All investors want the highest win rate when trading forex. However, getting the absolute 100% rate is a myth, and 70-85% is considered the most ideal. But how can we get such an ideal win rate? That is thanks to training trading psychology through the Barcode trading strategy review.
Beat the market with the Barcode trading strategy + controlling emotions
The perfect investors know how to fully control their emotions. In their mind, they see them as nothing while trading. This is to avoid potential financial risks which will burst out by a spark called “emotion”. It makes us come to the brink of loss when things are no longer in the safe zone.
Don’t swear or flip the table every time you lose heavily. Instead, set up rules for binding yourself to a certain pattern. Do not let negative emotions affect your own trading process.
A trading strategy is in place, just fix the emotional factor and you will become a successful trader.
But why are we talking about this? The fact is that, in trading, there is an extremely dangerous enemy that few people realize which is emotion. If you understand its signs, you will be able to get rid of it for the best transactions.
The first sign: Breaking your trading principles
How do you know when emotions control you? It is simply when you start to break your principles. Let’s take a look at an example.
You’ve had a good morning session, ending up even more profitable than expected. In such cases, you will tell yourself that you should return to the market after a period of rest. This time, however, rejoiced by the success, you ignore the rules to continue trading in the hopes of achieving higher profits.
Breaking your own principles often leads to sad results. Not only will you lose your profits, but you will also lose your initial capital.
Remember that you cannot fail to enforce your principles in life or in trading. Otherwise, you will not belong to yourself and be a slave to your emotions.
The second sign: Trading randomly
The lack of specific conditions when you want to trade is an indication that you are being dominated by emotions. New investors often get caught up in this issue.
You may be observing the candlestick chart but have no idea how to analyze it. Will the price go up or down? And how long will this trend last? That is very dangerous in your investment.
Each transaction is an act of determination and confidence of investors. If you have reasons to suspect it is a bad trade, then stop. If you’re still stubborn to trade, chances are you’ll lose your money.
To reduce the probability of this situation to 0, you should perform analysis and stick to the current strategy that you are applying. For me, that is the secret to profit. This is definitely helpful for you as well.
Review the Barcode trading strategy in Olymp Trade
On May 4 and May 5, I made 7 transactions. Let’s go into the details of the orders.
By the way, I only traded with one currency pair, EUR/USD.
The expiration time was 1 minute. The investment for each order was $100.
April 4, 2021
1st + 2nd orders: The DeMarker indicator had 3 green bars exceeding 0.7 and 1 red bar below 0.3. At the same time, corresponding to the red bar was a red (bearish) candle. It was eligible for opening a DOWN order with a 1-minute expiration time of $100.
3rd order: It was eligible to open a 1-minute DOWN order when the chart met all the conditions. The DeMarker indicator had 3 green bars exceeding 0.7 and 1 red bar (bearish candlestick) below 0.3 consecutively.
4th order: I confidently opened a DOWN order when the DeMarker indicator appeared with 3 green bars above 0.7 and 1 red bar (corresponding to a red candlestick) below 0.3 consecutively.
5th order: In contrast to the 4th order, when the DeMarker indicator had 3 red bars below 0.3 and 1 green bar above 0.7 (corresponding to a green candle) in succession, safely placed an UP order.
May 5, 2021
6th order: The entry signal was confirmed successfully when there were 3 red bars below 0.3 and 1 green bar (corresponding to a green candle) above 0.7.
7th order: The sign for safe entry was the DeMarker indicator with 3 red bars below 0.3 and 1 green bar above 0.7.
In one word
7 orders using the Barcode trading strategy have been reviewed in quite a detail. I think the results are also worth your attention. But first, it takes practice to fully understand the principles of opening orders with it.
Once you have mastered and the results are profitable continuously on the Demo account, it is time to start using the Barcode trading strategy to make profits in Olymp Trade. Remember emotions are the enemies you need to overcome if you want to be a profitable trader.