$BTC #Bitcoin Long Form Interview - Peter L Brandt

$BTC #Bitcoin Long Form Interview - Peter L Brandt

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hello hello welcome thank you for watching i  am big chad's today is wednesday it's july 20th   2022. what we're doing today is we're going  to have a wonderful conversation with really   an excellent analyst and a mentor and someone i  look up to greatly and that is mr peter brandt   um he's someone you're probably familiar with and  what we're doing is this will be part of the long   form interview series on my youtube channel so  um after this video is up you'll find it there on   that playlist and really what i'm trying to do is  bring um bright minds uh to this space and we can   we can talk things out and really explore issues  mr brandt is a an author or twice published author   um you can find his books on amazon um the one  that i'm going to really talk to him about today   is his diary of a professional commodity trader  it's really an unbelievable book so i think   that's going to be really quite exciting to talk  about folks by the way in the chat room um hit uh   let me know if you can hear me just fine um if we  have time we'll bring on the comments but i really   want to focus on the conversation with peter  um peter also has the factor trading service   um you can find all these links in the video  description um he's got really great services   to offer for you offer you so kind of you know  check that out at your leisure he's on twitter   of course at peter l brandt i'm on twitter at big  chads my book is available on amazon there's four   formats trading wisdom there's a free version on  my youtube channel ched's trading i'd encourage   you to check that out and both peter and i are  founding analysts at bitcoin live the best in   class educational platform for crypto uh it's a  world-class team that i'm just incredibly proud   to be part of let's get this party started  let's bring on the man himself mr peter brandt   and you know i don't think it's quite fair to say  you bring on bright stars because i'm kind of a   you know a fading supernova so well you know i i  wouldn't i wouldn't uh necessarily agree with that   but you're forced to be dealt with and you know i  think i think we're all honored and we're better   to have you here today so thank you so much yeah  it's you know it's my pleasure we've talked about   this chad's for a long time you know going  back a couple years and boy i'm sure glad that   we have a chance to in kind of a live format  like this chat a little bit about markets and   life and wherever this conversation leads so let's  i think everybody knows that you're um you know   a trader and you're you're a speculator but  you're also a private pilot i don't think a   lot of people know that um do you want to talk  a little bit about that i read that in your book   the diary book well yeah i mean i started flying  when i was in chicago back at the board of trade   uh i bought a actually i bought an old plane  a 1951 a piper tri-pacer fabric airplane   learned how to fly that and ended up kind of  going you know i loved high wings so i ended   up going to cessna route 182 is what i ended  up with lost my my medical license due to a a pharmaceutical product that i use it's not when  it's it's not a psychoactic one but it's one for   my neurological system so um i've been flown now  for 10 years but it sure was fun and it's really   it's something i used to do almost every  day after training was you know i'd trade   and i'd go fly and find some airport do dude  touching goes and uh getting the pattern and   yeah it was a lot of fun i had a lot of fun as  a pilot did you find that um getting up there   in the air is almost kind of like stepping to  a larger time frame and seeing the larger trend   you know did that help you get a nicer bigger  perspective on life when you were you know up   in the air yeah no i know not necessarily that  chess i think what it did is that you know it yeah   anything dealing with trading i wasn't thinking  about you know you're up there you're busy flying   whether you find vfr or ifr instrument you're  focused on the tasks that you have to do to pilot   the airplane get from point a to point b and land  wherever wherever you are and looking at beautiful   sights and you know so those are the things you  think about and so you you're kind of in real   time you're living life in real time and uh you  know everything else you just kind of fades away   kind of kind of like hunting or fishing  same thing for me it's hunting and fishing   just activities when i do them uh i'm really  not thinking about the markets i'm not you know   reeling in a walleye pike and also thinking about  the position i have on and uh in the japanese   yen so you know they're good distractions  which frankly i think traders have to have i   i mean i look at twitter i can't believe these  guys are just cranking their minds 24 hours a day   i mean yeah you got to get away from this stuff  uh you know and the more you can get away from it   and the farther you can get away from it for at  least portions of your time and you know that   you know you can't live and die in these markets  you know i trade to live i don't live to trade   so there's just a lot of other things in life  that that i do and you know trading is my living   you know i've lived out my training profits now  for golly you know pretty soon it's going to be   five decades but um you know you got to have  other things you do