Some Trading Wisdom from W.D. Gann … "… change to mind …"

Hello Traders,

Today I want to take a bit of my time to talk about some more trading wisdom from the trading masters.  In today’s topic, I am borrowing some trading wisdom from W.D. Gann.

W.D. Gann

“A wise man changes his mind, a fool never.  A wise man investigates and then decides, and a fool just decides.  In Wall Street, the man who does not change his mind will soon have no change to mind.” W.D. Gann

As a trader in the futures markets, I can see this as one of the major causes of hardships.  The wise man in trading is the person who will change his mind and always be ready for change.  By study and testing a hypothesis is one valid way to see if your trading idea will work as it relates to the future.

Be careful when testing and investigating in over optimizing your trading strategy to the point you have a method/strategy you have curve fit into something which works in the past, but has too many rules to really work in the future (or the right edge of the chart).  We as traders live on the right edge of the chart … the unknown that lies just to the right edge of where you are trading.

I love the way W.D. Gann, closes this quote with a play on words.  I have seen personal development gurus use this kind of logic to make a point, and one which you can remember.  If you do not change your mind … you will have no change to mind!  How vividly clear what he was saying to us as traders today.

Do not get so locked into what you are doing that you are not ready for change.  Never put yourself in a position where you are risking all for a meager gain opportunity.  Always have enough room to profit on every trade setup.  Make every trading opportunity one which you are not ashamed to take 100 times over and over again.

As you progress in your trading skills, things that didn’t make sense to you before will suddenly shine on you like the morning sun as it breaks over the hill to bring light to the world.  The lights will go on and it will make sense.  Never stop in your pursuit of the truth.  There is truth in trading … basic truth that stands the test of time.

Good Trading,

David “Tiger” Knight

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.

  • Wes says:

    What I find soooo amazing about that quote is that it correlates all to clearly to politics (among other things). It is really amazing at how so many people have chosen a side, and once there, can’t see(or refuse to see) the truth any more, purely because that would mean they would have to admit to themselves that they may be on the wrong side! )o:

  • […] Or as W.D. Gann said, if you don’t mind your change, then you will have no change to mind! […]