8 Trading Tips for Crypto Traders

Experienced market analyst Peter Brandt offers a solid guide for those looking to dive full-time into crypto trading.

With years of marketing experience, Brandt lays out top tips for growing entrepreneurs looking to transition from day job to business as their primary source of income.

8 Tips for Crypto Traders by Peter Brandt

First, Brandt emphasizes the importance of real business skills rather than luck. Aspiring crypto traders should rely on their instincts rather than hoping that a market bet will pay off. He advises traders to ensure that they have a high level of accounting capital.

“Multiply your necessary living expenses by five,” Brandt suggests, emphasizing the importance of financial stability that comes from real income, not debt or savings.

Additionally, Brandt stresses the importance of having enough savings outside of a business account to cover living expenses for up to two years. This is critical considering the possibility of losing money in the first year.

“[Novice traders] $100,000 is too much risk for a business. Risking more than 2% per trade is a recipe for failure. The only solution in my mind is to commit to a marathon, not a sprint.

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Brandt also recommends paper marketing for at least a year to improve one's marketing approach by focusing on the small details that often determine success or failure.

It is also important to understand the low success rate among crypto traders. Only 3% to 5% of those who try trading full-time are successful, says Brandt. He challenges businessmen, saying, “Prove me wrong, and let me know where I am in two years.”

Brandt also tackles a common misconception in business. Especially the need for large initial capital. They argue that success in business is unrelated to the amount of capital. In fact, starting small helps traders identify and correct errors quickly, which is crucial in a steep trading cycle.

“There is a huge misconception that a trader needs a large account to be successful. Most “marketing wizards” will tell you that if you can't be profitable with less capital, you won't be more profitable. In fact, minor tagging errors are revealed much sooner. “Successful trading happens when someone makes mistakes and climbs the steep learning curve,” Brandt said.

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Brandt's insights provide a solid framework for crypto traders looking to make a significant change in their careers, emphasizing that successful trading is about solving problems and learning from mistakes, not about making a strong start.