The key point in Olymp Trade fixed time trading is the expiration time. The shorter the order is, the faster the result will come. Probably because of the fast pace and not having to wait for results too long, it makes traders excited when trading with a short expiration time.
But there is a pretty harsh fact that 60-second is an extremely high-risk time frame for trading. By the way, I have advice for newbies that is to avoid 1-minute trades. It is best to trade with an expiration time longer than 15 minutes to avoid losing your temper.
In this article, I will list some important factors to help you survive the 60-second battle.
Focus on Olymp Trade capital management instead of trading strategies
As far as I know, the 1-minute time frame seems to have the most trading strategies in Olymp Trade. But actually, in a short time frame, all strategies do not help much. Because the 1-minute speed itself is too fast which leads to big risks. So the best way is to focus on protecting your current capital rather than looking for risky trading signals.
In particular, you should not use the multi-step Martingale with a time frame of 60 seconds. There, Martingale only increases the risk. Instead, use the safe capital management method with 1-2% of the total capital for each order.
Absolutely avoid news
One of the unspoken rules that traders need to keep in mind is not to trade at the time of news released. Because big fluctuations will make your trade no longer fit the analysis. Especially in the 60-second time frame, the influence of the news is huge. So you should avoid the news altogether. You can check news calendars at sources like Forex Factory or economic calendar on reputable sites. It is to actively understand the situation before opening an order.
Look at the main trend of the big time frames
The trend is always your friend, always. In addition to trading signals from the main strategy, you should take a glance at larger time frames. This is to have an overall view of the market main trend you are in.
Of course, you should not assume that the direction of the main trend is the direction of the price in the 1-minute time frame. It’s simply better if we follow the trend.
Beware of candlestick patterns
Most traders use the M1 time frame to trade. In this time frame, if you prefer trading with price action or with strong reversal candlestick patterns, please note that the short-term candlestick patterns may not work as well as the ones with larger time frames. Therefore, you should not bring the entire candlestick pattern logic of large time frames to apply to small ones.
Ignore orders with prices that deviate
During trading, you will certainly face the price deviation issue between the MT4 platform and the trading platform. This is very normal because the sources of the price between the two platforms are different.
So if you accidentally encounter a case in which you win a Call order on MT4 but you lose the same order on the fixed time trading platform, this is normal. Do not be bitter or angry. Consider it a part of the risk in trading. Because there will also be times when you lose an order on MT4 but win the same one on the fixed time trading platform. So please ignore these “faulty” trades.
Notes: If you are familiar with short-term trades like 60-second, please change. It is dangerous to not control your emotions in short-term trades. Emotions are what kill most traders silently.
It is horrible that someday your own temper burns away your previous accomplishments. Even financial experts must also watch out for short-term trades or never open orders. Never put yourself in difficult situations when you have not prepared a backup plan.
Review on 1-minute transactions in Olymp Trade on July 01, 2020
1st order: In the bullish trend, the Bullish Pin Bar candlestick appeared. I opened an UP order following the trend.
2nd order: The Morning Star candlestick showed up. I opened an UP order for the next candle.
3rd order: The Shooting Star candlestick formed when bullish momentum was slowing down. I opened a DOWN order according to price action.
4th order: The Hanging Man candlestick touched the support zone and rebounded. I opened an UP order predicting the next candle would be a bullish one but I was wrong.
After completing these 4 orders, I felt like I had just been on a roller coaster called “emotion”. The short time frame makes the price bounce up and down which makes my psychology unstable. So I only opened 4 orders whether winning or losing. It is no need to torture myself like that. If you trade often on short orders, prepare yourself a few doses of heart medication before opening an order.
In one word
It is not impossible to win short-term trades. But for short-term trading orders, only try it when you have enough bravery because it is very difficult for new people.
So choose the easy task such as opening orders with the time frame of over 10 minutes. The important thing is not how much you make, but how much profit you can keep. Or you think that you should pay back to the platform the money that you earned after keeping it a few days. That thought is pretty funny though.