The historic moment for the special commodity named gold has arrived in July 2020. Gold buyers make huge profits from the increase in the gold price. For traders, they take advantage of choosing appropriate entry points for x5 or x10 their balance in just a few price increases. If you still haven’t made money from the increase in the gold price, it’s a pity. In this article, I will guide you to make money from Forex by trading gold in Olymp Trade.
If you want to make money from Forex in Olymp Trade, you need to try a lot
Maybe you have surfed through a lot of websites on the internet, on Facebook or forums, or course websites of experts. What they have in common is someone who shows you how to make a lot of money and how to achieve the holy grail.
And then you realize that no one tells you the truth after tasting failure. The truth is you won’t be successful. Whether you’re trading forex or other same stuff, you’re just wasting your time.
Before you scroll down or close this page, you need to know that those are the reasons why you won’t be successful. What did you do? You are bored. And you don’t want to read gossip because you assume you know what I’m about to tell you.
- You have never finished basic lessons
- You are never disciplined
- Or you refuse to read articles about psychology
- You are not patient to trade demo for a long enough time
- You never take the time to read charts
- Or you have never tried to show others what you have learned
- You don’t really know how to manage risk
If you’ve never done any of the above, then success is very far away. Maybe you have read somewhere that successful people would do this and that. Then, you started learning and following them… in 2 days. What’s next? You found another interesting article and forgot everything you had read before. Without consistency, it is impossible to succeed in making money from Forex in Olymp trade.
Hope for unrealistic things
What do you expect when looking at your own trading strategy? You don’t look for a specified indicator or want to thoroughly understand the strategy. You just want to find something that will keep you winning and winning forever. Every time you press the button, you just want to win.
You just want the river to go down your way. Hundreds or thousands of people out there are just like you. They all want money to flow into their pockets. However, the money only goes where it wants to. Do you have the power to dig a river? Why don’t you find out how the river flows?
Stupidness and arrogance won’t get you far. If you easily give up when something goes wrong, you will never be able to get up. Read more, know more, and start with the basics. Don’t be afraid to read everything, then ask more. The predecessors are always ready to help you.
What do you think when you read up to here? “See, there is nothing different from the other trash-talkers.” And you fall into depression again. You have never done what you need to do. As a result, you will not be successful unless there is magic. If you are really looking forward to it, I wish you luck.
Your way to success
If you think that without studying, you can still make money from Forex, then you should think about it again. Warren Buffett is the tycoon of trading and still has to take courses from experts every day. Even when he is the most successful person with trading profession worldwide.
I only started making steady profits after I stopped looking for an “unbeatable” trading strategy. And I have installed hundreds (even thousands) of indicators on MT4. And each indicator gave me hope of getting rich. But in fact, I have already burned out several accounts. I still have a few indicators left on MT4 but realize that I no longer care about them. And now, I have regular withdrawals every week instead of having to deposit every week like before.
This is not easy, guys. Stop looking for strategies with fancy names. I have seen a lot of these articles in the past 5 years. And probably there will still be more in the future. I admit that the indicators are very good. But for me, it’s not all. Staying in your own comfort zone is the key.
You can completely x5 your balance in a moment. Anyone can do it but then, they lose all of their balance because of stupid orders. Isn’t it? Even when you are in your comfort zone, you can still lose everything. However, you will feel more comfortable, more alert, and won’t burn large sums of money in just a few orders. And this changed me a lot. It changed my opinion. I am no longer greedy as before, afraid as before, and always calm with reality.
Review on profitable transactions from Forex in Olymp Trade with gold
In July, the world gold price fever made gold investors, both long and short term, anxious. They observe the electronic board day and night to find the right entry and exit points to bring them profits. The gold FOMO sentiment culminated when the price of gold touched an old high of all time in 2011. A wave of short gold sell-off occurred when investors were confident that the price would reverse from bullish to bearish.
I also follow each movement of gold prices to find opportunities to bring in huge profits when following the trend. Here is my Buy Gold order from July up to now on the daily chart.
In economic terms: The value of the USD has decreased remarkably after years of increase. The economic situation tended to be bad because the epidemic was complicated. FED launched economic bailout packages with the biggest amount of money in recent times. Investors who are pessimistic about the market will look for a safe asset which is gold. So I believe that it will make the gold price increase in the near future.
1st order: The price broke out of the important resistance zone and continued to go up forming an uptrend. I chose the break-out point to open an UP order following the trend to profit from it.
2nd order: The Bullish Pin Bar candlesticks appeared in a steady uptrend. Opened a Buy order when the daily candle successfully confirms the Bullish Pin Bar candlestick.
3rd order: The Hammer candlestick hit the previous support in an uptrend. This was a favorite entry point in the T.L.S strategy that I use often. If you do not understand, you can refer to the article: https://sanolymptrade.com/phuong-phap-giao-dich-tls-olymp-trade
At the time of placing the Buy order, everyone told me that I was a crazy guy who would buy at the peak. But it’s everyone’s peak, not my peak. Don’t impose your thoughts on others. Regardless of what they mean, the money is yours, so do what you think is right.
Finally, the money made from Forex in Olymp Trade proves that I’m right. It’s not that I deliberately show off bu all these winning orders are just “sand in the ocean” compared to experienced traders. The message I want to send to you is that if you want to win the market, first, be yourself. The crowd is primitive and unreasonable Don’t get influenced by FOMO and lose money.