What is Olymp Trade? Detailed review about Olymp Trade
What is Olymp Trade?
Olymp Trade is a Binary Option trading platform which you can simply trade by choosing one between 2 options: UP/DOWN in a certain period of time. If you make the right choice, you earn money. If you make the wrong choice, you lose your money.
There are over 30 pairs of products such as currency, coin, stock index, etc but in the end, only 2 buttons-UP/DOWN-decide your profit.
Trading on Olymp Trade means you choose a certain pair of money (or in other words, a pair of products), a certain period of time (in 1 minutes, 5 minutes), amount of money to bet, and the most important part: choose UP or DOWN
There are many questions: Is Olymp Trade a kind of multi-level business? Or fraud? When will Olymp Trade close? Or is it a merely trading platform which provides people a place to bid with binary options? The article All About Olymp Trade will give you the detail about this Binary Option Trading Platform.
Is there a best way to trade at Olymp Trade?
Yes, there are ways that help you to earn money on Olymp Trade. But in the end, you are the one to lose money due to these reasons:
#1. Don’t know when to stop
“Reaching the top means knowing when to stop”, that is the motto of this game. And there are not many people who bid on Olymp Trade know when to stop.
Why were you bogged down in options on Olymp Trade? It simply because your emotion is only in one of two states: (1) You won. You earned money by just one click. You think you won’t lose, and you keep on trading (2) You lost. You think that was due to some small technical mistakes. You keep on trading to make up for the loss. Regardless of (1) or (2), when you look back, your account has already become “zero”
#2 Knowing too much- Not focus
I believe that you have read some articles about Olymp Trade. You read too much, knew too much, had too many reasons to bid and then you lost. After that, you blame on your method and continue to read. It’s like a vicious circle that you cannot escape.
More dangerous, you even read some PR articles, writings from some accounts that showed off how they earn money. These kinds of articles are from writers that were paid by Olymp Trade Owner, or from those who want to be your IB (Introducing Broker)- the person who introduce Binary Option Platform to you and get commissions from your tradings. The more you read, the more you get hooked and eager to trade.
So the matter is not the method. Your emotion is the key. Olymp Trade will warm up your emotion by giving you many options of products, periods of time, indexes, etc and when you cannot keep calm, they are the success to earn your money.
Preparation before joining Olymp Trade
When I started learning about Olymp Trade, I read all the articles about this platform on Blogtien.com. All of them make me think about these 2 pictures:
Picture 1: The killer
He was trained to use a gun as a professional assassin. Before killing the prey, he plans every detail to kill it in the shortest time. Every step of the prey are in his plan. When hunting, he waits for the prey for hours, with perfect disguise, prepared muffler, adjusted wind direction. He waits for the prey to enter the view, open the safety pin and pull the trigger. He only shoots a single bullet, then stands up and leaves, regardless the bullet hits or misses. He knows after shooting, he will be discovered and his probability of death is high. Only by leaving, he has the opportunity to redo.
Same as Olymp Trade. If you don’t know how to stand up and leave, you will be turned from assassin to prey.
Picture 2: Focus and focus
You should focus on just one pair of currency. In one period of time. With one method. You should only bid when you find yourself in the most focus state.
No one was born to be a professional killer. And only if you concentrate and practice, you can earn money at Olymp Trade. If you are not able to focus, get rid of the thought that you can make money with binary options. And never think about it anymore. Or if you commit yourself to the thought “I can do it”, start with Demo account. That’s all.
You know what I mean? Read what needs to be read — Understand what needs to be understood — and start with a demo account at Olymp Trade to “play for real”. The Demo account at Olymp Trade gives you $10,000 for free. Demo Playing at Olymp Trade is the advantage of this trading platform. But you should consider this as your real money. From the demo tradings, you can build up your own method. The most important point is that you should review your tradings and learn how to manage your emotion. If you think your money is just virtual, you don’t need to read anymore since it has no meanings to you. I hope you won’t be drowned on Olymp Trade.
My experience on Olymp Trade
It has been a year from the day I came to Olymp Trade after going through some advertisements of “earning money online”. I have been through being broke, losing a little and breaking even. Recently, I can make a profit from my tradings (not all of my tradings were profitable, but in sum, I earned money). I write this articles to help you to shorten the time to make money from Olymp Trade.
I trade 1 currency pair in the morning session
It is EUR / USD, from 8 am to 11 am. Because EUR and USD are two kinds of currency representing Europe and America, in Asia’s morning trade, EUR / USD became the most stable pair. It is hardly affected by the news. Its fluctuations can be estimated. This is a very important point. Because if you do not know the “prey” you choose, you cannot make a plan to hunt it. If you see this point in other posts on Blogtien.com. The authors of those writings are my teacher.
Why do I choose the trading time period of 1 minute?
Many people asked me this question when I traded with them. In my opinion, you should use the trading chart in the period of time that you choose to trade. Trading in 1 minute, I use a 1-minute chart. Trading in 5 minutes, I use a 5-minute chart. You can not use the 1-minute chart to analyze trading in 5 minutes and vice versa.
The analysis techniques are the same, despite the chart is for 1 minutes or 5 minutes. Why do we have to wait and let the feeling of restlessness and worry last in a nasty way?
My Olymp Trade trading method is simple
That is 3 candles combined with support and resistance. You can read these two articles on Blogtien.com
- Trading with 3 candles at Olymp Trade
- Support and resistance, the easiest way to make money at Olymp Trade
These are the trading points if you combine the two methods.
If you know too many methods. You will see the entry point everywhere. The more you play, the more you lose money.
I do not mean to suggest that you only trade in one certain time frame, currency pair, and method. You can study and learn new methods which are suitable.
A new method which is usable is a method that can bring profit for 5 days continuously. You have 5 days to research the method and 5 days to test it. After 2 weeks, if the result is good, you can charge money to trade with that method.
Withdraw and charge within the day
I did not usually do this before. But now, I only charge money in the morning of the day I make a trade. At 11h, I make a withdrawal order and close tradings. When you have no money in your account, no matter how high you are, you cannot trade anymore.
If you know someone who can make money sustainably at Olymp Trade. Follow them and learn. My experience shows that: The more people you trade with, the better you’ll keep your trading rules. You will be more responsible for your trading orders. I would like to thank Mr.K from Blogtien.com, who has always been with me in tradings
If you want to see Olymp Trade as a money- earning channel, you just need to spare some time to focus on tradings on Olymp Trade, leave the rest for other tasks. Never stick in front of the computer all day long with the thought “opportunity is coming”.
Everything needs “patience” to get a result. Do not ask for profit when you are just a newbie with little knowledge and experience. That kind of profit only showed in the advertisement. At the first stage, improving skills, personality and methods are important the parts and breaking even is good enough
I will share this article on Blogtien.com. I hope I would receive readers’ interaction. We will share more of what we have been through in tradings, our experience of trading on Olymp Trade. From these experience, we will learn to get better at trading. Thanks, readers. I wish all the members of Olymp Trade Vietnam are always the winners.