Prison breaks and fugitives always attract viewers whether on the small screen or in real-life stories. The important factors such as terrain, habits, opportunities, etc. are all encapsulated in a detailed plan, helping them fulfill their purpose. Don’t expect me to give you an escape plan after breaking the law. What I can do best is to help you make a trading plan to make a profit in Olymp Trade.
The Forex market is quite complicated so it’s important to learn to adapt. Otherwise, you will be mercilessly dismissed. What can save your account is an effective trading plan.
Make sure to take a closer look at why you are still unsuccessful in Olymp Trade when you have followed your plan. Try a new approach and if it’s one of the five listed below, you should probably reconsider.
The moment of improvisation breaks the Olymp Trade trading plan
The Forex market never sleeps. It works for 24/5 per week. However, I am sure you will not be able to trade 24 hours a day. Sometimes, there are very few opportunities to open an order which leads to boredom waiting for a signal. Sometimes, only a few good signs appear within a certain currency pair. Depression is a common state of traders.
Unfortunately, some traders react to boredom by PROVIDING an impromptu trade just to create some “difficulties” in finding profits. They deviate from the original trading plan. Unsurprisingly, transactions done by impatience and arbitrariness lead to poor results.
Boring is an integral part of your Forex trading process. Do not let a minute of “itchy hands” cause money in your account to lose.
Soros – the great investor once said: “If investing is a leisure activity for you to have fun, you probably won’t make any money. A good investment is a tedious job”.
Loss of concentration during Olymp Trade trading
Improvisation can lead you to bad Forex trading decisions. However, being affected by the surrounding environment too much is equally harmful.
To make wise decisions, I create for myself a quiet and comfortable working space. I avoid surroundings that interfere with my ability to focus. You cannot trade while watching the football game you love. Don’t trade when you cannot concentrate highly on every movement of the market.
Spend the right time on the right job. You can’t make money and have fun at the same time. Focus your mind on a single job to be effective. Do not miss out on opportunities to make money or lose your money due to a mistake called “not concentrating”.
Too confident in trading
You get a chain of winning orders. Soon, you feel like Midas – everything you touch turns into gold.
You revel in your immediate success and forget everything. The most dangerous thing is that you always put yourself in high-risk trading situations. You start to get sloppy, make superficial decisions, and then get failure.
It is normal to feel confident after a series of victories. However, it will become dangerous if you get overconfident.
Being overconfident can make you do things you don’t normally do. You may do things that go against your trading plan. Usually, the 3rd consecutive winning order will make you not interested in everything, even the trading conditions that help you survive in the Forex trading market. The end will be a free fall from heaven to hell.
Lack of confidence in Olymp Trade trading plan when facing a string of losses
Life is like that. Everything will be good if it is enough. However, redundancy or lack causes negative consequences. Overconfidence makes you fall from top to bottom but inconfidence defaults already lying in a pit. Do not let a string of losses during trading scare you away from everything. Being obsessed with the fear of failure can make it difficult for you to open an order as soon as the best chance comes along.
Instead of being scared, you need to ask questions: why do you lose? Find the most plausible answer yourself. If everything is okay, then you need to change nothing or completely remove your own trading plan. Sometimes, they’re just random probabilities that make you think things are wrong.
The secret to avoiding being bogged down by a string of losses is to always stick to what has originally been planned. You should only change when you have failed during trading within 6 months. That’s time to fix the unreasonable things that cost you money.
To make wise decisions when trading in Olymp Trade, you must have a healthy body. Because when you are tired, you cannot have good judgment as usual. They cause you to react more slowly. And your mind may not be able to fully process the data in time. This leads to vague and uncertain decisions with a high probability of failure.
Try to observe the life around you. People who are thin, lacking vitality, and always in a state of fatigue will never get a better job done than people with strong, healthy bodies.
There is no need to carry heavy weights or run on the specialized machines at the gym. For me, I only need to do household chores such as cooking, washing dishes, cleaning, etc. They both relax and help reduce housework. This is like killing two birds with one stone without much effort.
What are you waiting for without making a trading plan to make money in Olymp Trade? If you do not have one, you should start setting it up now. If you have lost a lot, you should learn from experience. A plan is what keeps you from going astray on the path to profit. Regularly check and make changes if necessary to make it more perfect. A successful trader must have his own trading plan.