If you want to be rich you need both the caution of a banker and the recklessness and risk of a gambler, trading to make money in Olymp Trade probably needs the same. The last week of August has been the first trading week for me to do both these roles well in Olymp Trade. With $800, after 1 week, I have earned $2,000 from this platform. This is not a small number at all. Would you like to know how I did it with Morning Star pattern? Scroll down to see how I did it.
Proof of deposit and withdrawal last week in Olymp Trade
I deposited $800 into Olymp Trade on Monday morning (August 24, 2020) and withdrew $2800 on the last Friday of August. While writing this, I’m still quite high. Because this is my first time earning so much in Olymp Trade.
Be careful as a banker before be reckless like a gambler
You will think that I must have been too risky to trade a lot or to go “all-in” a few times in order to earn a 2.5 times return of the initial capital. It is true that I really risked. But before that reckless decision was made, I made a detailed and careful calculation. I did as follows:
Select the trading signal with the highest accuracy
If you follow my posts – Mr.Joker, you must probably know the article about the accuracy of Japanese candlestick patterns by me. In this article, I point out the Morning Star candlestick pattern as the most accurate candlestick pattern. This result is based on the occurrence statistics of each type of pattern in Olymp Trade. And to prepare for my “recklessness”, I selected this candlestick pattern as a trading signal for the past week.
I would like to repeat a little knowledge. The Morning Star is a Japanese reversal candlestick pattern that signals a price increase in the future. This pattern consists of 3 candles as described in the image above. Sometimes, the pattern is still correct when alternating between 2 candles (1) and (3) are some special candles such as Doji and Pin Bar.
Calculate acceptable risks in advance
$800 is what I can afford to pay for this recklessness of mine. With a bonus of 30% of my deposit ($240) from Olymp Trade, I had $1040 in total. I divided my capital into each trade as follows:
With the Morning Star’s accuracy of 80% (I have listed in the previous post), it would be very difficult for me to go bankrupt with these 5 orders. Everything was ready. The plan was in place. Now, it was time for the gambler’s role to speak up.
Review on orders opened last week in Olymp Trade
17 is the number of orders I opened in the last week of August on Olymp Trade. There were 15 wins and 2 losses. The overwhelming win rate was up to 88%. This result earned me $2060. The profit was 2.5 times the capital. The Morning Star candlestick pattern is really the safest pattern for you to make money in Olymp Trade.
Here, I would like to share the transaction history on August 24. It was the day when the Morning Star candlestick pattern appeared the most and brought me up to 7 absolute winning orders.
Trading history on Monday, August 24 in Olymp Trade
We had the familiar EUR/USD pair and a 5-minute Japanese candlestick chart. Those who follow my articles will know that I only trade with this currency pair and time frame. To me, EUR/USD is very “familiar”, very “gentle”. And once you get used to something, you don’t need to change it anymore. That’s enough.
My trading strategy is to follow the candlestick colors. With the signal of a Morning Star candlestick, I open an order right after this pattern to bet on the next bullish (green) candlestick. Take a look at my orders on August 24.
1st and 2nd orders: In the morning session, the price was in an uptrend and created the Morning Star candlestick pattern. Opened 2 orders to bet on the next 2 green candlesticks. I won.
3rd and 4th orders: In the afternoon session, the price created a variant Morning Star candlestick pattern and a Morning Star candlestick pattern with a Doji as the middle candle. Predicted the next candle to be green. I won.
5th order: The price was in a downtrend. It created a Morning Star candlestick pattern which showed the probability of reversing to bullish. Opened an UP order for the next candlestick. I won.
6th and 7th orders: These were the two orders I opened at the end of August 24. It was still the same signal and the result was still winning.
Be careful like a banker and reckless like a gambler. This is the message I want to send you after this article. Please review my previous articles to see me as a banker or gambler. Carefulness will help you survive in Olymp Trade and risk-taking will bring you profits. Are you trading in Olymp Trade on your own as I do? Leave any shares as well as any questions if you need the answer. Goodbye and good luck.