“You can only make money in Olymp Trade when your account has money left”
I shared the Olymp Trade trading strategy which is “Trend + Signal” in the 20-article series making money in Olymp Trade. And today, in this article, I will write about how to protect the money in your account, so that you can survive in the market from year to year.
Today, I continue to focus on: Why can’t we lose money? And I’ll share my own experience for protecting money in Olymp Trade trading.
Before going into the article, as usual, I will withdraw money from Olymp Trade to the ACB bank.
Proof of the 11th withdrawal in Olymp Trade
Last week, I withdrew money 2 times from my Olymp Trade account to ACB bank. So in total, I only make $100 per week.
Video on the process of placing 3 UP Forex orders in an uptrend
Why is protecting money so important?
Who doesn’t know money is important? Money is your sweat, your effort. Money is not easy to make. That’s why it’s important. But no, I don’t want to talk about that. In trading, money is more important than that.
Opportunity is only for those who have money
The world has changed dramatically. And it only takes 1 night for the market to turn traders into millionaires. You and me, we all have that opportunity. The problem is: Do we have any money left? It might sound crazy, but I’m going to tell you some of the opportunities that have spawned so many millionaires in the marketplace.
In the first year of Covid (2020), things become unsettled. The number of infected cases continues to increase. There are more and more unemployment, riots, economic downturn, etc., and of course, this is a great opportunity to make money. When the FED continuously prints out trillions of dollars to save the US economy, every trader understands that: The USD will then depreciate against gold and other currencies. This means: Gold, EUR, etc. will continuously increase in price. But, only a very few make money. The reason is simple: They have money.
Above is a chart of gold prices. It takes less than 48 hours, the gold price increased from $1900 to $1980. In one of its historic moments, gold rose over $1,900 per ounce, hitting an all-time high.
Such opportunities always repeat in financial markets. The oil price fell below 0 USD per barrel for the first time in history (-40 USD per barrel). Gold prices exceed all-time peaks and continue to rise. These are great opportunities for you to change your life or get back all the things you have lost in the past. But, most importantly, you have money left.
We are engaged in a long war
On the battlefield, guns and bullets are weapons. If you run out of ammo, you will die. In the market, the same goes for money. Running out of money means game over.
Do you want to get rich from Olymp Trade trading? I definitely believe it is yes. But both you and me, we can’t get rich fast without opportunities. However, as I said: Everything (strategies, skills, mentality, and opportunities) will be meaningless if you… don’t have any money left. So before you get rich from trading, try to survive. Opportunities will surely come.
During the long journey of joining Olymp Trade, you may have only traded and cut losses. It’s okay, it’s important that you have money. Because once the opportunity comes, you just need to get it right. You will get back all that you have lost or even more.
Every platform is designed to make you lose money
Not only Olymp Trade, I believe all platforms are designed to make you lose money. It is like a sophisticated trap used to catch “asses” like you or me. Do you notice that most platforms come with a stand-out Deposit button? There are technical indicators, Japanese candlestick charts, entry buttons, etc. They are all purposefully designed to stimulate you to trade. It turns you into “addicts” who never stop. It is annoying, itching, and makes you want to act, to open orders, etc.
Therefore, it is you, only you who can protect your money. You are not only against the “gravity” from the market but also against the temptation of the platforms. And now I will guide in detail how you can protect your Olymp Trade account as well as your own money.
How to protect money in Olymp Trade trading
Strategy 1: Do nothing
“Money is made by sitting, not trading” – Jesse Livermore (The greatest speculator of the 20th century). Do you understand what this statement means? – We earn money while waiting, not trading.
All professional predators “do nothing”. For crocodiles, lions … or professional killers, most of the time, they “do nothing”. They stay silent, meticulously observing with a cool mind. And when the opportunity comes, gnat attack! In only one shot, the prey is almost motionless. This is the nature of predators.
