How To Trade Blog: 4 Things To Prepare Before Starting Trading In Olymp Trade (Part 2/20)

What have you prepared in your inventory of making money in Olymp Trade? There may be some technical indicators and candlestick patterns, isn’t there? So if everyone knows about technical analysis, why don’t they make money? The truth is that the strategy is not enough. You need to prepare a lot before you start trading in Olymp Trade.

Proof of x3 the trading balance in Olymp Trade

Sounds like a scam, right? But on July 8, I opened 3 orders with $20 each in Olymp Trade. There were 2 losses and 1 win. But I still accomplished the goal of earning $50. Video on withdrawing money on the 2nd day.

That’s right! Fixed Time Trade cannot help you triple your trading balance. But Forex can do it. Moreover, if you catch the right trend, the number you earn can be multiplied many times.

Proof of x3 the trading balance in Olymp Trade

Catching a trend or determining the exact price trend is the most important factor for you to make money from any platform. But don’t rush, I’ll show you how to determine trends in the following article. For today, I will write about 4 things to prepare before starting to trade in Olymp Trade

4 things to prepare before starting trading in Olymp Trade

Imagine yourself as a killer and your job is head hunting. The skill of using a gun is not controversial. But it is clear that professional killers will only hunt with one type of snipping gun. And of course, once the “prey” has been identified, the killer takes a lot of time to study, understand the “prey”, and choose an appropriate location to “strike out”. This is the basic setup of a “killer job”.

Trading is also the same. Most traders skip this step: You have capital and a strategy to make money. But you are not prepared to make money. And the result is: “You are “drowned” by the market”.

Choose the trading assets

If you start with learning a trading strategy, then observing many currency pairs, commodities, or virtual currencies to look for opportunities, then I honestly recommend that you give up this way.

Professional traders usually choose for themselves at most 3 assets to trade. They study and understand what they choose. When will the market see big swings in the news? Which time frame is safe for trading and which should be avoided? What are the ups and downs of prices?

For example, The EUR/USD currency pair in Olymp Trade usually offers 2 payout levels which are 70% and 82%. During the Asian session, this pair fluctuates slightly. But after the European and US sessions, EUR/USD fluctuates more strongly.

Remember: “The fewer choices you have, the more you will focus”. This is one of the factors for you to improve the probability of winning.

Tips: For me, Olymp Trade has 2 best currency pairs for you to trade: EUR/USD and GBP/USD. And if you are a beginner, just start with EUR/USD.

Select the chart in Olymp Trade

There are 4 types of charts in Olymp Trade: Line chart, Japanese candle chart, Heiken Ashi chart, and Bar chart. In technical analysis, the Japanese candlestick chart is the first priority. You must learn, understand, and become familiar with this type of chart. You can take a look at it once in this article: What Is The Japanese Candlestick? The Truth And Importance Of The Japanese Candlestick Chart

Also, in the Japanese candlestick chart, you have many different time frames. Each time frame will give you different trading signals. Therefore, from the outset, you should choose one type of Japanese candlestick chart: 5 minutes, 10 minutes… or even 30 minutes. But don’t ever think about the 60 seconds (forget about it).

Tips: I use the Japanese candlestick chart with a 5-minute time frame to observe and search for entry points. You can try or start using 1 candlestick chart with a longer time frame. Try to stick to a single chart type to observe and practice.

Expiration time in Olymp Trade

I have mentioned once about the expiration time in Fixed Time trading in Olymp Trade. You can review this article: What Is Fixed Time Trade? 2 Ways To Trade Fixed Time In Olymp Trade

In Fixed Time Trade, the expiration time is also one type of probability. Too many choices will increase your likelihood of being wrong. So, choose for yourself a fixed period of expiration time. You can optionally choose among 30 minutes, 1 hour… or even 1 day. But never trade with an expiration time of 60 seconds. Short trading is a trap that Olymp Trade wants to fool you in.

Tips: For me, a 5-minute time frame is not too short. It is enough for me to think, to regulate my breathing, to regain my composure for the next trading decisions.

Trading strategy in Olymp Trade

Strategies are a combination of an order-entry method and a capital management method.

You should use 1 and only 1 order-entry method. You may know many indicators, understand all candlestick patterns. That’s fine! But don’t use them all for trading. The more methods > the more entry signals > The higher the likelihood of losing money. Trend and signal is the trading method that I will share with you in the following article.

Capital management is an art. The final result is a profit or a loss depending on how you manage your capital. Don’t worry! In this series, I will share the most details about this.

Tips: Please repeat this saying over and over again in your head. The only way for you to earn money in trading is: “Only open orders with high winning probability which you are willing to trade with your own money”.

So you now have one step ahead in Olymp Trade. You also know my basic settings in this platform: The EUR/USD or GBP/USD currency pair; a 5-minute Japanese candlestick chart; the expiration time for 1 order is 5 minutes, the investment for each order is $20.

To conclude

This is the series: Making $1,000 in Olymp Trade by earning $50 every day in 20 days. And I have completed my 3rd article. You can review 2 other articles here:

– How to make $1,000 in Olymp Trade: Safe, regular, and easy to carry out

– 5 basic principles when trading in Olymp Trade (Part 1/20)

From the following article, we will focus the most on how to trade in Olymp Trade. It is how to trade Fixed Time and Forex. Love!