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en proven by each individual's。success。 There is。no guarantee that any of them will work。exactly the same way for you； but there is。a high probability that you will find something of value in your journey as。a trader。 It’s。often said that past results are not always。indicative of future performance； but in testing a trading plan； I would rather see it produce a profit than a loss。 Past performance means。something to me。 I doubt I'm the only one who sees。it that way。
Following Gann's Lead
I'm happy that I took my first cues from W。D。 Gann。 He started trading on August 15； 1902； and his。methods。have stood the test of time for more than a century。 I have had to adapt some of his。lessons。to suit the current markets and； in some cases； I've had to modify some rides。 Not only do we have new financial products。that trade twenty…four hours。a day； but also many of the markets。he traded so successfully no longer even exist。 It's。not a matter of writing new rules； it's。more a question of adapting and simplifying the old ones so that they're workable in the twenty…first century。 The process is。a bit like deciphering the da Vinci code； and； to me； W。D。 Gann's。methods。are the holy grail of technical analysis； I think。I am as。qualified as the next bloke to make this。statement。
From the start； Gann seemed to me to have the answers。 Sometimes。they were the wrong answers； but they were the only。answers。available at that time。 So I did not start out with a grand plan； nor did I have a lot of money； which is。an advantage。 Heaven help those who start out trading futures with a lot of money—especially other people's。 Since then； I've made even possible mistake： I've traded with borrowed money。 I’ve often overtraded my。account。 I've traded against the trend； and I've traded while under so much pressure that all I could do was。squeak。
I traded on my own from late in 1985 through February 1986。 During that time； I made some money； which I promptly withdrew from the trading account； basically to live on。 Of course； I should have left the profits。there as。a buffer for the hard times。that would surelye； but I didn't。 So when I look。a hit； all that I had to show for my six months。of work。was a margin call。 That nearly ended my trading career； but my broker pointed out that overall I had not actually made a loss。on my trading。 I had increased the number of contracts I was。trading； while decreasing the capital。
As。I pondered all of this； my trading account stayed in arrears。 Alter a couple of weeks； I decided to put more money into the account and take one trade based on what I'd learned。 I resolved that if I made money on that trade； I would go back。to my research and try。to bee a successful trader。 If I lost money； I would quit for good。 Well； I made back。more than I'd lost。 So I returned to my research feeling like a winner。 Of course； my victories。weren't enough to keep me from having to collect unemployment benefits。to eat。
I thought I could write a trading plan in about six weeks； but it took。more than six months。 I borrowed some money to open what I called a specimen account and gave myself three months。to succeed。 I had been fighting the tax courts。for about four years。 In the middle of my three months。of test trading； the court ruled against me and I went bankrupt； I lost the house； the cars； the works。 My family and I had to move to rental acmodation。 So much for timing。 Nobody believed that I could trade my way。out of trouble； but at the end of the three…month trial period； I had turned the borrowed 30；000 into more than 100。000； and it was。all systems。go。
A Matter of Time
I succeeded by applying Gann's natural time secrets。 When I was。doing my work。on the Australian Share Price Index （SPI） futuresntract it had been trading for only two years； so I did not feel I had nearly enough history to prove anything。 I decided to research the Australian All Ordinaries。cash； which had been in existence in one form or another since 1875。 I also broadened my research to include the May soybean contract； because that had been one of Gann's。favorites； and plenty of data could be obtained on it。 My。plan was to decipher the soybean contract； then apply what I learned to the Australian markets。 I was。doing all this。tracking manually and had been trading for fewer than twelve months。 I had no one in Australia to whom I could go for advice。 In the long run； that proved to be a good thing because I was。forced to rely on my own work。to survive。 It was。as。simple as。that。 I believe it was。Henry Kissinger who said； 〃The absence of alternatives。clears。the mind marvelously”。
I started out researching the cycles。of price and later came to realize that time also ran in cycles。 There is。a reason for everything。 It all fits。together。 The rub is。that we sometimes。don't work。out how until well after the event。 These time frames。can cover centuries； but I have found that cyclical patterns。work。on wars； they work。on the weather； and they work。amazingly well on the markets。
When I got a grip on price； I saw the current tops； bottoms； and ranges。were only。reflections。of previous。tops； bottoms； and ranges。 It was。like looking down a hall of mirrors； reflecting over and over again。 That's。how I would get my calls。right。 （Of course； there were times when I woke up to what was。going on only well。after the event。） I found that this。approach worked equally well on both time and price。 Sometimes； I found myself working with both。 For example； say the market moved up or down 180 points； I might find there would be a major change in trend in 179 to 182 days from the start of that cycle。 Sometimes； the market might move up exactly 180 points。in 182 days。and I would say time and price were square。 I will give you some examples of how I came to grips。with that phenomenon。
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Although Time by Degrees。was。not a stand…alone indicator at that stage of the game； it backed up my work。on ranges。and time frames。 I started to count everything。 At this。time； all of my charts。were done by hand and many of my calculations。were written on them。 I started the pany called Safety in the Market。 in 1989 because everyone want