If you read this article, I’m sure you have gone through the early stages of the trading “career”. There was a time when you were a beginner in Olymp Trade. Now looking back, it is so funny and dumb because of making money without understanding the reason.
You can say, at that time, your profitability is the best. Do you believe it? You didn’t even know how to use an indicator, how could you make a profit? You make a big mistake. At that time, you were very careful with each trade and complied with the entry conditions of the strategy you had chosen.
Such carefulness helped you get the first few wins, though not so big. However, it didn’t last long. Time made you lose your original good habits.
In today’s article, we will discuss the reasons why new traders trade better than the old ones. Let’s follow it up!
- 1 Characteristics of beginners in Olymp Trade
- 2 The fears of new traders in Olymp Trade keep them safe
- 3 How to maintain good trading habits in Olymp Trade for beginners
- 4 Summary
Characteristics of beginners in Olymp Trade
When we first enter and experience the Olymp Trade platform, there are countless questions asked. Everything revolves around deposit and withdrawal, which most people care about. And all the people who first join will choose the lowest deposit (including other investment channels). Only when everything has been thoroughly checked and somewhat OK, we dare to deposit large sums of money to invest.
For sure, we cannot sit there watching all day after depositing. Then, we will get to the next fear.
Fear of losing
It must be said that new traders have the same discipline as soldiers. Simply put, everything must be correct following the process. Everyone is like that at the beginning. That is what helps them win consecutively when they first enter the financial market.
But gradually, they become confusingly sloppy (almost everyone is). This results in senior traders losing more money and making more mistakes than beginners. Also due to being in the market for a long time, having a losing order does not bring the same discomfort and fear as before. It makes your trading volume grow with each order, ignoring all the risks you are facing. Since then, the “beginner” has officially become a risky trader.
Caution is never redundant in the risky Forex market. Once you’ve let your guard down, your balance is running low.
Fear of large-volume orders
Do you dare to bet 50% of your total capital in the first few transactions? Do you dare to go all in? I’m 100% sure that no beginner will dare to trade that way. Since the transactions are only done on a tentative level, burning (losing out) the account at that point can be unlikely. This helps you have more time to survive and gain experience.
If you are still trading, you are sure to burn some small or even large accounts up to the present time. No matter how careful you are, with the inexperience in the moment of an emotional outburst, the all-in is inevitable (including myself). That inadvertently makes your sensitivity against losing gradually become callous.
New traders are just going “slightly” before burning the amount of money from their first deposit. However, when they come back next time, they are no longer a spy. Now, they have been promoted to pioneers, always daring their money despite the risks.
Time is what helps us gain more experience, but it also blurs good habits.
Fear of Olymp Trade scamming story, making it difficult to withdraw money
For new traders, when there is a profit, the first thing they do is place an order to withdraw the full amount of both capital and profits. Then, they momentarily check to see if the money has been credited to the specified account or not. When I first joined, I deposited and withdrew dozens of times a week in Olymp Trade (there is no fee when withdrawing money by online banking). That helped me get the best feeling of the invested money.
But gradually, the laziness made me no longer keep the habit of depositing and withdrawing. Instead, I completely leave the interest and capital in the trading account. Once during a company party, as I was holding a smartphone, I opened some orders to kill the time. And then, from a happy mood, I turned completely melancholy when I destroyed both the capital and profit of a month in a few impulsive minutes.
In order not to “hand over” money to the broker, the thing to do every week is that every Friday, when the financial market is closed, just withdraw all the money in the account (both capital and profit). That is the right thing to do. Just leave an amount enough for trading in a day to limit your “itchy hands”.
The fears of new traders in Olymp Trade keep them safe
In general, these fears help beginners to trade like a professional trader. These make it easier for them to start off, especially less likely to lose compared to members who have been joined for longer.
Because of making money quite easy in trading, beginners are no longer afraid of risks. Instead of accepting risks to a certain extent, they don’t care about it anymore. It is a fatal mistake that hinders traders from going to success. When you no longer feel fear, you become reckless, aggressive, and defenseless.
From a novice, you become a “daredevil” in just a few months once you have started to open orders more professionally. That is when you no longer consider but open orders as a habit. A negative habit has been unintentionally formed during your trading process.
That is also the reason why many people wonder why when they first entered, they had regular profits but gradually they lost money in an inexplicable way. It is simply because you have been too “professional” in losing money and consider it normal.
How to maintain good trading habits in Olymp Trade for beginners
Beginners trade like a blank sheet of paper. Why don’t you draw good things for yourself? Find out the best things on reputable trading websites (like this blog). Don’t expect to make money in the market in the short term. You have to spend time learning to improve your knowledge. No one will do it for you but yourself.
Risk management should not be ignored. Also do not pay attention to how much you will earn from that order. Think the opposite, if you lose how much you will lose. Only that can help you see and avoid the risks that you might face.
However, do not be too cautious to only win small like when you are still a noob. It will make you stay forever in the same initial position. Transform yourself into a professional trader who will never be subjective in every situation. Develop but still inherit new good habits that will turn you from a chicken to an eagle.
Through the above, you have gradually understood why we often win when we are new and we fail in trading when we are “old people”. This is because we have neglected risk management during trading in Olymp Trade. Too familiar things distract you and make you lose your high focus.
Learn to keep your money as safe as possible. Because if you make a lot of money on Olymp Trade but you can’t keep it, everything is meaningless. Being careful like a beginner with the look of a professional trader is the key to success.