Brief Overview:
• Brandt recommends relying on skills rather than luck to ensure financial stability.
• Brandt emphasizes saving money and recommends doing simulated trading first.
•The success rate of transactions is very low, which refutes the view that large amounts of initial capital are required to achieve successful transactions.
As an experienced market analyst, Peter Brandt is likely to provide a guide that contains a series of rigorous steps and strategies designed to help those who want to make cryptocurrency trading their primary source of income.
Drawing on his years of trading experience, Peter Brandt offers some essential advice to aspiring traders on how to make the transition from a day job to trading as their primary source of income.
Peter Brandt's Advice for Cryptocurrency Traders
First, Brandt stressed that real trading skills are more important than luck. Aspiring cryptocurrency traders should rely on their abilities rather than hoping that a single market bet will pay off. He advised traders to make sure they have enough account capital.
“Take your living expenses and multiply them by five,” Brandt advises. He stresses that the need for financial stability from actual profits is crucial for anyone looking to make trading their primary source of income, rather than relying on loans or savings.
Additionally, Brandt stressed the importance of having enough savings outside of a trading account to cover up to two years of living expenses, especially considering that traders are likely to face losses in their first year.
Brandt added, “Risking $100,000 per trade is too much for a novice trader, and risking more than 2% per trade will lead to failure. In my opinion, the only solution is to commit to a marathon, not a sprint.”
Brandt also recommends doing at least a year of paper trading to refine one’s trading approach, focusing on the details that often determine success or failure.
Understanding the low success rate in the cryptocurrency trading space is crucial for those aspiring to become full-time traders. According to Brandt, only about 3% to 5% of people who attempt to trade full-time actually succeed. He challenged traders to prove his point, saying: “If you want to prove me wrong, then tell me in two years why I was wrong.”
Brandt also addressed a common misconception in trading, specifically the need for a large amount of starting capital. He argued that trading success is not correlated to the size of one’s capital. In fact, starting small can help traders identify and correct mistakes more quickly, which is especially important when they are rapidly developing their trading skills. In this way, traders can gain experience at a lower risk level and gradually improve their trading skills, thus laying a solid foundation for larger trading in the future.
"There is a huge misconception that aspiring traders need a large account to be successful. Most 'market wizards' will tell you that if you can't be profitable with a small amount of capital, then you won't be profitable with more. In reality, mistakes quickly become apparent when starting out with a smaller account. Successful trading occurs when one climbs a steep wall of learning by making mistakes," Brandt concluded.
Brandt concluded, “There is a common misconception that you need a large account to be successful in trading. However, many market experts will tell you that if you can’t make money with a small account, it will be difficult to make money with a large account. In fact, starting with a small account will help you find the problem faster. The real trading success is to gradually climb the steep learning wall through the process of continuous trial and error and continuous learning.”
Brandt’s perspective provides a solid framework for cryptocurrency traders who are planning to make a significant transition in their careers. He emphasizes that the core of trading success lies in being able to solve the problems you face and learn from the mistakes you make, not just having a good start at the beginning. #加密货币交易 #分析师建议