How To Trade Blog: Habits Of Reviewing Trading Log In Olymp Trade (Part 9/20)

Why are you always a losing trader? Why have you never made any money in trading? Give me your Olymp Trade trading log, I will give you the answer right away.

How is your personality? How is your trading style? What is your trading strategy?…. Just look at the Trading Log, there will be answers for all of these.

Do you want to draw lessons for yourself? Do you want to adjust your Olymp Trade trading strategy? You want to reevaluate your emotions when waiting for entry points, don’t you?… All answers are in the Trading Log.

This is the reason why I use this whole article to write about a good habit in trading: Review your own trading log.

And before going into the article, let’s take a look back at the deposit and withdrawal process in the 20-article series about making money in Olymp Trade.

Deposit and withdrawal history in Olymp Trade

Here is my own deposit and withdrawal process from 6 July and to 21 July. The detailed video

The total deposit is $300. And I have made 8 withdrawals with $50 each.

OK! Now we will go to the detailed article.

Habits of reviewing trading log in Olymp Trade

What is a trading log?

Trading log is the place that records all your transactions at the platforms. In Olymp Trade, you can see the details of all your trading orders for the day. You can review all Fixed Time Trade and Forex orders.

The reason that every trader should review their Olymp Trade trading Log

Making money is a plan. To concretize that plan in Olymp Trade, you need to learn knowledge, trading strategies, capital management methods, emotional management methods, etc. Reviewing opened orders, actions, and mistakes will help you look back on what has happened and find ways to improve the situation.

Complete your trading strategy in Olymp Trade

What I share, it works for me, not sure it will work for you. You can redesign everything: From how to find a trading signal or how to open an order in Olymp Trade.

To me: EUR/USD and GBP/USD are the most suitable. The time frame for the Japanese candlestick chart is 5 minutes. The expiration time for a Fixed Time order is 5 minutes. 30% is the stop-loss when trading Forex. In Olymp Trade, before trading Fixed Time, I will open a test Forex order to explore the market. And the trading method in Olymp Trade will focus on the trend and find entry signals following that trend.

And you? If you still feel 5 minutes is too fast, then extend it to 15-30 minutes. No problem. The longer the time is, the more accurate the signal is, and the more comfortable the psychology is. Review everything. Do not be rigid about a strategy that you have learned.

Capital management method in Olymp Trade

The strategy to make long-term money in Olymp Trade is the combination of methods and a capital management method.

To me: Depositing $300 and investing $20 orders is my style. Every day, I just want to earn exactly $50 in Olymp Trade and accept a loss of $30. I will stop if these numbers are correct.

And you? This is not necessarily the right strategy for you. If you are a really patient person, who waits for all day just to open a correct order. You can completely think of the Martingale method.

Or sometimes, your capital management method could be: Using compound interest. Deposit $15 to earn several times that number. If you lose, you only lose $15. Check out this article: The Fastest Way To Earn Money In Olymp Trade: Compound Interest And 1 Minute.

Have you been focused, patient, and disciplined?

These are probably the 3 most deadly mistakes in Olymp Trade trading. In trading, the costs of distraction, impatience, and unpredictability are very expensive. Sometimes, you may be lucky enough to make money. But in the future, you will lose more dramatically.

To me: Lots of lessons on focusing come at a cost. Just catch the right trend, you will earn money. Therefore, when the market has entered a trend, we must focus 100% to wait for safety signals and trade.

Loss of concentration in Olymp Trade trading

Here is one such mistake: I opened a DOWN order in Olymp Trade Forex. Because of a few minutes of distraction, I missed out on the opportunity to take profit bringing the best profit.

Review all of your own Olymp Trade orders again. You will see, most of the losing orders are not because the market goes against your judgment. It’s because you were distracted, impatient, or indisciplined.

Mistakes come from emotions

Trading is a game of probability. Therefore, losing or winning is very normal. Sometimes, you are incorrect due to distraction, impatience, and ignoring principles. But, if you lose all the money in your account, the mistake certainly comes from emotions.

In the series of 20-article about making money in Olymp Trade. There will be 1 article detailing emotions.

One last word

When reviewing your trading log, all your weaknesses and strengths will be clearly shown. Anyone can have access to knowledge. But the reality is that the dynamic numbers are the one who loses money. You want to earn money, don’t you? It’s about skill, discipline, patience, and good emotional management. Therefore, whether you want to or not, you have to practice the habit of reviewing all trading history. Remember “bloody” experiences exchanged with your money.

And here is the 9th articles in the series of 20 articles in a row: Making $1,000 in Olymp Trade. I have listed out other articles below so you can read it again.

The post Habits Of Reviewing Trading Log In Olymp Trade (Part 9/20) appeared first on How To Trade Blog.

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How To Trade Blog

Monday, August 10, 2020

Habits Of Reviewing Trading Log In Olymp Trade (Part 9/20)