Health and rest
Gann’s fourth essential quality for trading success is health and rest. If you don’t feel right, you won’t trade right, and that is the time to remain on the sidelines. When you stick with something too long, your judgment becomes warped. Traders who are continually in the market without rest get too caught up in the day-to-day fluctuations and eventually get tapped out. At least twice a year, it makes sense to close out all your trades, get entirely out of the market, and go on a vacation. When you return, recharged, your trading will improve.
So, that wraps up Gann’s four essential human qualities required for success. You’ll need them. Shortly, this book delves into specifics that will help you travel the rocky road leading to trading success. Some of the most important lessons I’ve learned over the past 30 years are in the pages to come, and they should help you make money. However, if you don’t have patience, guts, knowledge, and good health, all the rules in the world are just words.
So, with that said, let’s get into the meat of the matter. I’m not trying to be all things to all people, but I do believe this book appeals, to novice and veteran traders alike. We’ll begin at the beginning. If you are new to this game, you’ll need to know how the game is played, what the rules are, and how the money works. I strive to be as complete as possible, and at times, it might actually appear simple. If it were really so simple, however, most people wouldn’t lose, but the nature of the futures markets is to punish the majority. Let’s begin our journey to join the minority, because it is the minority who reap the rewards!