I am a reader of this site and also a trader of Olymp Trade platform. Being an accountant, I can sometimes trade when my jobs are done. Trading helps me learn more about finance and make some income to cover my life. Today I will share with you my entry points on July 30, 2019.
Rules when trading at Olymp Trade
- Only trade 1 single pair: EUR/USD.
- Time frame: 5 minutes (Currently I’m testing the demo 10-minute time frame. If it has a higher win rate, I will apply then).
- Trade a maximum of 3 orders a day and deposit only $45. Open each order with $15.
- The method of trading is to focus on the price action – together with Support/Resistance.
Review Trading Olymp Trade entry points on July 30, 2019
1: Downward trend + the price went to the resistance zone = Opened a Down (win)
2: Downward trend + the price went to the resistance zone = Opened a Down (Lose 1 pip).
This order lost when I was working. My habit after opening orders is to do something else then return to check when it’s done. I don’t know what to say when I lost ^^.
3: The price touched the strong support + exhausted (expect the price not to break the hard support level) = Opened an Up although it was in the downward trend.
Result of Order 3
Note: Order 3 is a dangerous one that can drive me to open consecutive orders, which would burn the account very fast. If the price broke the support zone, my mind would think like this. “The price has already dropped too low so it could bounce back anytime. I can win if I open another order”. It’s a backfire thought that can make you pay a lot. Thus, whether this order wins or loses, that’s enough for one day.
In the end, after 3 orders, I closed my lap to rest.
I earned $6 in the total capital of $45. It was more than a 10% profit. Not bad.
Summarize and lessons learned when trading at Olymp Trade
Thanks to the trading rules, the risk that I will open many orders is reduced. At the same time, if I was driven by emotions and got too angry, I would only throw $45. But if I deposit a lot to trade for the whole week, the money I lose will be more than the number of $45. So I advise you to deposit enough to trade.
For example, 1 day you plan to trade 5 orders of $20. Then just deposit $100. It’s enough. My experiences say that the more you charge, the more trouble you will have.
Each person has a different trading system and different psychology. If these methods match your personality, don’t hesitate to ask me. I will share everything I know so that you can complete the trading system of your own. Don’t waste your time and effort to find the holy grail in trading. It’s in vain.
I probably lost nearly 1 year and 6 months to learn and demo to find my own method. If I can do it, you will be able to do it too. When I understand about it, it will never make me afraid. From the time I’ve known about the trading, I choose only one currency pair EUR/USD to trade.
If you like these review articles like this one, I will do it every day but only 3 orders. Absolutely never break the rules.
I wish you have a happy day.