I am a trader of many platforms, including Olymp Trade. Also a loyal reader of the Olymp Trade Club website. Apart from the purpose of sharing, I make this article to hear the review from your team and readers about my trading method.
The article includes detailed instructions as well as specific evidence about how to trade with Support/Resistance. I will start with rules, how to manage capital and finally how to trade. Because for me, this is the best way to approach if you want to make money at this trading channel.
- 1 My rules when trading
- 2 How to manage capital when trading at Olymp Trade
- 3 The target of making money when trading at Olymp Trade
- 4 The simple, safe and effective way to trade at Olymp Trade
- 5 The last word for a long article
My rules when trading
I believe you totally agree that Orders is a probability game. And emotion is the best tool that bookmakers use to get traders’ money. So, if you don’t prepare yourself a set of rules in advance, the only thing you can do is to give your money to the bookmakers.
Rule 1: The fewer choices you have, the better you are.
At first, I didn’t care much about this. But after losing money many times and even burning accounts, I realize the truth. From currency pairs, trading with candlesticks or the price, the expiration time, even time or odd time, etc, even the way to open trade. If you do not choose to focus only ONE thing, you will have more reasons to open trades.
Let me give you a specific example: As the picture below, you have: EUR/USD currency pair with pay out 82% (most reasonable for normal accounts), the 5-minute candlestick and the expiration time is 10 minutes. Now, what you need to focus on is just Up or Down.
Try more complicated: You have 2 currency pairs, 2 different graphs. You even see both the 5- minute and 10-minute candlestick chart, etc. Many choices will increase the reason for you to open Order. More dangerous, you switch from the prediction of just Up/Down to more probability predictions (predict the price range to open orders + the expiration time + predict Up/Down, etc). This does not increase your chances to earn money. It only makes you lose money faster.
Thus, if from the beginning you only know 1 and only 1 thing, what you need to do is to Focus on the Up/Down button.
Rule 2: It is better to lose opportunities than to lose money
The saying I like most in this website is “Only open orders where the probability of winning is so high that you are willing to trade with your money. Most of the time we sit, wait and do nothing”. From simple things in life, you realize that you’re not a patient person. Then never step on this road. No patience means losing money.
Learn how to choose money. Don’t choose opportunities. It’s simple because when your pocket still has money, you always have opportunities. And opportunities in this market are countless and they always repeat. Learn how to keep money first then make money later.
Rule 3: When you have emotional problems, turn off the screen immediately
I don’t care how you feel. Being very happy and confident because of several consecutive winning? Feeling frustrated by losing 1 point and doubt that the bookmaker manipulates the price to trick your money? Are you sad because of being dumped by your lover? I do not care! Whatever reasons make your emotions rise, turn off the screen. The reason is no hard to understand. All decisions started from emotions are often wrong.
After each open or end of an order, practice breathing slowly and deeply. Return everything to balance. This game is not for those with hot hearts. Practice more to have a cool head. Win or lose is ok because this is a probability game. Learn how to accept and see it as a common thing. Don’t let a few Fixed Time Trade affect your emotions because after that it could be a series of losing money.
How to manage capital when trading at Olymp Trade
Many articles are very good and helpful on this site that you can read again:
The first order I will focus all on the safest point.
– If it is wrong, shut down the lap and go back in another time. Keep focusing on 1 point and increase money.
– If you win, continue to wait patiently and reduce the capital for the next orders.
The capital management plan is like that. But to know the money you want to deposit at Olymp Trade, you should calculate and think carefully.
The target of making money when trading at Olymp Trade
For a risky money-making channel, how many profits do you accept? Don’t set your targets too high. This is not a dream! The profit level of x3 or x5 your capital is only in imagination. If someone says he can help you earn that, it’s 100% scam. Therefore:
– Target 1: Keep the capital. This thing must be learned. For example, Olymp Trade recharges very quickly. So don’t throw all your capital into one charge. Split it to charge several times. And the best way for you to keep the capital is after winning you must withdraw the capital. Wait until the platform approves and the money has been deducted from the original account. Then you will return to use the interest to continue trading.
– Target 2: Earn small. This example is easy for you to understand. If you open the first order $50 and win with pay out 82% for the beginning of the day, your account is now $91. Quickly withdraw $60 to your bank account and leave $31 to continue trading. So you have completed the goal of earning small and keep the money.
– Target 3: Earn enough. Simply it means a number that can satisfy you. I often chat and ask the admin of fan page Olymp Trade Club. Why do you only earn 10-20% of the total capital this week? The answer I always get is: That’s enough. Very clearly, it is experienced people who understand that keeping money and making money every week is more important than making a lot of money in a short time. Therefore, if you don’t know how to give yourself a stop called “ENOUGH”, it’s possible that you won’t have any penny at all.
