Veteran trader Peter Brandt shares ‘sacred trading rule’ as Bitcoin falls, warns against buying on the downside – Bitcoin News

Veteran trader Peter Brandt shared “a sacred trading rule” he uses in response to a comment about buying bitcoin as the price of cryptocurrency continues to fall. “Never add to a losing trade,” he asserted.

Peter Brandt offers trading tips

Veteran trader Peter Brandt has a trading suggestion for anyone considering buying the downside. Brandt has been a career futures and currency trader since 1975. He is a chartist and author of The Factor Report. It trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US dollar, and sugar.

Responding to a Twitter comment that there may be additional opportunities for long-term hodlers to buy even cheaper bitcoin in the coming months, Brandt wrote:

A sacred trading rule that I have used is never to add to a losing trade.

He explained in a tweet that people were saying the same thing about silver futures in 1980 after going over $ 50. “It then dropped to a low of $ 3.65 and didn’t restart for 24 years,” he said. The trader, however, clarified that he did not anticipate that bitcoin would follow the same path.

The price of bitcoin has fallen significantly this week, losing more than 10% in the past seven days. At the time of writing, the price is $ 41,657.45 based on data from Markets.

Brandt commented on Bitcoin’s violation of the Parabolic Advance during the Bitcoin Live chat on Thursday.

Bitcoin Analysis Table published by Peter Brandt on Twitter. Source: Twitter.

However, he tweeted on Friday: “I saw the Parabolic Advance violation and commented on it in real time to Bitcoin Live members in real time, but looking back I may not have caught. the event seriously enough. We will see.”

He followed up with another tweet. Noting that “Some view predictions as a ‘one-time-and-made’ event. I am [a] studying Bayesian probability. Predictions and analyzes must always evolve according to the events of the time ”, he concluded:

When circumstances change, predictions must change. The dish may not be the driving force behind BTC.

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What do you think of Peter Brandt’s advice? Let us know in the comments section below.

Kevin helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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