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Veteran trader Peter Brandt shared the “sacred trading rules” he used in responding to comments about buying Bitcoin, as the price of cryptocurrencies continues to fall. “Never increase losing trades,” he affirmed.
Peter Brandt provides trading advice
Veteran trader Peter Brandt offers trading advice for anyone considering buying on dips. Brandt has been a professional trader in futures and foreign exchange since 1975. He is a charting expert and the author of factor reports. He trades various markets, including Dow Jones Index futures, bonds, corn, crude oil, European wheat, Osaka Dow Jones Index, U.S. dollars and sugar.
In response to comments on Twitter, Brandt stated that long-term holders may have more opportunities to buy cheaper bitcoins in the coming months. He wrote:
A sacred trading rule I use is to never increase the loss of trading.
He explained in a tweet that after silver futures broke $50 in 1980, people said the same thing about silver futures. “Then it fell to a low of $3.65, and it didn’t start to rise in 24 years,” he emphasized. However, the trader clarified that he did not predict that Bitcoin will follow the same path.
Bitcoin prices have fallen sharply this week, with a drop of more than 10% in the past 7 days. At the time of writing, according to Bitcoin.com Markets, the price is $41,657.45.
Brandt commented on Bitcoin’s violation of parabolic advancement in a live Bitcoin discussion on Thursday.
However, he wrote on Twitter on Friday: “I saw the violation of the parabolic advancement and commented on the members of Bitcoin Live in real time, but in hindsight, I may not have taken this incident seriously enough. Just wait and see.”
He then sent another tweet. Noted that “some people treat predictions as a’one-time-for-all’ event. I am [a] A student of Bayesian probability. Forecasts and analysis must always change relative to the events at the time,” he concluded:
When the situation changes, the forecast must change. Parabola may not be the driving force Bitcoin.
What do you think of Peter Brandt’s suggestion? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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