[10-10-30]江恩波动法则原始文--重点注译-江恩理论
"TheTicker and Investment Digest"
(laterbecame the Wall Street Journal)
December of 1909
WilliamD. Gann
An Operator Who Science and Ability Place
Him in the Front Rank
His Remarkable Predictions and Trading Records
Sometime ago the attention of this magazine was attractedby certain long pull Stock Market predictions which were being made by WilliamD. Gann. In a large number of cas Mr. Gann gave us, in advance, the exactpoints at which certain stocks and commo
dities would ll, together with pricesclo to the then prevailing figures which would not be touched.
For instance, when the New York Central was 131 hepredicted that it would ll at 145 before 129. So repeatedly did his figuresprove to be accurate, and so different did his work appear from that of anyexpert who methods we had examined, that we t about to investigate Mr. Gannand his way of figuring out the predictions, as well as the particular uwhich he was making of them in the market.
The results of this investigation are remarkable in manyways.
It appears to be a fact Mr. W, D. Gann has developed anentirely new idea as to the principles governing stock market movements. Hebas his operations upon certain natural laws which, though existing since theworld began, have only in recent years been subjected to the will of man andadded to the list of so-called modern discoveries. We have asked Mr. Gann foran outline of his work, and have cured some remarkable evidence as to theresults obtained therefrom.
We submit this in full recognition of the fact that inWall Street a man with a new idea, an idea which violates the traditions andencourages a scientific view of the Proposition, is not usually welcomed by themajority, for the reason that he stimulates thought and rearch. Theactivities the said majority abhors.
W. D. Gann's description of his experience and methods isgiven herewith. It should be read with recognition of the established fact thatMr. Gann's predictions have proved correct in a large majority of instances.
"For the past ten years I have devoted my entiretime and attention to the speculative markets. Like many others, I lostthousands of dollars and experienced the usual ups and downs incidental to thenovice who enters the market without preparatory knowledge of thesubject."
"I soon began to realize that all successful men,whether Lawyers, Doctors or Scientists, devoted years of time to the study andinvestigation of their particular pursuit or profession before attempting tomake any money out of it."
"Being in the Brokerage business mylf and handlinglarge accounts, I had opportunities ldom afforded the ordinary man forstudying the cau of success and failure in the speculations of others. Ifound that over ninety percent of the traders who go into the market withoutknowledge or study usually lo in the end."
"I soon began to note the periodical recurrence of the ri and fall in stocks and commodities. (发现股票涨跌有周期性)This led me to conclude thatnatural law was the basis of market movements. I then decided to devote tenyears of my life to the study of natural law as applicable to the speculativemarkets and to devote my best energies toward making speculation a profitableprofession. After exhaustive rearches and investigations of the knownsciences, I discovered that the law of vibration enabled me to accurately determine the exact points at which stocks orcommodities should ri and fall within a given time." (波动法则能精确地定出在一段时间内股票涨跌的确切价位)
The working out of this law determines the cau
and predicts the effect long before the street is aware of either. Most speculators can testify to the fact that it is looking at the effect and ignoring the cau that has produced their loss. (法则定波动成因,并预测出波动的结果)
"It is impossible here to give an adequate idea ofthe law of vibrations as I apply it to the markets. However, the layman may beable to grasp some of the principles when I state that the law of vibration is the fundamental law upon whichwireless telegraphy, wireless telephone and phonographs are bad. Without theexistence of this law the above inventions would have been impossible."
"In order to test the efficiency of my idea I havenot only put in years of labour in the regular way, but I spent nine monthsworking night and day in the Astor Library in New York and in the BritishMuum of London, going over the records of stock transactions as far back as1820. I have incidentally examined the manipulations of Jay Gould, Daniel Drew,Commodore Vanderbilt & all other important manipulators from that time tothe prent day. I have examined every quotation of Union Pacific
prior to& from the time of E. H. Harriman, Mr. Harriman's was the most masterly. Thefigures show that, whether unconsciously or not, Mr. Harriman worked strictlyin accordance with natural law."