So is the market. If you are not a predator, you are definitely prey. You need to train and equip yourself to become a hunter. Or you prepare a lot of money to turn yourself into prey. Do not worry! Even if your money is as much as a mountain, the market will take all from you.
Experience in Olymp Trade in doing nothing
Use a DEMO account and place pending orders. This is how you “bombard” the market. You will place pending orders with money in the Olymp Trade DEMO account. And when these pending orders match, you will come back and focus on the market. For example,
With the EUR/USD pair, looking at the Japanese candlestick chart at this time, you will see 2 levels: The support is at 1.17000 and the resistance is at 1.17425.
You will set up 2 pending orders with money in your DEMO account at these 2 levels: 1 DOWN order when the price touches 1.16970 and 1 UP order when the price touches 1.17440.
These two pending orders will act as signals to let you know: The EUR/USD has the ability to break out, opening a new trend. At this time, you “do nothing”. As long as 1 out of the 2 orders “explode”, your transaction is successful. This is when you come back, turn on your real money account and prepare to open an order.
Strategy 2: Smarter trading
Experience is one of the great factors for making money in the market. It is from trading with a demo account in Olymp Trade, or trade and lose money on real accounts. You will slowly form great experiences.
Always do market exploration
“Never test the depth of a river with both feet.” Because if you’re wrong, you die.
Olymp Trade offers 2 mechanisms for you to trade: (i) Fixed Time Trade and (ii) Forex. And before you start, you need to open a Forex order to explore. Explore to make sure: You have correctly identified the trend of the market.
If you identify it correctly, your Forex order is sure to be profitable. The market is on track with the trend you predicted. It is entirely possible to open more Forex or Fixed Time Trade orders following that trend.
If you are wrong, you can cut the losses. Remember, Forex offers stop-loss while Fixed Time Trade does not.
Make the most of the trend
Identifying the trend is not difficult. It is not difficult to wait for reliable entry signals. I wrote in great detail in these 2 articles:
- What Is Uptrend? 3 Safest Strategies To Open An Order In An Uptrend.
- What Is Downtrend? How To Verify And Trade In A Downtrend.
And when you are correct in identifying the trend, make the most of it by concentrating trading on that trend.
For example, The price breaks out of the resistance zone and goes up, forming an UP trend. You can open 1 UP Forex order. During an uptrend, the market will give you signals to open orders. You can keep opening Forex orders to take advantage of the trend. This will help you increase your profits.
Please read this article again: 3 tips to never lose money in Olymp Trade (Part 8/20).
The last line
There are too many people teaching you how to make money, how to trade Forex, Fixed Time in Olymp Trade. But no one teaches you how to keep the money. But I, in this series, have repeated this twice. It is to emphasize to you that: Keeping money is more important than making money.
When the market does not give you a safe entry signal, it’s best to sit still and observe more. Opportunities will come. The problem is if we have money left or not. Hopefully, in the 20-article series of making money from Olymp Trade, I will comply with my principles. I will keep money, keep capital, wait for big battles with the opportunities to x2, x3, or even x4 my account.
You can read my series again here:
- 5 Basic Principles When Trading In Olymp Trade (Part 1/20).
- 4 Things To Prepare Before Starting Trading In Olymp Trade (Part 2/20).
- The Easiest Way To Make Money In Olymp Trade: Determine The Trend (Part 3/20).
- Unbeatable trading strategy in Fixed Time Trade: Trend + Signal? (Part 4/20).
- Practice trading in Olymp Trade easily and safely: Uptrend + Retest (Part 5/20).
- 3 Forex trading skills in a downtrend in Olymp Trade (Part 6/20).
- Make money in Olymp Trade: Be patient or die (Part 7/20).
- 3 tips to never lose money in Olymp Trade (Part 8/20).
- Habits Of Reviewing Trading Logs In Olymp Trade (Part 9/20).
- Why Shouldn’t We Trade In Olymp Trade When The Market Goes Sideways? (Part 10/20).