otherwise you burn out   and you know that's a real risk for people  especially day traders i think it's you know   the more position trading you can be i think the  more distance you are from the markets and i think   the longer your survival rate's going to be what a  great point i think if you don't step away you'll   lose focus so i think you make a great point about  stepping away and um i'm glad you shared that um   so i think you know i want to just talk about your  introduction to trading how you got into it and   i'll just briefly summarize my sense of it from  the book and maybe you can just dive into it um   you know your neighbor you have an advertising  degree university of minnesota and your neighbor   got you into trading and you kind of you know  fiddled around with it but your big move was   going to campbell soup and kind of suggesting that  they start to pay attention to commodities futures   and um they kind of bankrolled you and  your family for a while is that really just   generally how it all started for you yeah you know  in trading there's not a fast track right i mean   everybody has to climb the same wall and the walls  high and so you know i went to work for a big   grain exporter at the chicago detroit that's how i  got in the business continental grain company and   you know part of that is that they you know they  give you access to the floor and they say go find   clients bring in business and so you know i was  a customer's man as they used to call them you   know i i handled customers for the first four  years of my trading life and so you know it was   income from having customers business that really  allowed me to blow out two three four pounds and   accumulate enough money to finally i mean my  goal from the start is to trade i didn't want   to do customers business i wanted to be a trader  i didn't want to be a floor trader filling orders   i wanted to be a trader off floor speculating  from my own account and make that my career um   you know and it just uh and so it was good to have  a source of income for you know that first four   years that allowed me to you know take the time  to learn the markets because man i tell people   even if you're gonna end up being a good trader  it's gonna take you three four years to get there   you know you do it through trial and error there's  no there's no fast track and uh you know i i   learned that i you know i thought i knew what i  was doing for the first three or four accounts   that i blew out and you know finally you kind of  get your thing together and you get a focus and   you figure out boy this is kind  of a good way for me to trade and   you you progress from there but you know it's  uh it's a process and it's not an easy process   uh you know it's not a matter of being lucky  enough to buy some chump coin and having it go 50x   uh you know back then we didn't have crypto  i i mean you know a 2x move was a huge move   in the market they trade it so you know you  you pay you pay your dues so you um i know   you mentioned you knew you want to be a trader  before you you knew you wanted to be a chartist   right oh yeah yeah i didn't know how i was going  to trade you know i traded all kinds of way i   tried to you know i was close to the grain market  i worked for a grain exporter i had was getting   good weather information every day i had good  access to the fundamentals uh you know how many   bushels are being bought by china or whatever the  case may be so you know i tried kind of trading   based on fundamental analysis i tried trading  based on cycles i tried trading uh you you know   based on point and figure i tried a number of ways  you you know what i i i blow out i tried seasonals   i tried spreads you know so you know i kind of  found my way through and it really wasn't until   you know i think late 78 you know three  four years in a friend of mine gave me   a copy of the edwards mcgee book fifth edition um  technical analysis and uh you know i ate it up and   you know i read the book in a weekend and i kind  of had the sense that these charts are calling   my name um now that doesn't instantly make you  a good chart trader i i mean it what it does   is it sets you on a path and you know the path  wanders through brambling bushes and thorns and   down cliffs and uphills and you know uh you take  a journey with it but you know when you figure out   what kind of works for you and what doesn't work  for you and you know i tried to stay true actually   not only to edwards mcgee as i really went back  to schaebach yes the shawbacker really started it   all shawbacker who who named these patterns yes uh  and so i really became a disciple of schaebacher   yeah absolutely peter that leads me to my next  question i've been really looking forward to   asking you you mentioned in your book you talk  about as you're you know when you're writing   this book you said um that the chart patterns then  were less reliable than 20 or 30 years beforehand   you know we're now another 20 years  after your book came out is that   are they even less reliable now or do you have any  kind of thoughts oh you know i think they're a lot   less reliable i i mean you you got to understand  you know when i'm back then big chance we could we   didn't have a computer that spit out charts this  is not like today we didn't have trading view and   you know we we bought graph paper yeah and we  started a chart and we'd do it i did it with a   pencil you know number two pencil and you create  your own charts and you know slowly