a sprint. We always hear about the overnight success stories, but it is because they are exceptions and not the norm.
8. Turn off the TV. The financial channels do not have any vested interest in your trading or investment strategies.
9. Trading with Gann changes everything. Period.
10. Find a mentor and learn everything you can from them. Many experienced traders are happy to share knowledge to people who truly want to spend the time, energy and effort to learn.

 

Trade Smart

 

~Duane Gott

Comments

[wannabe trader]

Trading with Gann changes everything.I bought GET to use Gann but afterwards was told by e-signal that the autoscaling is not reliable to draw gann angles.After speaking to a 40 year Gann trader(Gann management in the United Kingdom) he assured me that GET can not draw Gann because of this problem of scaling and he developed his own software that he uses for managing clients money. How do you use Gann.?

[Duane Gott]

Gann started with a pencil and paper. Today, the "paper" is stretchy with an adjustable X and Y axis. Nearly every Gann software tool is subject to the same effect. The Gann Box is my primary tool coupled with Square of 9 levels. All will be shown during the Trading Summit in Las Vegas this December.

http://www.esignallearning.com/seminars/live/GET_TradingSummit.aspx

[Craig]

Wannabe,

Scale is the most important thing when doing any of Gann's work in drawing. We have a way of finding the "scale" the market is operating in too generate our Gann angles. It takes some learning but is very effective, that is why we reserve teaching it for our premium live events.
Good Trading
Craig

[wannabe trader]

Thanks for response.A bit tied down now with 3 month old baby but would love to attend a live event one day.....

[Craig]

wannabe,

Enjoy the time with the baby, they grow fast :) Look forward to seeing you in the future.

[Steve B.]

hi Guys:
I know this is off topic, however at this point in this rally (SPX) although GET still labels it a wave 4 rally, it has reached RED hashmarks. Is it time to "Localize" Elliot which would change this rally to be labeled Wave #3?, which in strength of OSC it appears to be. Any info on Localizing Elliot would be much appreciated. Can't seem to get info when I call...Thanks, Steve Brophy
NYC
GET user since 97

[Terry Felter]

If you look at some of the posts from the past, right click on your chart, line tools, Elliott Localizer. However selecting the March low gives nothing. Go back to November lows for your selection and you get a nice wAVe 3, that may have ended this last week.

[Steve B.]

That was my thought exactly and what I did on my charts. Thanks for the response, Terry.

[Craig]

Steve and Terry,

I am going to assume you are looking at the weekely? Localizing it that way will give you a labeled 3, and could it be?? It is possible to be sure. However, I would lean towards a A wave myself until proven otherwise. The nature of this pullback will tell us.

No matter how we look at that it is and was telling us to expect a retracement.

Craig

[anthony]

This blog is surprisingly quiet considering the event that is unfolding in front of us.
An important trend line has broken in the SPX (ie: using the higher lows) & today we had the strongest downside breath ie: 9:1 (decline vs advance). It would be great to hear from the mentors ?
Thanks