Set trading goals for yourself and stick to them. Define your own failure, and your own successes. Define a timetable and a process as well. This will help you to gain a clearer vision and make way for a patient, yet persistent, approach to trading. The goals also make it easier to abandon things if they're really not working out.
Remember that Olymp Trade trading is not rocket science. You should be able to clearly explain why you are investing in the currency that you are investing in. You should avoid over-analyzing situations as this could lead to a bad investment. Your investments should be very clear and easy to explain.
The biggest mistake you can make in Olymp Trade trading is not to use stop losses. Short-term losses will almost always turn into long-term losses. A stop loss plan prevents a small loss from becoming a big one, by selling at an acceptable loss threshold that you decided ahead of time.
A great Olymp Trade trading tip is to use an automated system if you feel that you need it. If you're the kind of trader that just can't keep emotion out of it, then using an automated system is definitely for you. It will react to trades and losses accordingly, so you never make a foolish decision.
When trading in the Olymp Trade market, never risk more than 5% of your account at any one time. This means that about 5% of the money in your account should be actively traded. Since Olymp Trade trading uses very high leverages, limiting yourself to trading only 5% of your account means that you will never lose more than what you have available.
If you are currency trading using a system, keep the system as simple as possible. The more complicated the trading system, the more likely it is to fail. Putting too much effort into trading does not reference guarantee success, so it is best to work smarter rather than harder to achieve the results desired.
Start your Olymp Trade career with small amounts of money and low leverage. This will let you get your feet wet without losing your house. As you start to make a profit, reinvest a portion of it into your trading account. Try to not add more of your own money in past your initial starting investments.
When the Olymp Trade market in a particular currency pair is turning ugly do not be afraid to sell short. There is still money to be made in a bear market. Like any Olymp Trade trade, short selling relies on intimate familiarity with a currency pair's behavior. It is also little extra challenging because all short selling involves a reversal of habit.
Use the advice in this article to help you develop a trading plan that will put you in the group of profitable traders. If you take the time to learn as much as you can about how the market works, you are going to have a better chance in trading successfully.