we had printed   charts came out crb was was a weekly printed  chart service but then you kind of keep it up   with a pen day by day high low clothes you plot  it on chart and uh yeah so you know it's a process   it's in and quite frankly i still keep  some charts by hand i think you stay you   know you're more intimate i hate to talk  about it's kind of concerned that you know   it sounds kind of weird that you don't want to  be intimate with my charts but you know i i think   you're more intimate with price action if you  plot if you plot your daily high low clothes even   if you run off a printed chart once a week then  you plot it and you get a feel and uh yeah so it   just for me it was just a question of figuring out  but yeah i think they're a lot less reliable today   and i think one of the reason is there's more  chartis i mean there's more volume you have high   frequency trading operations which really exploit  stops that are logical based on charts you get a   lot of wicks and false moves and false breakouts  and we didn't have as many back then and there   weren't many chartists back then i i mean i was  at the board of trade and i don't know how many   members were there trading fifteen thousand  fifteen hundred or so you didn't find a lot   of chartists back then chartists were were not  were not here and there and everywhere you go yeah   uh and so i think chart patterns worked better  back then than they work now and as a result i   think what's happened is i've kind of modified  what i'm really looking for i you know i found   there are still some chart patterns that tend to  be much more reliable than other chart patterns   and so i kind of am more focused on you know on  those and you know i look at some people's charts   on twitter and my goodness they must have 90  lines going boy this has got to be a map to some   outer cosmos that's it it's like a decoy need a  decoder ring just to figure out what they're doing   it's crazy uh well of course you know if you draw  that mean lines you can always tell people after   the fact that you haven't figured it out but you  know for me if i draw more than two lines in the   chart there's i've drawn too many and so you know  for me i've kind of come to understand that there   are a lot of patterns that i used to trade  that quite frankly are really worthless today   even so and i want to dig into that if you don't  mind and i'm guessing you'll probably say you like   to trade you know head and shoulders maybe um is  it that you've adjusted maybe to looking for um   more weekly patterns that are more mature you  stayed away from the kind of smaller patterns   or is it you're just playing a few and we'd love  to hear what some of those patterns are that you   prefer to trade peter yeah and you know i'm going  to add to that if i could roll back time maybe   what i do a little different because i'm pretty  much a pattern guy i i'm not an indicator guy i   think here's what i think about indicators in  you know indicators rsi mac whatever you have   all they are is a derivative of price  yeah so why should i really care about rsi   a derivative of price when i can say price i want  to study price i want to go right to the source   there's no there's no contract i know of in  the futures market for our for the rsi of corn   that's a quote from your book that's a great  quote from your book right yeah yeah it's so   well i don't know it's just the way i think so you  know there are certain patterns i found which tend   to be more reliable and as i look back they they  were even more reliable back in the 70s and that's   rectangles you know i like what i refer to as  horizontal patterns you break out of a horizontal   line on the chart you have a whole horizontal  level of support you have a horizontal level   of resistance i hate slanted lines i call those  diagonal patterns yeah they just fail all the time   you know trend lines you know you throw a sharp  book in a monkey cage along with a pen and a ruler   and sooner or later if the monkey's going  to draw a trend line that makes some sense   that's true uh and so i i want to look  at where buyers are and where sellers are   so i won't look at horizontal patterns so sending  triangles descending triangles expanding right   angle broadening patterns head and shoulders but  only with flat necklines yes uh sometimes wedges   but i'm not a big fan i don't like wedges i  don't like trend lines yeah and i think many   of these young traders today that are trying to  be charters if they would just say i don't want   to look at a diagonal line ever again in my  life they would double their performance uh   because i just think there's way too  many false signals and false ideas that   so what a marketplace a trend line big deal right  it doesn't mean anything but you know so and so i   like patterns i like patterns that are at least  four to six weeks at the very shortest you know   we had one in in in eta in in ether here we broke  out of a really nice ascending triangle we almost   met the target already yeah but that's the kind  of pattern i like on up to 14 15 16 week patterns   you know four weeks at the very smallest  usually eight weeks eight to sixteen weeks   at the longest 26 weeks and uh you know that's my  bread and butter i'm with you on the you know i'm   definitely with you on the diagonal lines you know  i always say it um you know diagonal trend line   it's more about the trend than the line i mean it  just gives you a general sense of the movement but   it's not about