I dedicate a separate article to write about trader’s illusions when it comes to trading in Olymptrade: Forex, Fixed Time Trade. I and a lot of other traders when entering the market have experienced the same thing. Read it and see what kind of illusions you have and are having.
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Illusion 1: Olymptrade is a place to get rich fast
In reality: The more you want to get rich, the faster you lose money.
You want to get rich quick, don’t you? Go to the nearest bank. Point the gun to the banker’s head. Collect as much money as you can. And leave as quickly as possible.
The market is not the place where the money is printed. That’s where the money goes from one hand to another. This is the rule of every market you may know including Forex, Stocks, Cryptos, Gold, etc. So if you want to make money, then surely some individuals or some organizations will lose money.
Imagine this. A lot of “wolves” are standing in the market. They are stalking you with a hungry stomach. And you, like a naive “deer” with many dreams, enter the market. The “wolves” will find a way to get closer to you. Just neglect for a moment, very quickly, you will become a hearty meal for the wolves.
The market has always been rude. It is not a place for dreamers. More precisely, it is a burial ground for all those who are greedy, lack of patience, and knowledge. So, let go of the thought of making money and getting rich. You need to learn to survive and adapt, to “survive” to make money.
Illusion 2: Trading strategy is all you need in Olymptrade
In reality: You just need to overcome your feelings.
The market is still the same. Knowledge is still the same. Only your feelings are always changing. Do you know what determines success in Forex trading? I will split the ratio as follows:
- Trading strategy: 20%
- Good trading skills: 10%
- Capital management: 10%
- Emotion management: 60%.
This means, if you can win over your feelings (successfully throw emotions into the trash), you have up to 60% chance of success in Olymptrade trading. Candlestick charts have their own charms. It will make you quickly forget about the strategies, the skills you have learned. After the first few trading orders, you gradually lose your mind. You let your emotions make a decision. And finally, you get screwed up!
A good trading strategy alone doesn’t get you anywhere. Your issue is to follow the same strategy hundreds or thousands of times. You can understand it simply as follows: If you have proven your trading strategy has a high probability of winning, then you just need to follow it and do nothing more or less.
But as I said above, after a few transactions, your emotions would change. If you win, you become greedy. You want the game to go faster. You want to make more money by trading faster. If you lose, you feel uncomfortable and impatient. You try to rush into the market to get your lost money back. That’s the real game. Emotions change and you lose it all.
So, what you need is not a strategy, but a way for you to control your own ego.
Illusion 3: The more knowledge you get, the more money you can earn in the market
In reality: Trading is like doing an addition only.
To me, it’s as simple as this:
Uptrend + Retest= UP orders.
Downtrend + Retest= DOWN orders.
Just like that, I have made money from Olymptrade. Of course, it’s my strategy. You need time to consult, experiment, learn from experience, and come up with a strategy for you.
Knowing too much is also a trap. More knowledge > Lots of trading signals (You will see entry points everywhere)> Open more orders> Lose more.
This is why I only focus on the trend and look for the signals (Signal, Retest) to enter a trade. The simpler it is, the more effective it becomes. The easier it is to practice and verify, the safer it brings. Therefore, don’t give yourself too much knowledge. Learn to practice, learn to be patient in each transaction.
Illusion 4: Fixed Time Trade and Forex are gambling. And Olymptrade is a casino
In reality: Everything will be gambling only if you allow it to.
A trader and a gambler are only one step apart called emotion. When a trader let emotion take control and “devour” his/her own reason, he/she is exactly a gambler.
Do you remember the only way to make money in Olymptrade? Only trade with high winning probability which you are willing to trade with your own money.
You can understand it simply as follows: A real trader sees trading as a profession to make money. They learn how to trade, how to read the market. They practice their skills, and most importantly, learn to control emotions. And eventually, they risk their money with the best possible chance.
What if a trader puts all of the above aside? That’s right! Right now, they look like a real gambler. They hope for luck.
So, gambling or trading is up to you. Trading with a “brain”, you are a trader. On the contrary, trading and hoping for luck, you are the gambler.
Illusion 5: Trading is to predict the market’s top or bottom
In reality: The market is always right.
Trade with what you see in the market. If you see an uptrend, focus on finding the entry points for UP orders. If you see a downtrend, your job is to prepare for a DOWN order.
We have too many lessons from those trying to go against the trend, predicting the top and bottom of the market.
- That is the lesson of peaked gold in the last days of July 2020. All those who forecasted the peak of gold prices have lost.
- Looking further, we have a lesson about oil prices. Oil price dropped to 0USD, then to -5USD, and eventually stopped at -40USD. And of course, those who predicted the bottom of the oil price have lost all their money.
The market is always going further than we think. Don’t try to predict the top or bottom because no one can do it. Either you respect the main trend of the market, or you stay out of the game and do nothing.
Illusion 6: The IBs, Signal rooms are the key to success
In reality: If everything is so easy, anyone can become a billionaire.
IB (Introducing Broker) is considered a broker to introduce you to the platforms. You can understand IB simply as a salesperson (looking for customers) for the trading platform. At the same time, they also advise and guide their customers to trade.
A signal room is 1 place that offers signals for you to trade. This means: You will join a certain chat room. Here, there will be a person or an organization offering signals. Your job is to follow those signals to enter a trade.
Perhaps your question would be: Why are IBs equipped with so much knowledge not making money from the platform but having to promote sales? Or the question: If the signal room is so effective, why do people sell it to you without making money and getting rich by themselves?
Answers: They cannot make money from the market. So they make money from you.
Please remember this: IBs or signal room owners are just human beings with emotions. They have nothing more than you. And if they are able to make money from the market, Forex, or Fixed Time Trade, they won’t spend their time on you. Because they are busy enriching themselves.
Illusion 7: The guys who teach you about the holy grail in Olymptrade trading
In reality: Their holy grail is to collect money from teaching.
You want to surely make money from Forex, Fixed Time Trade, or any other exchanges, not just Olymptrade. Let’s teach.
What is teaching? It is to teach the beginners or the losing traders how to make money from the market and collect their fees. Simple as that!
All those who teach trading or strategies, etc. can’t make money from the market. Why? Olymptrade is a game of emotions. Forex is a game of emotions. Fixed Time Trade is also a game of emotions. All you know about the market is a game of emotions. Therefore, no one can teach you except for yourself. It is you who can control your emotions. It is you who decide the success or failure of this game.
One last word
This is another article about emotions in Olymptrade trading. One more time: Either you throw your emotions in the trash, or you die. All illusions come from your inner feelings. Use a “rational” mind to consider things and make trading decisions.
You can review the series of 20 articles about making money in Olymptrade. And if you have any questions, don’t forget to leave a comment below. We will answer everything for you.
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The post 7 Illusions That Kill Traders When Trading In Olymptrade (Part 13/20) appeared first on How To Trade Blog.
source https://howtotradeblog.com/7-illusions-in-olymptrade-trading/
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