“The market is a place where people who are patient will make money.”
95% of traders worldwide are losing money. What a strange number. But it has existed for hundreds of years. You may have a lot of questions as follows: The market is always the same, up and down, etc. but why can’t the majority make money? It is easy for anyone to equip themselves with knowledge about uptrend, downtrend, technical indicators, candlesticks, etc., but why do they still lose money?
The cause lies in EMOTIONS. Maybe you have the most detailed knowledge, or you know that the market is always repeating. But all your decisions come from EMOTIONS. This is why most of the people who come to Olymp Trade or any other platforms are losing money.
If there is a cure for the emotional issue, I am sure that not only me but all professional traders agree that: It is PATIENCE.
And before diving into “PATIENCE”, I would like to recap the transactions on July 15. This is the 7th consecutive day in the series to make money from Olymp Trade. And here is the detailed video:
Orders opened in Olymp Trade on July 15
I opened 4 orders: 3 Forex and 1 Fixed Time Trade – The profit was $45.8. For all of them, I used the Trend + Signal strategy (Trends combined with Retest signals).
For the 2 first Forex orders, the market was in a downtrend => Opened 2 DOWN orders.
3rd order: Prices surpassed the resistance and went up, forming an uptrend. It then retested. I opened a Forex UP order. I won a profit of 137% in this order.
4th order: Traded Fixed Time at Retest points. I won.
Today is the 7th day in a row I proceeded to withdraw $50 from the Olymp Trade account to my ACB bank account.
And now, let’s get into the main content of today’s article.
What is patience in trading?
The reason is simple: sit, wait, and do nothing. That’s all!
There is only one way for you to earn money in trading. Only open orders with high winning probability which you are willing to trade with your own money.
Please read this sentence again and remember it: Only open orders with high winning probability which you are willing to trade with your own money.
Regarding trading signals with a high win rate, order opening skills, etc., you can easily find, learn, and train them on the DEMO account.
But keeping a cool and patient head is extremely difficult in trading. Looking at the Japanese candlestick chart or some of the indicators, you will be urged to trade. Reading newspapers with news related to currency pairs, gold, or cryptocurrencies, you also think about trading. Surfing Facebook, Instagram, you see people showing off photos making money from Forex that makes you also want to trade, etc. Wherever you go and what you do, you open the price chart and always be ready to trade.
That is why staying patient in trading is so hard. Only a few, very few can do that.
Learn to be patient in trading
Yep, this should be the first lesson in trading. But no one will say or teach you about this. I will share it again based on my own understanding of patience in trading.
Describe how traders trade and make money in Olymp Trade
First, they see an advertisement for a quick way to make money. They begin to learn and be led to the trading path.
Next, they learn some trading strategies in Olymp Trade and practice them. And, they win, constantly win thanks to that trading strategy …. on a DEMO account.
But when it comes to the real deposit, trade, and make money, they constantly lose and even burn out their accounts. They come back, read more, learn more, and apply more new strategies. Naturally, the result is still the same: Losing and losing money continuously.
The turning point can happen now. Either they turn to accuse Olymp Trade of scamming, or they give up the game, or they do something more dangerous such as depositing to try to take back the loss. Like trading addicts, they constantly lose, constantly deposit, and lose everything.
So how to learn to be patient?
(i) Trading sequences
- Before trading: Always remember that every wrong decision makes you pay money. So, if your mood is not good, never open an Olymp Trade account and start trading.
- Waiting for the signal: Take a deep breath and breathe slowly as you are practicing yoga. This is the best way for you not to get caught up in the market. Breathing slowly is the best way to stay calm before making a decision.
- Opening an order: Just wait, no need to rush. And when you open the order, make sure it complies with the knowledge you have learned and practiced.
- After opening an order: Exit the market. If you trade Forex, you must already have a stop-loss for yourself. If you trade Fixed Time, you cannot change the result. The more you look at the chart, the more pressure you will have, the heavier the mentality will be.
(ii) Don’t learn too much trading knowledge
Knowing too much knowledge in Forex or Fixed Time trading is not necessarily a good thing. You will be confused. You will see trading signals everywhere. This is why I only share with you a little bit of trading knowledge.
Please review these 2 articles in detail:
- What Is Uptrend? 3 Safest Strategies To Open An Order In An Uptrend.
- What Is Downtrend? How To Verify And Trade In A Downtrend.
Most people learn the same knowledge as you but most don’t make money. Simply because: They cannot stay patient. Too much knowledge in trading distracts their attention and reduces their patience.
You should go in the opposite direction: Learn, practice, and verify the effectiveness of an Olymp Trade trading strategy.
(iii) Where to stop
In trading, whether you win or lose, it all affects your psychology and emotions. If you win, you become more subjective, delusional, and greedy. If you lose, it is easy for you to get caught up in the market and trade continuously to recover the loss. So, without knowing for yourself where to stop, you will never stop. You will just throw yourself into the market and lose all your money.
Let’s take me as an example. Through the articles in this series, you will see clearly. I only earn exactly $50 per day. Then I stop and withdraw all profits. If I lose, I will only accept a loss of $30 per day. There is money, there is a chance.
Knowing where to stop helps slow you down. This is one of the extremely effective ways for you to practice patience.
One last word
Opportunities will always come to you tomorrow, the day after tomorrow if you have money left. So try to slow things down.
Breathe slowly and trade slowly. This may be the best way to make money if you step foot on the path to become a trader in Olymp Trade. Please keep this in mind.
So I have completed one more article in the series: “Make $50 in Olymp Trade every day in 20 consecutive days”. I will list out the links for each of these articles here so you can read them again. Wish you success.
- How to make $1,000 in Olymp Trade: Safe, stable, and easy to carry out.
- 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).