a line it's not actionable yeah  it's not in it you know if i could add because   i'm a high low clothes guy you know i'll look  at the candles i don't understand them that much   there's a couple little candle patterns that  i that that i pay attention to if i have a   position anywhere like a hikake right yeah  well yeah only if the pattern is is is really   what i would consider to be mature right i mean it  just looks like a pattern that's ready to rip yeah   uh you know a head shot or a foot shot which is  basically kind of a doji um and so i look at those   you've really come to a good understanding  of candlesticks i wish i you know hey i mean   i admit i'm an old dog i probably can't learn  new tricks uh and i think a little bit of danger   a little bit of knowledge is really dangerous  in technical analysis and that's all i think i'd   ever achieve with candlesticks is a little bit  of knowledge which would make me very dangerous   so i think do you have an advantage over me  i think yeah yeah you do yellow better read   within a trading range that might give you  some towels that don't give me tails and uh   and so you know i wish i kind of understood that  a little bit now bollinger bands i like boulder   bollinger bands i will look at bollinger bands i  mean it's not on every chart i look at yeah but i   like adx i like i like adx index index especially  when it drops below 10. yeah and you know you get   uh a 14 day the x below 10 you get an 8 to 12 week  horizontal patterns yeah yeah you go dull you have   a hinge day yeah and you know i'm ready to roll so  you know little things and i think that's the key   is i would never be able to trade the way you  trade you're you'd never be able to trade the   way i trade i think there's too many people that  are trying to mirror other traders out there   in reality you know jack schwager is a good  friend of mine jack's interviewed 60 or so   really the best traders in the world and  you know that's one thing he's told me   is you know there aren't two that trade alike  uh and i just believe that if someone's one   gonna want to be a successful trader they're  gonna have to find their own way that doesn't   mean that they don't take a little bit from  you a little bit for me a little bit from   uh from some other trader who's out there doing  something on social media or written a book   but they put that together and eventually they  have to own it you know you've got to own it uh   and you've got to take that leap of faith and say  for the most part i can't go on learning forever   some point in time i've got to put my chips in  the game and place a stake on what i believe to   be a signal and uh you know for everybody that  takes a little time and that's a scary deal i   mean i remember doing that i remember giving up  my customer business in 1980 saying i'm on my own   you know i've i've created my little  watercraft and i put pushed out from shore   i'm going to do or die based on what i believe to  be the right way for me to trade not doesn't mean   you don't change over time because you do you know  you evolve you more if you add some things you   you gain some nuance understanding of what you're  doing but i think there's a point in all traders   lives where they say i have got i'm you know the  problem with so many traders is they know how   to trade they just don't do it they know what  they're supposed to do but they don't pull the   trigger and say i'm all in i'm gonna do it i may  go down with the ship but i've gotta i've gotta   commit would you say that's because um trading  is an upstream swim against human emotions peter   yeah yeah and actually that that came from  richard dennis that was a richard dennis quote   but it is i mean you make you know these you  may think that well if i just had a little more   knowledge if i just had the right moving average  if i just had the right indicator if i just   optimized this or optimize that and the problem  is is for most people who have been kicked   around three four five years they know how they  know what they ought to do their worst enemy is   look in a mirror i i mean it's it's over hey  we're human beings we're frail human beings   and our emotions will attempt to sabotage us at  every turn when it comes to trading i mean we're   self-sabotaging creatures yes and uh boy it's  it's the doubt and false hope and it's all human   it's human emotions it's not a matter of hey i've  traded for four years and i still need one little   trick right right no i've traded four or five  years and i actually need to look in the mirror   and and stare myself down and be willing to commit  and not let my emotions pull me from here to there   uh you know it's it this is an emotional struggle  morning's struggle of detroit a candlestick   as your moving average use a different moving  average than i do uh big deal you know you own   yours i own mine yeah you know it's not a matter  of well i just need to find a different moving   average i need to find another indicator i need  to find somebody else who has a service out there   uh you know it's not peter it's not big chads  there's got to be some magic out there yeah and   it's not that it it's it's a matter of you know  how do you make the fewest number of mistakes   you talk about um every year you uncover new  weaknesses kind of along those lines and kind   of continually adapting over time what are some  of the like new weaknesses you found recently   in your own trading well i mean hey the biggest  one it's one i haven't talked