50 Years in the Game: What Peter Brandt Taught Me About Trading and Time
What does it really take to last five decades in the markets?
Peter Brandt knows.
He’s traded through crashes, bubbles, and every kind of market environment since 1974. And he’s still trading today—disciplined, focused, sharp.
Recently, I listened to Peter’s interview on the Words of Rizdom Podcast, and it hit me like a masterclass in mindset. I’ve followed his work for years, but this conversation pulled back the curtain even further.
Authors note:
This article is a collection of some things that jumped out at me. Definitely check it out for yourself. Peter’s wisdom is definitely worth getting from him directly. And the Words of Rizdom series is fantastic in its own right.
Here’s what stood out—and why it matters for anyone serious about trading as a long-term pursuit.
“It took me five years to have a profitable year.”
That’s one of the most striking things Peter says in the conversation.
“I didn't have a profitable year until 1979.”
He placed his first futures trade in 1974. The next five years? Trial, error, blown accounts, and iteration. He didn’t give up—because he wasn’t in it for quick wins. He was in it for the craft.
It’s an important reminder: this is a long game. You’re not supposed to be good at it right away.
Income during the learning years is underrated
Peter had a stable job while he learned. He worked for a major grain company, and his commissions helped fund his education in the markets.
Most traders overlook this. Trading full-time with no cushion is a recipe for panic. If you need every trade to work out, your decision-making is already compromised.
If you're learning to trade, keep your income. Give yourself time. It’s hard to develop skill when you're also trying to pay the bills.
Process beats setups—every time.
Peter puts trade selection at the bottom of the list of trading priorities.
What comes first?
Position sizing
Trade management
Risk control
Emotional awareness
The edge doesn’t come from finding the “right” setup. It comes from executing your plan consistently. That’s the difference between dabbling and compounding.
And while you can’t control your emotions, you can learn to manage them. You can recognize them early, pause before reacting, and stick to your process anyway.
That’s the work. That’s the edge.
Every trade is just one data point
Peter approaches markets like a statistician.
He’s said it many times:
“I assume the next trade will be a loser.”
He takes a Bayesian view—each trade is a single event in a much larger distribution. The outcome doesn’t define you. It just adds to the dataset.
That mindset reduces pressure. It makes you less attached and more process-oriented. And it makes you think like a pro.
Track your stats like a business
Peter doesn’t just take notes—he audits himself. His metrics include:
Profit Factor
Win/Loss Ratio
Gain-to-Pain
Calmar Ratio
Expected Value
Mistake rate (he calls it “leakage”)
Holding time, trade duration, and more
These are tools, not trophies. They help refine the system. They show where your edge is working—and where it’s slipping.
The P&L is lopsided. Accept it.
Peter is candid about this:
“About 15% of my trades year to year will produce 85% of my profits.”
This is Pareto at work. And it’s why survival matters so much.
You never know which trade will make your year. Your job is to stay disciplined enough—and capitalized enough—to be there when it happens.
A classical chartist through and through
Peter still draws patterns—literally and metaphorically—based on classical principles. No diagonals. No indicators. No fluff.
That’s one of the ways we differ.
I use trendlines, moving averages, AVWAP, RSI, Fibonacci levels, etc. Those tools have proven themselves to me. They help me see what I need to see.
And that’s the beauty of trading: it’s insanely personal.
There is no singular right way. If your process is consistent and your results are real, use what works for you.
The Friday rule: no losing trades over the weekend
Peter has a simple, powerful rule:
“If I have a losing position on Friday afternoon, I close it. I don’t carry losers into the weekend.”
It’s not only about maximizing profit. It’s also about minimizing regret. Rules like this create boundaries. They reduce emotional risk. They keep you in control when things get noisy.
Risk management is everything
Peter used to take bigger drawdowns. Now? He risks ~0.5–1% of capital per trade.
That shift came from experience. He’s seen the pain of oversizing, and he doesn’t want to ride that emotional rollercoaster anymore.
If there’s one message here, it’s this:
Manage risk like your career depends on it—because it does.
To aspiring traders: take the long view
Some final advice Peter shared that really stuck:
Don’t trade for the money.
Don’t quit your job until you have 3x your annual living expenses saved.
Don’t expect consistency in your first few years.
My friend Rick March says it best:
“Trade the market, not the money.”
If you’re trying to generate a paycheck from your trading account, it will cloud your judgment. It’ll make you impatient, reactive, and error-prone.
Build stability first. Then scale your system.
Final Thoughts
Peter Brandt has traded for 50 years. That fact alone is impressive. But what’s more impressive is how he’s done it:
With humility, structure, and consistency.
He’s not chasing the next big thing. He’s refining a proven system. And he’s still learning.
This conversation was a reminder of why I do this. Not for speed. Not for dopamine. But because trading, at its best, is a craft.
And like any craft, it rewards those who stick with it long enough to master it.
Props to @PeterLBrandt for the wisdom, and to @wordsofrizdom for the thoughtful interview.
It will be worth your time.
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