Peter Brandt shared his life lessons

The list includes 17 items. It can be considered as recommendations that an experienced trader shared with his colleagues.

Peter Brandt is an active member of the crypto community who has repeatedly managed to correctly predict market movements. For example, he predicted the crypto winter of 2018. Among all cryptocurrencies, the trader singles out Bitcoin. In his opinion, BTC is the best savings asset on the market. He considers other coins to be scams.

Here's what life lessonsPeter Brandt has learned over the course of his career that may be useful to traders:

1. A trading plan is not complete unless it provides contingencies for all known possibilities.
2. A trading plan is incomplete if it does not promptly reduce losing trades and does not allow the number of profitable trades to grow.
3. I may think I know where the market is going in the near future. In fact, no one knows this.
4. The deals I most want to believe in are often the deals I least want to be involved in.
5. A trading plan can be considered useless until you repeatedly commit to acting on it. If you can't do this, there may be something wrong with you and not with the plan.
6. Depending on the circumstances, I can become hostage to the activity of the left (responsible for logic and analytical abilities) or the right (responsible for fantasy and creativity) hemisphere of the brain. Often the battle of the hemispheres occurs in the moments when trading is most frustrating, and also in the moments when I can understand myself more deeply.
7. Knowing yourself through trading is extremely important because successful trading allows you to prevent self-sabotage.
8. You can meet both old and brave traders in the market, but there are very few old and brave traders.
9. For the period until you learn to lose with dignity, you should forget about the desire to constantly win.
10. It is better not to pay attention to the account balance during a truly profitable period.
11. Profits from open trading do not belong to me, so other than filing taxes, this data is not worth tracking.
12. Rate of return and Sharpe ratio are two of the most meaningless metrics.
13. Profitability of 10X, 20X and so on when working with crypto is a unique experience. New traders should not constantly expect results to repeat themselves.
14. Trading rules, including indicator features, cannot be optimized.
15. It's best to approach trading as a marathon rather than a sprint.
16. For a trader with less than five years of experience, the worst drawdown is one that has not yet occurred.
17. There are actually many more life lessons than are listed.

Members of the crypto community thanked Brandt for deciding to share his experience with them.