a lot about is you   know my worst trading year ever was 2013 biggest  losing year ahead you know like minus 13 or 14   longest peaked the valley to new peak drawdown  in my life um yeah at i don't know what eight   eighteen depends on how i measured it either 18 or  23 months you can measure drawdowns in different   ways and the reason was is i bought into a lie  you know no matter how you trade you're going to   have drawdowns the way you trade going to be good  sometimes other times it's gonna not be so good   and you gotta you gotta live through the bad times  and and come still committed to the way you trade   uh you know every trader is gonna have drawdowns  a mistake a lot of people make is they have a   drawdown they switch and try to adopt another you  know what i'm doing is not working i better find a   new way uh and so you're going to have drawdowns  and you know for me what happened in 2013   there was a lot of talk back then the  marches have changed the markets have   changed they're no longer the same markets you  need different things you need to find new ways   and so i turned what was in probably just going  to be a normal four or five month drawdown 10 8   and i started mixing new things into my trading i  bought the lie that the old ways don't work that   you know i can't trade the way that i used  to trade in 1979 and so i started mixing and   matching and experimenting and it screwed me up  and uh it was it was just and it was a terrible   time emotionally it was just a terrible it was a  gut-wrenching time and it wasn't until 2014 really   that i really kind of went i got to go back to the  basics i just have to forget all this you know i'm   going to live and die based on what i believe is  the way i need to trade and i'm going to forget   all this other nonsense i'm going to do what i  believe to be my own best practices and i did that   and um i'm glad i did you know i'm glad i i  didn't stay with uh of a false narrative and   i went back to what i believed to be the way  i really needed to trade and i came out of it   and uh and i think again it's it's come back it's  combating lies we tell ourselves and so and it's   committing and i think that's the hardest part for  a new trader is they adopt kind of what is going   to be their way this is going to be their approach  you know it's going to be the big sheds approach   right and you come to the point where you go  this is me as a trader this is me big sheds as   a trader this is how i trade i'm going to commit  to that and you commit to that and the minute   you commit to that you go into a three-month  drawdown and man you go what did i just do   uh because oftentimes that's what  happens by the time somebody is   willing to go okay i'm gonna go all in with this  approach inevitably it's drawdown time yeah and so   you have to get through that first draw down and  live through it and then have some good times and   go through more drawdowns and every time you  go through a drawdown and you don't change it   you keep taping taking your signals you don't back  away from your signals you don't change things up   you just plow ahead and you live through the  draw down and you come out of it that's the way   a mature trader becomes a mature trader peter you  talk about risk management a lot in your book um   and one thing that you kind of came to and  by the way thank you for those you know that   wisdom everyone's loving and you know what you're  saying chat rooms going wild um you talk about if   you had closed um trades that went against you  on day one like if you entered a position and   it was immediately against you if you had closed  right there you would have been so much better off   um you want to talk about that a little bit yeah  i mean where that comes from um and i'll tell you   in the last four or five years it's that whole  concept has been where my mind is i have just dug   really really really deep on this big chats  i mean i've done it dug into the point where   some well-known traders i'm not going to  mention their names because they haven't   offered me to do that we've developed an excel  program that's got formula in 500 000 cells   where we can really dig deep into you know into  risk management right we can really dig dig dig   dig deep in risk management and you know it kind  of comes from the fact that it was a realization   that if all the trades i could i've ever  made you know we used to get paper p   s's on every trade it would come to us we get  computer print out we then we started with email   used to be on uh one of those inkjet printers  that you know i had the perforated pages but   it was all one that kept coming that's how we  get our equity runs from our brokers back then   that if i could take a sheet for every trade i've  ever done and pile it up and pile it up in a pile   huge pile let's say it goes from here to i don't  know what my ceilings are in my summer home here   uh i don't know they're probably eight feet so no  it's a bigger pile in that but you take an eight   feet pile and that's the total of all your trades  now i know what i've made during my career now   right so i know here's my net profitability  now i stack all those trades together uh   with the largest profits on the bottom  on up to the biggest losses on the top   and i start taking those away so i want to reduce  the pile so that that pile now equals my my   net profitability as my trader  and what happens is the eight feet   really becomes a foot and a half and  i have six and a half feet of