Knowledge and theory are important factors in trading. However, theory alone cannot train you to become a truly successful trader. Today’s article would like to share with you a simple but extremely effective trading tip. Just stay patient and focused, you will definitely make money in Olymp Trade. Let’s go!
Video on depositing, trading, and withdrawing money in Olymp Trade
On Monday morning of May 4, I deposited $300 into my Olymp Trade account. This started my trading week on this platform.
At the end of the trading week, I took profits and made a withdrawal to my e-wallet account. You can see it here.
How I earn money in Olymp Trade
The strategy that I used to trade is following the color of 5-minute candlesticks in Olymp Trade. It means that based on the signals, we will open orders to bet on the next candle color. If you do not know how to trade, you can refer to this link: How To Trade Using Candlestick Colors In Olymp Trade
Entry points base on the price’s retest behavior after breaking out of levels (Resistance/Support).
For example, Along the path, prices will create levels (collectively called for Resistance/Support). Once accumulating enough, the price will break through these levels (Break-Out), then return to retest the levels just broken. When the price retests, it usually creates signal candlesticks or candlestick patterns for you to trade (especially Doji).
So, the secret to making money in Olymp Trade will be focusing on the Retest points and Doji signal candlesticks.
At the same time, if you do not know the identification and significance of the special Doji candlestick pattern, please see the article: What Is The Doji Candlestick? How To Verify And Trade With Doji Candlestick Patterns
How to make money in Olymp Trade with Retest and Doji
Requirements: A 5-minute Japanese candlestick chart. The expiration time of 5 minutes. Identify support and resistance zones. Focus on the Retest points with the Doji candlestick signal.
Opened orders on May 08
I opened 5 orders in total. In which, there were 4 wins and 1 tie. I invested with a constant capital of $ 10 for each order. The result brought in $33.
Detailed review on each order
1st order: The price fell below the support zone and then retested. Opened a DOWN order (betting on the next red candle). I won.
2nd order: The price was in a downtrend. An Evening Star candlestick pattern appeared. Opened a DOWN order (betting on the next red candle). I tied.
3rd order: The price broke out of the support and went down. Then, it retested with a Doji candlestick (signal candle). Opened a DOWN order (betting on the next red candle). I won.
4th order: It was still the same signal. The price went down again, broke out of the level, and returned to retest with a Doji candlestick (signal candle). Opened a DOWN order (betting on the next red candle). The results remained unchanged. I won tightly.
5th order: It was still a Doji signal candlestick appearing when the price broke out of the level and then returned to retest. Opened a DOWN order with the expiration time of 5 minutes right at the time the Doji candlestick appeared. I won.
Where to stop in trading
After this order, the price decreased slightly, then rebounded, and went sideways. We could not apply this strategy anymore. I stopped trading with the last 5 orders last Friday.
To sum up last week, the trading profit of $140 is equivalent to 47% of capital ($300 deposit). I proceeded to withdraw money immediately after trading. It is to avoid getting back to Olymp Trade in free time and ruining the results. This is the principle that you need to follow in order to really make money in Olymp Trade.
In one word
This is an extremely effective trading strategy in Olymp Trade. When the price re-tests the levels (Support/Resistance) with a Doji candlestick, it is time for you to open an order.
Making money has never been easy. You have to invest in time, research, and even stumble to succeed.
We will continue to share trading strategies and methods for trading in Olymp Trade on the Howtotradeblog website. Thank you for following up.