Name Price24H (%)
Bitcoin (BTC)
$39,528.00
9.61%
Ethereum (ETH)
$2,502.52
5.31%
XRP (XRP)
$0.87
4.90%
Litecoin (LTC)
$168.60
4.47%
Peter Brandt: Legendary Trader and Hard-Core Experience Ente...
Knowledge

Peter Brandt: Legendary Trader and Hard-Core Experience Entering the Crypto Market (Part 2)

Following the 30 lessons of part 1, we will send readers the remaining 32 lessons from legendary trader Peter Brandt in this part 2:

  1. Crypto daily trading volume makes up only 3/10 of 1% of daily fiat trading volume. Crypto’s share of the world’s total currency volume will increase, but crypto enthusiasts are really dreaming of a time when crypto will replace fiat.
  2. If you do not understand what the behavior of the market is, you should keep your capital and not trade.
  3. Experience has taught me that smaller positions are usually more profitable in the long run than large positions that are prone to stop loss during a stop loss hunt.
  4. One of the great lessons all novice traders need to know: Profitable trading is different from a high win rate. Correct prediction of trade is being taken too seriously.
  5. Here are the facts of trading based on classic price models:
  • A model is always a “potential” model until it is complete
  • Finished models have a very high failure rate

“That’s why risk management and order management are more important than determining entry opportunities.”

  1. I am only interested in probability, not a prediction.
  2. Losing money when trading is much easier than making money when trading.
  3. Trading rules: Your worst drawdown rates are those that have never happened. This rule will help you use leverage properly. That is to say, you can completely lose more than the largest amount of capital ever lost, do not use too high leverage.
  4. It is extremely important for a trader to understand yourself. If you don’t understand yourself, don’t trade.
  5. Fear of loss has caused many novice traders to look for pathetic systems that promise a win rate of 80% or more.
  6. The two most wonderful qualities of life are patience and wisdom. You can clearly see them in life, especially in financial investment.
  7. One big mistake of beginner traders is that their bet size is too large, often they risk 5%, 10%, or more on each order.
  8. Technical traders make money by “living the reality” and understanding what the chart is telling. Drawing meaningless lines that you expect the price to follow on the chart won’t do you any good.
  9. Two ingredients for successful transactions:
  • Please belong patient
  • Please regret short
  1. Anxiety or concern that orders may lose is a major hindrance to profitability.
  2. ​​There is an idiom from the early days of trading about Bear markets: “When cops broke into a brothel, everyone was arrested, including the pianist.” If you do not understand what this sentence means, you have not traded long enough.
  3. Have you ever forgotten what it feels to have a trade to win? If so, welcome to the world of financial speculation. That is the feeling that everyone experiences.
  4. The worst thing that can happen to a swing trader or position trader (traders of this type often ride long waves, less entry, and hold orders long) is to be stuck in a narrow range of prices. waiting for a breakout just to lose the needed capital and anxiety while they can enter a meaningful order when the real break occurs.
  5. Actually, I’m a rule trader. And the rule cannot be completely established through just a few trades.
  6. The patience and discipline to trade well with geometrical price patterns, coupled with the predetermined risk and trade management have provided me with the strength to face the market.
  7. One way to distinguish a world-class trader is self-awareness, they know themselves well, their strengths and weaknesses.
  8. I have no control over whether a trade will be profitable or not. My job is to enter, nothing more, nothing less.
  9. Measuring a trade is not that it will make money or not. A “good” trade can completely cost you money. A “bad” trade can be profitable.
  10. Lossless trades give us more lessons than winning trades.
  11. Throughout my trading years, my most profitable trades have come from HOLDING, not continuous trading.
  12. The way a price pattern is formed is far more important than whether it is complete or not.
  13. There are many people who have their own favorite Altcoin coin, just like a pet. It reminds me of the betting battle going back to the old days – and most of these pet coins will eventually end their lives in the trash and be forgotten.
  14. The more I like the breakouts that force traders to scratch their heads complaining “What is it?”.
  15. Chart analysis is only useful when it gives a clearer insight into risk management.
  16. Daydreaming psychology has never been a strong fundamental factor of a market.
  17. Talking about RSI, Stochastic, and MACD, the market can hold overbought much longer than the time the Bears have enough strength to pay off a losing short order. Overbought / oversold are only good for trading sideways markets. The market is heavily oversold often about to reverse.
  18. Jesse Livermore is a mountain of wisdom, everything he says is true to this day:

“The urge to make deals regardless of current market conditions causes so many Wall Street losses even for the pros who think they have to bring something home every day. days, it’s like doing a salary. “

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