junk and   one and a half feet that equals my net bottom  line which i would call my net bottom liners right   and so it it it comes back to a vilfredo  pereto 19th century economist philosopher   italian and the parental principle that you know  20 of events give you 80 of of of of results   now for me it's it's you know it's 80 20 15 85  10 90 whatever it is like you get the concept   for me it's very consistent i can go back all the  way and it's pretty much 15 of my trades equals   85 to 100 percent of my net profit abilities  and i can and that's kind of something i can't   change as long as i stay with a winner and don't  bail out of winners but give it a chance to work   that will always be true and so the the the  reality is is that 15 is going to take care of   itself big chance it's going to happen all i have  to do and it's getting out of trades because the   reality is if i then take that a foot and a half  of trades and look at them and go back and look   at the charts of those trades interesting things  they worked right away and they never looked back   you know sometimes they would work for a dare to  come back and check my entry move against me by 20   basis points and start moving and go but as a rule  they went and they went immediately in some cases   i i never had a loss in it entered or get a loss  in it so they act different pareto trades not only   produce the profits they act differently than  the rest of the trades and so why am i going   to sit and sweat day after day and fight a trade  that's moving against me when it's not going to be   a pareto trade the likelihood of it turning into  a trade is very small and so it's not necessarily   bail out the first days has lost now i won't carry  lots into a weekend so come friday if i was even a   small loss in the trade i'm out yup you know what  happened to me the last friday i bailed out of a   feeder cattle position i put it on right back on  monday morning oh me too me too i had the same   trade peter yeah i just didn't want the loss  right and so you know i put it on i had a big   profit one day and then came back it closed just  about where i got in so i'm out and i just put a   limit order at friday's opening to come back in  uh and so you know and it really comes to the   point and it's really jack really emphasizes this  in all of his market wisdom marco wizard's book   i'm a risk manager i'm not a traitor i i'm a risk  manager right and i think the realization that   you know is it hey everyone thinks of a traitor as  this glorified thing you do right i said oh you're   a man i'm a traitor what a boring job training  is to tell you the truth right you know i'm a   glorified order enterer yeah you know i live  and die based on the orders that i place and i   don't place orders during market hours so i place  orders after markets are closing for the most part   i place hoarders on sunday afternoon and those  are really the orders i live with the whole week   i may dink them and tweak them and i get filled  in something so i put a stop in and so forth   and so yeah i i want to get trades and i want  trades that pretty much work and by the way i   you know last year fifteen percent of my  trading pulled eighty-five percent of my profits   and i look at those trades i can't remember  how my trades there were there were like 17   trades i think and i looked at those trades  and of those 17 trades only three or four had a   a single day where when they were losers and those  were not big you know less than 300 a contract in   future or something like that and so for me to  be profitable i need to make sure that those   my pareto trades do not get washed out by big  losses and so my challenge is in managing the 85   you know as a trader the 15 they'll take care of  themselves my job is to take losses as a trader   my job is to manage losing trades and that's where  i want my focus to be and it really comes down to   the fact that everyone places this big emphasis on  trade identification what's your signal how do you   determine a signal who cares how you determine  to say because the reality is it's not so much   what you do in terms of putting on a trade  it's what you do after you put the trade on   you know that's going to be the difference  between long-term consistent success as a trader   which by the way is not day after day week after  week month after month i mean because touretta   pareto not only affects trading events it also  affects trading days trading weeks trading months   uh and so you know my job is i need to really  pay attention to losers not let them build up   not let a market do what i call a popcorn trade  where you know i go from a 2 000 a contract   profit back to a hundred dollar loss i can't  i you know i call it papa you know you think   about you're doing popcorn right popcorn bounces  up hits the top of the lid and comes back down   you know i don't want popcorn trades and so  you know how and so i've got some trading rules   that i deal with they're not perfect by any  means but i live with them no i don't sit and   anally think about how do i keep tweaking those  because the reality is you have trades that go   from profits to losses but how do you really  minimize that in your life that's the challenge   so you know a trader is an order enter in a risk  manager other than that and again something jack   pointed out to me in his book is you know you go  and and interview all these really very successful   traders and you think you go into a room and  people are shouting and yelling