Ok! That is quite long. Now I will focus on answering the question: What is the safest point when trading at Olymp Trade with only Support/Resistance.
The simple, safe and effective way to trade at Olymp Trade
If talking about Support/Resistance, many people will think about reverse trade. However, reverse trade isn’t always safe and effective. No, it’s not. I will show you how to trade safely. But it’s only for those who are patient, really patient.
Basic set up before trading at Olymp Trade
EUR/USD with pay out from 70% to 82%. 5-minute candlestick chart. The expiration time: 10 minutes. Use the trendline indicator to draw Support/Resistance (or not). It is best to use a white background to see the graph. Enable both RSI and SMA30 indicators.
Why is there such setup? The first order of the day may appear in the morning. EUR/USD pair does not have any news affecting this time. This is when the effectiveness of Support/Resistance is best. Meanwhile, 10 minutes is just enough time for you to wait for the candlestick and limit the manipulation of the Olymp Trade bookmaker.
First entry point with Support/Resistance
For me, the entry point that I think is the best with Support/Resistance is the first test point. Specific examples:
The price dropped strongly and broke the support line. At this time, the old support zone became a new resistance zone. This is a sign that the prices started a new downtrend. All you need is to sit still and wait for Test point. At the first test point, focus and open the trade there.
The idea is like that. The question is: When can I open the order? You need 1 sign. That’s right. You need a sign to open the Fixed Time Trade surely. The sign may be the Long-legged Doji candlestick or Pin Bar. Let’s start opening the order after these candlesticks. This will challenge your patience. But if things are not clear, the probability will not be the best.
Test points are considered safe
In the range of this article, I will show you how to identify entry points when the price tests levels (Support/Resistance).
Tools include: Support/Resistance, RSI, SMA30 or reversal candlesticks set. Sounds a lot right. But all are set up in a very simple way like this.
Sign 1: The price breaks Support (Support becomes Resistance). Then turn back to test
With RSI: From 30 to 70.
SMA30: The price rebounds to SMA30. The possibility of bouncing is high.
Or like the 3rd order at Olymp Trade on May 31 morning.
Sign 2: The price breaks Resistance (Resistance becomes Support), then turns back to test.
Signs that you can look
For RSI: Not in overbought and oversold zones. This means that RSI is in the zone between 30 and 70.
SMA30: The price falls to the SMA30 and test. The possibility to bounce back is high.
Some specific examples of test points.
Olymp Trade transaction log on May 30
There are 6 entry points in total: 5 win – 1 loss. Reduce the capital gradually through each order.
Reason for opening these orders
(1) Hammer candlestick + tested the level zone (hard Support) + RSI touched the middle line => Predicted an increase in the price => Opened an Up => win.
(2) The price tested the level zone (old resistance became new support) + RSI was not in the overbought or oversold (moved within the range of 30 to 70) => Predicted the price would increase => Opened an Up => win.
(3) The price moved to Support + the candlestick stopped + RSI was in the zone of 30 to 70 => Predicted the price would increase price => win.
(4) The price moved to Support => Opened an Up => lose.
(5) The price tested the level zone (old support became new resistance) + RSI was in the zone of 30 to 70 => Opened a Down (predicted a bearish market) => win.
(6) Price continued to test the level zone + RSI was in the zone of 30 to 70 + The market tended to fall => Opened a Down => win.
Why is this trading strategy safe?
Do you see my entry points? This is a strategy called trading following trend. When the price breaks the Support/Resistance zone, a new trend has formed. For example, The price surpasses the Resistance and goes up. It starts an uptrend. Mostly I will open an Up. So when the price bounces back to test, opening an Up long enough will be very safe.
Next is how to manage capital. The first test point will be the safest one. It is suitable for you to open an order with the highest amount of money. The following points have a lower probability of safety, which means the amount of money for the next orders should be lower. Thus, your account will be safer.
Focus on EUR/USD in the morning when news about USD or EUR is not available. Price fluctuations are not strong. Support/Resistance test points are more reliable.
The last word for a long article
Please read all 3 rules of the article first. And remember the 4th rule.
Rule 4: Respect yourself to create discipline
Most people can access a trading method at Olymp Trade. It is not difficult if you’re willing to learn, concentrate and spend time. But the difficulty is when you know how to trade, think and draw appropriate capital management strategies, promise yourself that you will not go all in, not let the emotions control you. But when trading for real, you still can’t do exactly what you thought before.
Money only comes to those who have discipline and patience. Not only in Fixed Time Trade but also in life. If you don’t follow those rules, put your money in the bank. That is the best place to keep your money. If you chose Olymp Trade as a money-making channel, respect what you create is the way you respect your money and yourself.
I am willing to discuss and receive complains as well as listen to your opinions. Thanks the team of Olymp Trade Club who posted my article.