Professional commodity and foreign exchange trader Peter Brandt took to X to share a few tips about trading financial products.
Peter Brandt Advocates the Patience Game in Trading
Rather than the conventional stepwise advice, Peter Brandt urged investors to learn patience while engaging in trading. According to the legendary trader, in the business of market speculation, known as trading by the “young guns”, the people who make tons of dollars tend to lose them as soon as they make them.
He noted that most of these new crypto traders do not even become successful before their accounts are wiped out. Peter Brandt recalled how he blew out about three or four accounts in his first year of trading before finally getting a hang of it. His first futures trade happened in 1974 but it wasn’t until 1979 that he felt “half-way competent” to carry out a trade. Luckily, he had another source of income to sustain him at the time.
There is a VERY unfortunate reality in the business of market speculation
People who make ton of $$ very quickly (like in crypto) develop bad habits and often lose everything they made via luck
And, most others who begin trading wipe out before they before they learn enough to be… https://t.co/m4mCZQa6TF— Peter Brandt (@PeterLBrandt) January 24, 2024
Peter Brandt thinks that every trader should take at least three to five years to learn the ropes of market speculation. After this time, he believes that the series of being “slapped around” would have given such traders enough experience and exposure to gain traction.
He cautioned traders to resist the urge to make lots of money and make it quickly, citing that it has a very predictable outcome, one that is not very good.
The Banter on Ethereum
Apart from his general view about taking crypto trading slow, Peter Brandt holds Ethereum (ETH) in disdain.
The renowned market trader doubts the future of Ethereum, especially its long-term viability in comparison to Bitcoin (BTC). Peter Brandt is concerned about the high transaction fees, or “gas fees,” associated with Ethereum as a catalyst that might hamper its usability in the long term if left unchecked.
A few weeks ago, he revealed he has shorted Ethereum as he is convinced the coin may drop to about $650. Noteworthy, the coin has a current market value of $2,218.70. Peter Brandt is a legendary trader whose prediction is known to garner weight but having Ethereum reach below $1,000 would be a huge plunge as the token has not gone to that level since January 2021.