and screens on and   by this celeb he made the point it's like going  into an undertaker's office you go to most trading   offices of really successful traders and it's  like going into uh an office of accountants or   uh undertakers you know it's quiet it's orderly   it has set process no one's screaming no one's  yelling everybody's intentional so anyway that's   what a great answer um about risk management  and and uh really appreciate that wisdom we're   coming up in 40 minutes soon but i want to  ask you maybe the last question and you can   kind of riff on this for a little bit um you  said in your book and someone asked the name   of the book and i'll promo it afterwards the  most recent book but there it is um you said   that trades that are emotionally toughest to  execute are often the most financially rewarding yeah uh i mean here's the reality big change  and you know that is use crypto for an example   if everyone's bullish crypto and you get a buy  signal however you look at markets that's an easy   signal to take you know as a trader so you've got  a certain process that you use to screen markets   to determine buy signal sell signals and it so  happens that conventional i call it conventional   wisdom or the composite man is bullish and you get  a bicycle man that's that's no sweat but you know   it's uh we're in the midst of a gr of a this is an  important time of the year in grains we need rain   we desperately need rain in certain areas of  the corn belt and so you don't get rain prices   go up it's critical area well i'm short  soybeans that was a tough order to place   you know because i sold it on a big rally and  you know and you know i put in an order that i'm   that's going to be good for the week um you know  i put in a sell order in soybeans that's a tough   order to put on you know everyone's screaming man  we've got a drought market's going to rally and i   put in a sell order it's a tough emotional order  to put in and so and you know we've got a family   farm it's tough for me to want to be a bear  on corn you know and so it's like that and so   it's the orders that are easy to put in because  everyone else is thinking that way those are the   orders you gotta look out for you know it's the  orders that go against kind of what you deeply   believe because i don't frankly trust my instincts  i think that there's probably there's probably   an indirect correlation between what i think my  trades are going to do and what they end up doing   and so you know which is another area of the human  being that you're kind of always fighting against   wonderful so peter um it's just it's been  great talking to you today i think um   you know the people who are listening are really  loving it and we're all benefiting from you just   kind of you know being gracious with your time um  is there any kind of anything you want to you know   wrap things up on any note you want thing you want  to talk about no i mean let's do it again sometime   i i mean it's just i want to encourage people  this is tough trading's tough protect your capital   don't take stupid risks don't  write a profit 80 back uh you know   you accept little gains you don't need to pick a  bottom you don't need to pick a pop top be willing   to live with little chunks in between um and get  out of the losers quickly and you'll survive and   the longer you survive the more you'll actually  pick up the scent on what you need to do and maybe   step away for a while as well right and enjoy life  a little bit absolutely go fishing go fishing we   can end it on that peter thank you so much it's  just been wonderful to have you here today thanks   chad's my pro my pleasure my privilege all right  brother i will talk to you soon thank you so much   all right wow that just happened i can't  believe that just happened let's um let   me just remind you of who we were speaking with  in case you don't know that was mr peter brandt   um someone had asked me about what the book i  was referencing referencing that was diary of a   professional commodity trader um he also has a  book he wrote before that about a decade looks   like two decades before that uh those are both  available on amazon he is the founder of factor   trading service it's been around for decades and  this guy's unbelievable um all these links are in   the video description if you want to you  know if you're interested in checking out   the factor uh and you know what you get with  that there's some information on that website   um both he and i are founding analysts at bitcoin  live so i would encourage you to check that out as   well um it's just an unbelievable team so that's  peter i mean wow what what an unbelievable time   um you know just i'm chad's you know i'm  on twitter at big chads i'm on youtube at   chad's trading this um video will be put into the  long form interview series um as soon as i click   and broadcast here but folks i just want to say  thank you i hope everybody's doing well out there   um you know as peter said trading is tough you  have to find ways to as he said uh you know   cut your losses and manage your risk so you can  survive and you can stay in the games i would just   just echo those comments that he made and say  that you should focus on that um you know stay   in the game keep grinding and hopefully one day  you'll make it so folks thank you so much it's   been my honor to join you here today and i  will be talking to you soon big chad's out

2022-07-22 22:09

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