Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, survived years of market shifts, and turned a passion for price action into a legendary career spanning over 50 years as one of the world's premier classical chartists.After starting with Conti handling large institutional accounts like Campbell Soup Company and Homestake Mining, Peter went on to found Factor Trading Co., Inc. (now Factor LLC) in 1980 to trade proprietary capital. Author of the classic Diary of a Professional Commodity Trader and featured in Jack Schwager’s Unknown Market Wizards, Peter has spent over five decades navigating inflationary booms, market crashes, and the transition from open-outcry pits to electronic markets. Today, his edge is built on process, discipline, and classical charting principles that have stood the test of time.In this conversation, Peter pulls back the curtain on his five-decade journey, sharing the specific principles that have allowed him to navigate the markets for half a century. He breaks down why high win rates are a myth, how he caps risk at 60–70 basis points per trade, and how he transitioned from searching for quick wins to building a career as a master craftsman in speculation. In this episode, we explore:• Peter Brandt’s 50+ year journey from advertising to commodity pits and Factor Trading• Why high win rates are a myth and how the 80/20 Pareto Principle applies to trading profits• How Peter limits risk to 60–70 basis points per trade and why he never pyramids positions• Why he shuns indicators and diagonal trend lines in favor of horizontal classical patterns• Why the real edge comes from risk management and emotional control, not chart patterns• Peter's advice for the next generation on craft, capital preservation, and longevity About Peter Brandt:Peter L. Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. In 1980, he founded Factor Trading Co., Inc. (now Factor LLC), trading proprietary capital across forex, futures, fixed income, and equity markets. Over his career, he has managed trading activities for major institutional clients, including Commodities Corporation of Princeton, NJ.Peter is the author of Trading Commodity Futures with Classical Chart Patterns (1990) and Diary of a Professional Commodity Trader (2011), which held Amazon's #1 trading rank for 27 weeks. Featured in Jack Schwager's Unknown Market Wizards and named among the 30 most influential people in finance by Barry Ritholtz in 2011, Peter is widely recognized as one of the world's foremost authorities on classical chart analysis. Links + Resources:X (Twitter): https://x.com/PeterLBrandtWebsite: https://www.peterlbrandt.com/ Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 How a 50-Year Veteran Thinks About Risk Management05:42 Wanting a Career from Trading09:42 Taking 5 Years to Be Profitable15:20 Don't Quit Your Day Job to Trade Until You Have a Proven Track Record22:30 Cut Losses Short and Let My Winning Trades Run27:00 Understand the Risk and the Probability31:00 20% of My Trades Account for at Least 80% of My Total Profits36:08 Sizing Is Really Important and It Is the Reason Why a Lot of Novices Blow Out43:00 Removing Yourself from the Equation48:30 I Don't Believe in Optimization Where You Have a Set of Rules52:50 I Like Horizontal and Continuation Patterns54:38 I Don't Believe in Indicators Because They're Just Derivatives of Price1:00:00 Technical Analysis: Charts Resonated with Who I Am1:03:20 The Time Frame I Trade1:07:00 How Important It Is to Identify How You Trade1:09:15 Having a Mentor1:14:50 What Are You Most Proud of in Your Career01:20:09 I Enter Every Trade Assuming It's Going to Be a Loser01:26:05 Become a Craftsman of Trading01:33:48 You Can’t Go Broke Taking Small Profits, But You Will Go Broke Taking Large Losses01:35:40 Peter's Takeaway He Leaves to the Next Generation of Traders01:36:14 Where Can Traders Find You Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices