The market will always repeat itself. Opportunities will come again. Your job is to protect your account until that happens. It is true in trading that very few people keep their money when opportunities repeat. That is 5% of the most successful traders who make money from the market. You need to do the same to make money in Olymp Trade. The problem with traders who lose money is that they keep blaming the strategy, the method, or even the market without seeing it as their own problem.
Today, I will prove to you this: “Wait patiently for the market to repeat and you will surely make money.” At the beginning of September, I lost over $500 in Olymp Trade. Let’s see how I got up after stumbling.
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How to make money in Olymp Trade: Be simple and patient
On the morning of September 7, like other weeks, I recharged money into Olymp Trade to start a new trading week. The earlier $500 fall made me wake up. Everything needs to be reset.
$500 is the number I set out for 1 trading week in Olymp Trade. The goal is to double my account. Although the result was not as good as expected (the profit is only $400) but importantly, I did not “fall” anymore.
How to make money in Olymp Trade with Bollinger Bands
This time, I used the Bollinger Bands indicator to trade in Olymp Trade. This is an extremely effective indicator when the market is sideways. Statistics show that up to 95% of candlesticks created by the price will be inside the Bollinger Bands. So I will focus on the remaining 5% of candlesticks to look for a trade.
After looking through the news for the whole week, I noticed that the EUR/USD pair didn’t have too much impact news. This is the condition that makes this pair easy to move sideways. Therefore, using Bollinger Bands will be most effective.
Saying so for you to see that making money in Olymp Trade is not easy. Do not think that just opening the chart to trade will make the money come to your pocket. All must be carefully prepared and considered. Please remember that you will only lose money on things that you do not know well.
How to filter prices sticking to the bands
The theory is that using Bollinger Bands when the price goes sideways will be effective. However, there is still a big flaw in this way of trading. That is when the price creates candlesticks which stick to the bands. As candlesticks stick to the bands but you keep reversal trading, only when your account comes to 0 will you stop opening orders.
Fortunately, we have the tools to deal with this. These are reversal candlestick patterns. I have included candlestick patterns in many of my articles because they are really good signals for you in trading.
And indeed, it was proved again that trading week of mine.
Thus, we would open orders as follows:
+ Open an UP order when the price creates a bullish reversal candlestick pattern outside the lower band of the Bollinger Bands.
+ Open a DOWN order when price creates a bearish reversal candlestick pattern outside the upper band of the Bollinger Bands.
Let’s see how this strategy works in Olymp Trade in practice. Below is a history of the orders I opened during the 2nd week of September. This is a trading week that has regained my spirit to continue on the path of sustainably making money in Olymp Trade.
Review orders opened within that week in Olymp Trade using Bollinger Bands
In this section, I will show you some of the opened orders. All are Fixed Time transactions with a constant investment of $50 with the EUR/USD pair. It can be said that the way to open orders according to Bollinger Bands is very safe. However, in return, you have to have a lot of patience. If you are not a day-trader, then this strategy is not for you.
Orders opened on September 07
1st order: The Morning Star candlestick pattern appeared next to the upper band of Bollinger Bands. Especially, there was a Doji candlestick with a very long tail pointing outwards. Opened a DOWN order when the pattern completed. I won.
2nd order: The Bearish Harami candlestick pattern appeared outside the upper band. Opened a DOWN order with an expiration time of 15 minutes. I won.
Orders opened on September 08
1st order: The Three Inside Up candlestick pattern appeared at the lower band. This is a strong signal that the price will increase. Opened an UP order with an expiration time of 15 minutes. I won.
2nd order: I opened this order because the price created a Tweezer Bottom pattern just outside the lower band of the Bollinger Bands indicator. Opened an UP order. I won.
3rd order: This was an UP order with the signal of the Morning Star candlestick pattern. However, the result was not as expected. The price still fell sharply following the trend.
Summary of how to make money in Olymp Trade
Again, this is a very safe strategy for your account. However, it requires great patience. There were times when I had to spend an entire day on 3 trades.
I came back from my failure in the first week of September. Now you may partly understand what to do when you stumble on this path. Please calmly reconsider everything. You need to consider the strategy, viewpoints, and importantly the mindset about winning and losing in trading. The article will end here. Goodbye and see you again.
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The post How To Make Money In Olymp Trade: Bollinger Bands Is What You Need appeared first on How To Trade Blog.
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