Before discussing how to become a successful trader in Olymp Trade, I have a question for you. At what stage in life is that success most significant? There are many opinions, but for me, success is the most meaningful when I have tried my best to achieve no matter how long it is. It may take 10 years, 20 years, or even my life.
Surely, everyone has known the famous KFC brand, right? The owner of the KFC chain, Harland Sanders, is a testament to the success regardless of age and time in constant effort to achieve his goal. Starting a business at age 65 and becoming a billionaire when he turns 88 is truly extraordinary.
Don’t imagine success will come to you in a day or two, especially in trading. Because even when you spend your whole life studying, you may not even grasp all the amount of knowledge here. Fortunately, you don’t have to learn everything to be successful. The important thing is to learn what you need and what suits you best. In this article, I will show you how to be successful in Olymp Trade.
Determine the path to success when trading in Olymp Trade
Paths to success are not the same in different fields. Don’t use the way people succeed in other fields to match it with Forex trading. That just makes you even more pushed away and unable to find your destination. Don’t rush to go in the wrong direction and get lost forever in finding the way to success. Just sit down to define what is needed most clearly and then do it.
Foreign exchange investing is like a fight between you and yourself. The market creates a lot of temptation to make you fall back with vague opportunities. You must keep yourself against the temptation, wait for the opportunity to come, then act to make a profit.
There are 3 things you need to have if you want to be a successful Olymp Trade trader.
A trading strategy is a series of principles that traders must follow before making a decision to open a certain position. These principles are based on technical analysis and have been proven to be reliable as their repeatability rates have been tested in the past.
A clear trading strategy will help free yourself from your momentary emotions. When a trader wants to open a position, he or she starts to be suspicious and ask questions. These are things that can have a huge impact on your thinking:
- Do I miss anything during analysis?
- Is my decision to sell (or buy) correct?
- Is this the right time to enter the market or should I wait a little longer?
- Am I taking a risk or not?
All these doubts will greatly affect the outcome of your trade. They cause you to miss or lose victory by entering a trade the wrong time while hesitating. Without an effective trading strategy in this market, you won’t be successful in the long term. Because at that time, your losses must have exceeded your profits.
My trader path to success in Olymp Trade
If you want to be a successful trader in Olymp Trade, you must have an effective trading strategy. This is what helps your capital to make a profit when you invest. The money to make money is also from this. If you do not have a specific strategy and still try to trade, then you have one foot entered the casino.
Be careful with your own bigotry. Do not lose everything to realize. That is too late. Because the line between investing and gambling is fragile.
There are many good trading strategies, but for me, the T.L.S strategy is the best. You can refer to it in the strategy section. For those who need references to building strategies based on technical analysis, you can navigate to the instruction section.
Whatever trading strategy you use, keep it simple. Because that helps you have better responses when the market is volatile. You will not be able to keep up with the price movement of a currency pair when there are so many indicators on the computer screen.
Money management is an important factor when building your trading strategy. Think carefully and answer this question: “How many percent of your capital will a single transaction take up?” The popular average rate is 1/10 of the total starting capital. It also depends on the different risk tolerance levels of each trader. You don’t have to follow the rut.
There are many methods to manage capital matching different trading strategies. Either way, you should not allow a transaction to “blow away” 50% of your capital. You can find for yourself the right capital management method and the fastest trading strategy at this blog in the strategy section. Practice knowing how to keep money before you start making money.
With good risk management, the path to success is open to you. I have seen many cases in which just because they did not focus on capital management, they “burned out” many trading accounts. It causes investors to financially break down and choose to abandon trading. Therefore, I am sure this is the most important part contributing to building the best money-making trading system.
For the above 2 things, you can find many Forex trading websites with instructions on them. However, regarding trading psychology, no one can guide you except yourself. You need to experience and draw on your own emotional management experiences. It is possible to lose money a few times, and you will know for yourself how to avoid continuing to lose money. If you constantly lose money and you still have not come up with anything, then quitting is probably the best option for you.
To limit the most dangerous part of trading which is emotion, I advise you to be disciplined with the principles you have set. Do not indulge yourself that leads to negative investment results.
In your life, you will probably also go through exams with a 1 versus 10 or 1 versus 100 ratio. However, in the Forex market, you don’t need to beat anyone because what needs to be overcome is yourself. Rather, it’s like the Wars of the Three Kingdoms going on between you, yourself, and the market.
Test the trading system that you think will bring you success
Whatever your trading system is, you should always test them on the specific market that you want to apply to. Building an effective trading system is a long process of market testing. But you will get a deserving award for that.
A successful trading strategy will give you confidence that the long-term results will be better and more profitable. Successful traders know very well that doing lots of low-risk, profitable trades on a regular basis is much better than a high-return, high-risk trade.
Don’t let too many trading strategies confuse you. Focus on a single trading system that you trust, understand, and know how to best apply. After that, create a bank account for yourself now to save the money!
Win over yourself – make money – succeed in Olymp Trade. It sounds as simple and easy as hanging out. However, the success rate is listed as out of 100 people, 90 people have failed and only 10 people are profitable or maybe even 5 people win when 95 people lose. This is such a terrifying number for beginners to this market.
But do not worry because Olymp Trade offers a function for you to test your strategies. Traders will not incur any financial risks on a Demo account. In addition, we also regularly has reviews of the best trading strategies.
You can learn from the best by reviewing our articles. Before applying it in a real battle, please test it on a Demo account. Only when you fully understand them and believe it will bring you profit, that is when you enter the market.
Wish you become a successful trader in Olymp Trade.