Fixed Ideas and Fixed Prices
W.D. Gann’s Rules for Trading
FIXED IDEAS AND FIXED PRICESBy W. D. Gann
“Never get a fixed idea of just how high any price is going to go or just how low they are going.
Never buy or sell on a price that you fix because you may be trading on hope or fear and not following the trend of the market and applying rules which will determine when the trend is changing.” – WD GANN
George’s Commentary: The above rule as written by Mr. Gann, shows clearly that picking tops or bottoms in advance is a very risky proposition for average traders. Hope opens the door to Fear when conditions change.
Obviously, with a deep understanding of the markets (which Gann advocated and which he, himself, had) there would be no hope or fear because they’d be replaced with Wisdom and Understanding of market laws. – GR Harrison