In the Forex market, many traders have yet to know how to keep their money and make a profit. They just rush to find ways to increase the amount of money in the account á quickly as possible. However, they do not know that in order to make a profit it is important to know how to keep the money. In this article, I will reveal to you 5 things to avoid when trading to effectively keep the money in Olymp Trade.
- 1 Top 5 things to avoid in trading to effectively keep the money safe in Olymp Trade
- 2 In conclusion
Top 5 things to avoid in trading to effectively keep the money safe in Olymp Trade
Risk management is very important, but most retail traders take it lightly. This leads to wasting too many resources on not really clear opportunities. When the opportunity comes, with a small amount of capital, they cannot have a transaction as expected. This leads to long-term trading without any progress, making it easy for them to get discouraged. Here are 5 things to avoid if you want your account to grow steadily over time.
Don’t listen to other people’s advice (keep your own money by your own self)
Investing in Fixed Time Trade without a specific investment strategy is a disaster. It is even more dangerous when you do not know what to do to get the best entry points. This keeps your initial investment from growing as planned as it shrinks over time.
In particular, it often makes you trust strangers. You do not know who they are. You do not know how much their knowledge is. As you see them win several winning orders in a row, you ask them for their opinion to trade. Remember that the money is yours. You are responsible for it and they are not. A simple statement will also make you plunge into the market with the belief that you will win. Then, you lose money while they don’t care at all.
Since this is your journey, you have to design a direction for yourself. If you just follow what others tell you, you will end up with a dead end. Therefore, not listening to others to enter orders is also an effective way to protect the money. Don’t invest your money with just a stranger’s word. Please analyze specifically with the exact statistics.
Not making too many transactions is also a good way to keep your money
Your account is the bullets to finish off the enemy. You will have to choose whether to be a Rambo spraying a machine gun or a sniper that achieves the goal as desired with one bullet. Surely, everyone will choose the way that is inexpensive and highly effective. However, most people cannot make it.
For now, if you are in uncontrollable trading then take a look back. That can’t help you keep the money because of the habit of opening orders like an addict. Looking at the chart, your hand keeps clicking continuously and nonstop, being afraid of missing out on good opportunities. It inadvertently causes you to risk your money at the points with the lowest win rates. And then you ignore the great entry points when not concentrating because you are engrossed in crazy trading.
Get rid of the idea that trading more will bring more profits and adjust the maximum number of orders to open in a day. That will help you keep your money and focus on the best opportunities possible. This is what you should do and must do to get better trading results.
Do not trade when emotions matter
Before stepping into trading, you must also know that emotion is the enemy of success. Therefore, don’t open orders when the “enemy” has taken control of your mind. That is the best way to avoid losing money due to temporary emotions.
With a sequence of winning orders, the excitement will make you neglected in opening orders. At that time, you think that there will be another win, or if you lose, you still have some profits left. It’s such a mistake to let emotions drive your behavior. They will make you pay the profit back to the market or even lose everything.
As for a long losing streak, it will make you fall into the extreme fear of thinking that the next order would be a losing one. And you will ignore most of the immediate opportunities even though they fulfill all the safe conditions for opening an order. Such a mentality only makes you step back more and more when you do not have the courage to trade for profits.
Make investment decisions when your mind is in the best balance. That helps you to see what risks to avoid and what opportunities to take. Most importantly, it helps the money in your account increase as there are many good entry points.
Do not trade reluctantly
Have you ever been nearing your daily target but you are short of a few dollars (because the payout often falls between 70-90%)? Immediately, you try to fill the missing amount to round the number and reach the target. And then, that order is a losing one. You immediately double the investment trying to reach the target. Finally, after 3 or 4 times like that, you lose both the capital and the profits you have just earned as your account reaches 0.
Or the case is that you have reached the target profit for a day but a nice entry signal appears. Then, you quickly click and place the order, but suddenly it goes against the prediction and you lose. With the desire to undo, you continue to open orders with low chances of winning and thus destroying your account.
Those are the typical cases in the endless loss of money when trying to reluctantly enter an order. If you want to keep the money in your account safe, don’t trade reluctantly. Trade when you are ready, and stop trading when you are no longer highly centralized.
Do not trade when there is news of strong fluctuations
Often, professional traders will temporarily exit their trading positions when the market is about to release important news that has a strong impact on the type of asset they are investing in. That is how they protect their account from loss because of a news release.
How about you? Do you dare to rush into trading when the market is highly volatile by the news? If you win, I think it’s luck. It’s because most veteran traders cannot predict the direction of the price at that moment. Therefore, to keep the money safe in your account, you should check out the news release schedule in Olymp Trade. This is to know when to not trade and when to enter the market.
Find for yourself the best time to apply your trading strategy. They are safe and contribute to raising the winning rate to the highest level. Don’t risk your investment in unpredictable things.
If you stay away from the 5 things above, I am sure that you will have good trading results. Because when we no longer have the stupid money loss mistakes, the profit will come. Especially, do not bring emotions into trading. It is not good for investing in Olymp Trade.
Try to get rid of bad habits and replace them with good ones. Gradually improve both your skills and your trading psychology and success will come to you.