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We can take Elder's talk with Gann's widow as factual. Gann's estate was
probated, hence unless he gave money away, his estate was about $100K; half
in his house the rest in other assets. I had read somewhere that his total
estate was only about $50K including his house. Notwithstanding the exact
$number, his estate was worth in todays dollars somewhere between $500K and
$1mil. While significant, hardly very impressive, it doesn't even come
close to Warren Buffett's $26 billion, all made in the stock market.
If Gann had in fact been as good a trader as he is alleged to have been, he
would have owned the world, or at least this country. I suspect these
claims of 80% to 90% success rate are hype. Bear in mind that then as now
some financial "reporters" were open to bribery: hence the "documentation"
is probably unreliable. I don't understand why so many people disbelieve
his son and his widow! What do the students of the Lambert-Gann courses
have to say?
Gann deliberately wrote in a very dense style. If a student wasn't
successful using his methods, he could say that they didn't understand his
methods.
Gann's methods of trading may be helpful, if one can understand them.
Alexander Elder's book trading for a living should be used with the Study
Guide. It is not all "elementary".
When discussing Gann's methods and history, let's deal with verifiable
facts. One of them is that Gann was not very wealthy when he died, another
is that he made his living selling courses.
Lionel Issen
At 11:25 AM 8/2/97 -0700, RRodgers wrote:
>Hi All, it's puzzling (the trading life of Gann) when his son in an
>interview metions he made a living selling his techniques, but there was
>the official documentatin of his trading over a period of 250 trades (give
>or take), he made 230 successful trades. Basically, the no. of trades were
>around the mid 200's and successful were all but 30 or 40 trades.
>Documented by a reporter who Gann allowed to document those trades.
>
>Of course, he was known as the best marketer alive and was said to be able
>to "sell ice boxes to the eskimos living in igloos" (that's a quote from
>the turn of the centure, no offense meant), but his success was still more
>than just his trendlines and angles. Joe Duffy uses a lot of Gann (Robbins
>World Trading Cup - Top 3 Champions), and he uses more Gann than his angles
>of climb and retracement. There's a number chart Gann devised off a square
>that Joe uses (and others) as well. (Visit http://www.realtraders.com)
>
>Although Mr. Murrey (Murrey Math) gets a little loud and aggresive with us
>with his dares and challenges, his knowledge of trading and his personal
>exhaustive studies of Gann, and just general knowledge overall allows me to
>overlook the personality (abrupt and rough? We all have our personalities
>and we all have those who like us and disklike based on our personality
>alone). In truth, he has made available what Gann either 1) did not give
>out (held some back from public knowledge) and/or 2)did not carry quite far
>enough in his own works (for whatever reason.
>
>Yes, I did order his book and his lessons, and trading it, and it's valid
>and working. Murrey Math can be used for several or more trading pops a
>day all the way up to short, intermediate and long-term trades. I'm not
>set up to do the intra-day yet to do it consistently, but I've seen it
>perform enough to where I will make a complete turn-around and trade
>intra-day on a regular basis.
>
>Lastly, there may be a reason Mr. Gann didn't leave his fortune to his son
>or family. Or the son doesn't want to admit he has a ton of money, or...we
>could speculate a hundred different scenarios for Mr. Gann and his son.
>
>Thanks for your time - Richard
>
>At 07:26 AM 8/2/97 -0700, Dick Jurgens wrote:
>>Hi Frank,
>>
>>I'm not knowledgable about Gann techniques, but people keep mentioning
>>them here and there.......I've been trying to remember where I read
>>this, and yesterday I finally found it.
>>
>>Take a look at page 23 of the Elder book "Trading for a Living". Dr.
>>Elder recounts a personal interview with Gann's son, who said that Gann
>>was unsuccessful as trader, but made a living selling his techniques. He
>>died leaving only a house worth approx. 100k,......a far cry from the
>>claims of 50 Million that seem to persist.
>>
>>BTW, I'm not saying his techniques don't work....just that his legend
>>may be more of that, than fact.
>>
>>From what TM Murrey says, it works pretty good for Murray Math !
>>
>>Dick
>>
>>
>>
>>Frank B. Gaylord wrote:
>>>
>>> At 07:04 AM 8/1/97 -0700, Marco Guglielmo wrote:
>>> >Very strange: non body in the list is available to talk about the Gann's
>>> >techniques;
>>> >Is it due they are out of time or they are difficult to understand or
>>> >are so precious that who know does not like to talk about them?
>>> >
>>> >As far as for my knowledge the fundamentals of Gann's techniques are very
>>> >interesting and I would be very happy in seriously learning his methods.
>>> >
>>> >RGDS
>>> >
>>> >Marco Guglielmo
>>> >(Turin,Italy)
>>> >
>>> Marco -
>>>
>>> I, too, wish to hear more of Gann's techniques.
>>>
>>> -- Frank :-)
>>>
>>> High Return on Investment using Technical Analysis
>>> http://www.usinternet.com/users/fbg/
>>>
>>> Minnesota Long Distance Canoe Racing
>>> http://www.usinternet.com/users/fbg/mnlong/
>>>
>>> ------------------------------------------------------------------------
>>
>>
>
>
>
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