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Veteran trader Peter Brandt shared the “sacred trading rules” he uses in response to comments about buying Bitcoin as cryptocurrency prices continue to fall. “Never add to a losing trade,” he affirms.
Peter Brandt offers trading advice
Veteran trader Peter Brandt has one trade advice for anyone considering buying the dip. Brandt has been a professional futures and foreign exchange trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar and sugar.
Responding to comments on Twitter, Brandt said there may be more opportunities for long-term holders to buy cheaper bitcoin in the coming months, writing:
A sacred trading rule I use is to never add to a losing trade.
In a tweet, he explained that the same sentiment was said about silver futures after they broke $50 in 1980. “It then fell to a low of $3.65 and hasn’t restarted in 24 years,” he stressed. However, the trader clarified that he does not predict Bitcoin will go the same way.
Bitcoin prices have fallen sharply this week, falling more than 10% over the past seven days. At the time of writing, according to Bitcoin.com Markets, the price is $41,657.45.
Brandt commented on Bitcoin’s violation of the parabolic advance during a live Bitcoin discussion on Thursday.
However, he tweeted on Friday: “I saw the parabolic advance violation and commented to members of Bitcoin Live in real time, but in hindsight I may not have taken the incident seriously enough. Go Let’s see.”
He followed up with another tweet.Noted “Some people see predictions as a ‘set it and forget it’ event. I am [a] student of Bayesian probability. Predictions and analyses must always change relative to the events of the time,” he concluded:
When circumstances change, forecasts must change.Parabola may not be the driving force bitcoin.
What do you think of Peter Brandt’s suggestion? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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