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45 Years in Wall Street Hardcover – May 9, 2008

4.2 out of 5 stars 15 customer reviews

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Product Details

  • Hardcover: 116 pages
  • Publisher: The Richest Man in Babylon (May 9, 2008)
  • Language: English
  • ISBN-10: 9659124198
  • ISBN-13: 978-9659124190
  • Product Dimensions: 7 x 0.3 x 10 inches
  • Shipping Weight: 12.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Best Sellers Rank: #1,687,202 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
This book was written in 1949. By all means what put forth by Gann as the 12 and the 24 rules are still valid today. In fact, his ideas are still being copied in simply all other trading books. Even the diary like section in Soros' Alchemy of Fianance did resembled the style of a majority part of this book. In short, a must read for any trader!
Remark: One might think that I am a crazy Gann friend. To justifiy the title I put for this review, I would like to summarize Gann's 12 and 24 rules for one's reference:-
The 12 rules:-
1. Determine the trend
2. Buy at single, double and triple bottoms
3. Buy and sell on percentages
4. Buy and sell on 3 weeks' advance or decline
5. Market moves in sections/waves
6. Buy or sell on 5 to 7 point moves
7. Study volume to determine change in trend
8. Study time factor and time periods to determine change in trend. (p.s. when a time period on a decline exceeds that of a previous decline, it indicates a change in trend)
9. Buy on higher tops and bottoms
10. A change in trend often occurs just before or after holidays. (p.s. when prices are at high levels there are usually several swings up and down, then when the market breaks the low of the last swing it indicates a reversal and change in trend)
11. Buy on a second reaction at a higher bottom. When it reacts only 2 days, it is in a very strong position.
12. Price gains in fast moves does not last very long.
The 24 rules:-
1. Never risk one tenth of capital in one trade.
2. Always use stop loss orders.
3. Never overtrade.
4. Never let a profit run into a loss.
5. Do not buck the trend.
6. When in doubt, get our or dont get in.
7. Trade only active stocks.
8.
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Format: Hardcover
"45 Years in Wall Street" was actually Gann's last book, written in 1949 (he issued a revised edition of his commodities book in 1951), in which he presents the final version of his cycles-based system. Since cycles can extend, shorten, invert, and skip, Gann offers several trend-following methods to minimize damage from forecasting mistakes and to keep one on the right side of the markets. His excellent, 24 trading rules afford advice on money management, risk management, trend-following, trade entry, and exit techniques that are currently valid.

Gann always openly hinted that the details for his celebrated forecasting method were concealed in his writings. This book, as is all others written by Gann, is written on two levels. The first level is expository and describes how to swing-trade. The arcana submerged in the second level can be approached by examining the recurrent themes about time, price, and geometry, and the dates which he feels are significant. Details for Gann's time and price model are contained in all of his books and major courses with the exception of "Tunnel Through the Air."

Strangely, the weakest part of this book is the final chapter with Gann's predictions for the early 1950s. Gann felt that 1953 was going to be a year of post-war depression rivalling the great depression of the 1930s. His cycle model indicated a strong down-turn which actually became a cyclical inversion where the market turned sharply upwards - such are the hazards of public forecasting! However, Gann followers should not have lost money during the 1953 inversion, because their swing-trade methods would have self-corrected this forecast error.

Whatever level one chooses to tackle, this book is a worthwhile addition to anyone's trading library.
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Format: Kindle Edition Verified Purchase
I like it - good advice distilled in clear and easy to read short topics, while it kept me interested enough to keep reading. Some of topics which didn't interest me, such as at the beginning, instead of getting stuck there or giving up - I just skipped them until I reached the more interesting parts.
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Format: Kindle Edition Verified Purchase
Dr. Gann's thorough explanation of rules is priceless. New and seasoned investors should make this one to keep with them to read over and over till his rules become clear and fluid in your everyday portfolio management. A great man and a remarkable book!
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Format: Hardcover
Most famous for his 24 never-failing rules - basically follow the trend, use stop losses, and never average down. Also includes lots of useful Dow data back to 1912 - with swing charts, etc.
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Format: Hardcover
This book is extremely boring. It has time series descriptions as: Monday 10.8, tuesday 9.5, wednesday 9.7, thursday 10.2, friday holiday etc... that could be better presented by a chart. Also his 3 point rule is poorly described. The paper quality is also poor. Only the first chapter is interesting because of the rules (some advice) that you can read cheaply on one of the book reviews.
Overall, boring, tedious, expensive and not very informative.
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Format: Hardcover Verified Purchase
This book by Gann talks about the historical movements in the U.S. stock market. His premise is that we need to know history because "nothing is new under the sun," and what happened in the past will give us clues to future movements. I learned more in this small book than I have in expensive trading courses.
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Format: Hardcover Verified Purchase
This is a sort of classic cult book on Wall Street forecasting. WD Gann has a wonderful writing style and his easy-to-understand prose is what every investor and trader should absorb in their thoughts. This is also a very strange book book because it's short and bookended with great ideas but the middle of the book is almost worthless..Almost... Gann is a clearly a believer in the cycles of the market and he goes through numerous examples of the peaks and valleys of the markets. Why we as readers in 2013 would benefit, I don't know. Because of the wisdom embedded in this short book are dispersed you must hunt in all the pages and you will profit by his words. In summary, a book that is unconventional but extremely useful for your trading success
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