In trading, if you have a good trading strategy and considerable capital management, it is very good. However, your psychology is easily dominated by emotions. Then the other two things are considered nothing. Today I will explain what does this means, along with a review of the Millennium trading strategy for your reference.
Lose patience while waiting for a trading signal
Impatience in trading is what makes it easy for traders to lose money. It’s because we don’t like to wait for a long time by nature. To be patient is not something that can be done in a short time. It requires serious training and full of effort.
There is always a reason why we lose patience. And you know, the feeling of being impatient is really strong. It’s like there’s some invisible force that says in our ears, “Act”. And when we act, impatience wins. We lose money and the bad mentality is all on ourselves.
There are many cases that make us regret as soon as we act. And you also know, there’s no point in having regrets when it’s done.
Did you know why you lose while others make money? Because they are more patient than you.
Follow without thinking
This is the fatal point that you often make is doing the same as the mentor. I instruct to enter an order of $100-200 each, but I have a capital of over $5,000. If calculated as a percentage, it falls into 2-5% of the total capital. A number that when I lost, it didn’t affect my mental much.
However, with a capital of less than $ 1,000, you imitate the order with a few hundred each. It’s not far from death. If you win, there is nothing to say. But if you lose, the weight of the losing money will make you uncomfortable and afraid. That leads to incorrect decisions when emotions have taken the throne.
How much the account is expected to profit corresponding to it. If you have $1,000, you can still make double that amount during the day with Fixed Time Trade. But you also face losing that money as quickly as it is earned.
To be stable, you should adjust your expectations reasonably. In my opinion, it should be 20-30% per week. This will make you comfortable not being pressured by volume trading to fulfill your ridiculous profit goal that you set out earlier.
Not sure about the trading strategy being used
With just a few lines of the article, I can only convey how to choose nice entry points and manage capital. The rest of the strategy you have to experience through the Demo account to understand its strengths and weaknesses. However, some of you just apply carelessly without long and proper test.
To introduce you to a certain strategy, I spent a lot of time testing to make sure it works in real trading. And you don’t take it seriously when you only try to trade a few demo orders and then rush to make money. In the end, if fail, you go to google to find a new strategy. It’s an endless loop that makes you to fall deeper and deeper into the loss.
Please spend at least 2 weeks to test before using any strategy to make money in Fixed Time Trade. Carefulness is something that will help you avoid losses during the investment process in Olymp Trade.
Review the Millennium trading strategy in Olymp Trade
Heiken Ashi candlestick chart with 1 minute time frame and enter orders with 2-minute expiration time.
EUR/USD currency pair.
The Millennium strategy.
Balanced capital management.
Order 1: At the EUR/USD currency pair on June 4, the Heiken Ashi candle changed from red to green. At the same time, the Detrended Price Oscillator indicator crossed the 0 line from below. Opened an UP order as soon as the above 2 signals appeared.
Order 2: I waited for 1 hour to get another entry signal when the Heiken Ashi candle changed color from red to green and the Detrended Price Oscillator crossed the 0 line from below.
Order 3: In EUR/USD, the uptrend ended when the price was starting to decline. I entered a DOWN order when the price met the following 2 conditions: the Heiken Ashi candlestick changed color from green to red, and the Detrended Price Oscillator crossed the 0 line from above.
Order 4: The EUR/USD currency pair started an uptrend when many large green candles appeared. The signal to open a safe UP order was when the Heiken Ashi candle turned from red to green and the Detrended Price Oscillator cut the 0 line from below.
A day with 4 orders was enough to evaluate this strategy. Just follow the rule and the win rate will be over 70%. Worth a try!
After reading, you guys must remember one thing (It’s a must because it affects your money a lot). If you are impatient, you will lose. If you do not know how to manage your capital, you will also lose.
Find out how to fix those through this article. Set up a way to train yourself to gradually eliminate those bad things. To become a successful trader, try the Millennium trading strategy. It will help you make a profit in the near future for sure.