As beginners, many people want to test whether the Olymp Trade platform really pays money and lets you withdraw money or not. Here, in this article, I will show you one of the easiest ways to open a profitable order and make some profit in Olymp Trade. At the same time, I will give you a few notes on how to trade in Olymp Trade.
Video for making money in Olymp Trade with an account of $50
How to make money in Olymp Trade with a $50 account
Choose the reasonable trading assets in Olymp Trade
If you are new with a starter account of only $50, then you should choose currency pairs or assets with a payout rate of 80% or more. This is the profit ratio that you will receive if you win. For example, you enter 1 transaction of $100 with a payout of 80%. If you win, you will gain a profit of $80.
Notes: The higher the payout rate is, the more secure your balance becomes.
For example, you are trading with the USD/JPY pair and a payout of 60%. You open 5 orders ($10 each). 3 wins – 2 losses => You lose $20 for 2 losing orders and make $18 for 3 winning orders => Your balance is still losing $2.
But if you trade with the EUR/USD pair and a payout of 80%. You also open 5 orders ($10 each). 3 wins – 2 losses => You are still profitable with $4.
Advice for beginners: EUR/USD and GBP/USD are the best 2 currency pairs for you to get acquainted with during your first trades.
The principles of candlesticks
At different time frames, the price will have different fluctuations. It will also create different candlesticks. Just by observing, you can realize this.
For example, during this trading time frame, EUR/USD creates alternating green and red candles. There are at most 4 consecutive green candles, after which a red candle will appear. And vice versa, there are at most 4 consecutive red candles and then green candles will appear.
Notes: Do not observe the 1-minute Japanese candlestick pattern. Fast fluctuations may make you lose money faster and easier.
Open correct orders
Now you know the principle of candles. The trading strategy for use in Olymp Trade that I mention now will be as follows. When 2 red candles appear in the market, you should start opening orders. Now you bet that the third candle will be a green one. If the third candle is still a red one, then open another order to bet that the fourth one will be green. It means that you will open 2 “HIGHER” orders continuously.
For details, you open 2 “HIGHER” orders to bet that a green candle will appear after 2 consecutive red candles.
Order 1: Bet on a green candle – open an UP order – $2 => LOSE
Order 2: Bet on a green candle – open 1 more UP order – $5 => WIN
After 2 orders, you gain a profit of $2.1. Profit ratio is $2.1/$50 = 4% of the balance.
Know where to stop
Do you ever have these questions as follows? If you lose both orders in a row, what should you do? The answer is “Stop!”. When the movements of candles do not follow any cycle, then stop. Keep your money.
On the contrary, if you win, you should also know where to stop. You may find that you have only earned a few dollars. But in fact, the profit you gain is several percentages of your total capital.
Some notes on how to trade in Olymp Trade
- There are several principles for candlesticks. Choosing a good asset pair for trading is one thing, but to make money, you must master the principles of the candles and the color of the candles. This is to create the right strategy during trading in Olymp Trade.
- Absolutely do not open short orders. You should never enter transactions with the expiration time varied from 1 to 3 minutes. Stay away from all things related to the short term.
- Practice how to open orders in Olymp Trade via a DEMO account to improve your skills. Don’t open orders until you make sure that it is extremely accurate.
- There are also some basic principles of capital management in transactions. If you deposit $50, then your maximum investment for each order should only be $5. 10% of your capital is the maximum amount for a single order.
- The top-secret in trading is know where to stop. Stop even if you lose or win.