This story comes from a pretty close friend of mine who regularly shares daily transactions via facebook chat. At the beginning of the week, he charged $2,000 to Olymp Trade to get VIP. The market was beautiful and went as plan. At the end of the day, he sent a photo showing off his achievement from $2,600 ($2,000 + bonus $600) straight to over $5,000. My advice is to withdraw all the money and don’t do anything more this week.
Well, if he followed my advice, it would be the end of the story. But this morning, he asked me how to recheck the price of Olymp Trade platform because he thought he was cheated. And the story begins: Losing $2,600 in 10 minutes.
4 options to blow away the amount of $2,600
Here are 4 trading options of my friend.
Reasons why he lost: reverse trade + open consecutive options + increase too much money. All happened in less than 10 minutes. The 3 most stupid things when trading options have applied to the above trade. Reverse trade leads to the psychology of opening consecutive options and increasing too much money. Once the brain is overloaded and the emotions control everything, losing money is obvious.
When receiving this picture, I’m also quite surprised. This guy is the one who’s earned money at Olymp Trade for several weeks in a row. He even just doubled the money in his account on the second day. Don’t know how he could open 3 consecutive options in the same candlestick and increase money. What was wrong with him?
Lesson learned when trading at Olymp Trade
Never have subjective thinking when trading options. It is true that you can use Support/Resistance or Bollinger Bands to make money with EUR/USD in the mornings. But when the market is different, either you take a rest or change tactics to deal with the market.
Reverse trade + open consecutive options + increase too much money = no rule => Boom!! If you lose money from the beginning, realize this and learn from it, it’s your luck. If not, the loss will be much bigger later.
When you have emotional problems, you must rest. The best way to protect your account is to turn off the screen and do something else.
At times like this, sometimes you just want to wish that “The bookmaker limits your transaction please”. Or feel regretful for something like “If I knew this would happen, yesterday I should have withdrawn all of my money”. Or like my friend, “K, the price has just been manipulated. How to recheck it ”
– Answer: When opening options that way, you will die without a doubt. Talking or crying that “Olymp Trade scam or manipulate the price” is just time-consuming.
How to check the price at Olymp Trade
The price at Olymp Trade is certified as transparent and placed under the supervision of VerifyMyTrade Execution Certification.
Who is VerifyMyTrade Execution Certification? This is an organization that monitors the prices of Forex and Options platform. And Olymp Trade has just been certified as transparent on May 21, 2019. It is based on 5,000 trading options VerifyMyTrade checked and audited which were in accordance with the standard. This organization also guarantees the price for trading platforms such as Binomo, Grand Capital, etc. See details here: The trading platforms guaranteed by Finacom.
Do you have any questions? Although the platform has established for 5 years, only until now it is certified as transparent and prestige with a certain quality standard (not sure what that standard is).
And to see the price at the Olymp Trade, just go to Quotes. Select the currency pair you want to review the price. Choose a specific date, time zone and time.
After that, check the price when you open options and their closing prices to see whether they match with the price here or not. Done.
Do you have any comments on how to trade at Olymp Trade? Or there are lessons you want more people to know? Let’s join the Olymp Trade Club group. We will discuss together. Thank you for always following us. Love!