📖William Gann
Independent Thinking
Think independently from the crowd.
Think independently. The crowd is often wrong at extremes, and following popular opinion is a reliable path to mediocre returns. Form your own informed views.
🏠 Everyday Analogy
📖 Core Interpretation
W.D. Gann highlights that many investment mistakes are psychological, not analytical. Managing behavior under stress is as important as finding ideas.
💎 Key Insight：Independent thinking is essential for above-average returns.
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❓ Why It Matters
In volatile markets, fear and greed push investors to buy high and sell low. A behavioral framework reduces avoidable, self-inflicted errors.
🎯 How to Practice
Pre-write decision rules, slow down trades during stress, and separate market emotion from business facts before adjusting positions.
⚠️ Common Pitfalls
Following crowd emotion at extremes
Mistaking confidence for certainty
Forcing trades to quickly recover losses
📚 Case Studies
1
Accumulation After Great Depression Low (1932)
Gann applied Master Charts to the 1932 bottom, noting price-time balance and support zones in leading industrial stocks and the Dow after massive liquidation.
✨ Outcome：Gradual accumulation around identified support led to substantial gains as the 1930s recovery rally unfolded.
2
Riding Out the 1929 Crash (1929)
An investor following Gann’s discipline avoids margin, holds quality rails and industrials through the 1929–32 collapse instead of panic selling.
✨ Outcome：Capital draws down heavily but positions are preserved, allowing recovery and profit as markets rebound in the mid‑1930s.
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