To make a profit from Olymp Trade, you need to have good habits, discipline, patience… However, if you become addicted to trading, everything above goes in vain.
In this article, I will show you 3 solutions to help you avoid trading addiction. Moreover, there is a quick strategy with 2 effective candlestick patterns – Tweezer Tops and Bottoms.
How to know that you are already addicted to trading
To determine if you are an “addict” to trading or not, answer the following 4 simple questions.
– Do you feel uncomfortable if you cannot enter orders?
– Do you constantly check prices on your computer/smartphone?
– Is the amount of money you enter bigger and bigger after each trade?
– Do you spend more than 12 hours either trading or thinking about it?
If 3 out of the answers are yes, I think you are addicted to trading. And that’s the fastest way for your account to burn.
Trading addicts not only want to trade all the time but they also love to trade big. Either winning or losing, this increases the dopamine release in their mesolimbic pathway. And they will never stop trading until their accounts have no money left.
If you feel like you’re falling into a trading addiction, here are some solutions that can help.
Practice trading on higher timeframes
Instead of having to trade crazily on low timeframes (30s, 1m), try the higher timeframes (5m, 30m, 1h…). They’ll help you learn to wait. The slow price movement gives you more time for your mind to calm and analyze everything carefully before entering an order.
You will find yourself awake enough to make important trading decisions. Unlike trading on low time frames, it is very easy to lose your temper.
Profits when trading on high timeframes will be lower than trading on low timeframes. This is a psychology trap. Don’t be too hasty. The goal of new traders is to learn how to survive in the market first and make money later. When you feel you have enough trading skills, the profits will come automatically.
Use a trading diary and add the psychology section
Try using a trading diary but add a column to track sentiment during trading. It is a good idea for you to effectively monitor your psychological development. Unfortunately, many traders only use trading diaries to record how to enter orders, ignoring the important factor of trading psychology.
Stop trading for a while
Many traders think stopping trading is an act of cowardice. In my opinion, it’s the opposite. To stop after a series of losses, you need to have a will of steel and the ability to control psychology better than many people.
When losing, you often want to recover the losses because you believe the next trade will make a double profit. But most of the time, traders don’t know that they are losing continuously in the same unfavorable time such as sideways market, strong volatility due to news… So to stop and observe before trading again can help you see the problem more clearly.
How to make profits when trading with Tweezer Tops and Bottoms candlestick pattern
The pattern that I am about to introduce to you is a pair of reversal candlesticks with a high winning rate. When they appear, simply follow the instructions below to place orders. However, you need to patiently spend time waiting for the signals with the highest chance of winning.
This is my Olymp Trade trading history with Tweezer Tops and Bottoms candlestick pattern. It really took a long time to have a nice entry point.
Open an UP order when encountering the Tweezer Bottoms candlestick pattern.
Open a DOWN order when encountering the Tweezer Tops candlestick pattern.
Most traders who are addicted to trading don’t know they are addicted. It was so bad that they caused the loss of countless accounts on their own without being able to realize the core problem.
So you need to be aware of the trading addiction to avoid it. If you’re already addicted, hope this article would help you overcome it.
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