Making stable profits is something every trader dream about. When trading is not going as you wish, it can be a little bit discouraging. But the good news is that getting a consistent profit on the Olymp Trade platform is something you can achieve. And today’s guide will talk about the way of doing it.
Making stable profits on the Olymp Trade platform
Patience is key to success
Practice your patience even before you start trading. Entering trading positions is not a difficult thing. But knowing when to enter the trade to end up with a profit is somewhat more complicated. You do not have to open multiple transactions every day. But you need to recognise the perfect market conditions. Sometimes it takes a long time before an ideal situation occurs.
To identify a favourable situation on the market, you will have to make a meticulous analysis. It takes time. Do not get discouraged. Do not feel tempted to change the market only because you have to wait. Jumping from one market to another will only disperse your attention and make you even more impatient.
Consider yourself a sniper. This is a job that requires a great portion of patience. A sniper needs to observe and wait until the right moment comes. Trading is similar in this matter.
In the trading waiting game, having a good plan can be very helpful. It is best when you design your own plan and adjust it to your needs and preferences. It will look different for someone who aims at making $50 per day and for someone who aspires to make $100 daily.
What should be included in the trading plan? There are two principal elements of a good trading plan. The first one is about transactions you make and the second one about the overall management of the account on the Olymp Trade platform.
Let’s see, what to write in the first part.
- The amount of money you are ready to invest in one trade.
- The name of the asset you plan to invest in.
- The time for how long you wish to keep a position open.
Now the second part which is the money management plan should cover information as:
- How much money you wish to make in one day.
- How many transactions you wish to conduct in a day.
- How much money you wish to make from one trade.
- How much money you need to have in your account to meet a daily profit target.
- How many trades you allow to end up with a loss before you decide to close the session for a day.
Following these steps allows you to design a good trading plan. It is not a very complicated task. But then you have to use it and stick to it even if something does not go as you wish. And this is a hard part.
It is very helpful to keep a trading journal. You will be able to view all your transactions and adjust a plan if needed.
A trading journal improves significantly analyses of your past trades. It helps you to grow. You get a possibility to learn from your mistakes and draw conclusions for the future.
How to make a constant profit faster
One way is to observe professional traders. Read about their experiences. There are a lot of successful traders willing to share their knowledge. Learn from their mistakes and reach your goals faster.
Another way is to use the Olymp Trade demo account. This is a perfect tool to practice your trading skills. Moreover, it is free of charge so you can train without risking own money. Use it as long as you start feeling comfortable with a particular strategy, and then shift to the real one in order to earn profits. Of course, practising on a demo account cannot guarantee you will be successful the moment you switch to the live account. But it will surely take you to success faster.
Three ways of making money
The first one is to trade alone. Build your trading plan, keep a trading journal and make adjustments during the journey. You are the one responsible. Successes, as well as failures, are all on you.
But there is another way of making money. The second one implies paying for trading signals. You do not need to spend long hours analysing the markets. You will receive a trading signal from people who are watching the charts for you. Naturally, you have to pay in order to obtain a signal. Still, you do not get a guarantee of success. People who are sending the signals do not take responsibility for your losses.
The third way is to hire a fund manager who will invest the money you have paid in your name. He will share the profits with you. But you need a lot of money to start investing with fund managers and there is a huge risk in such trading. Many big investment funds failed in the past.
I recommend trading for yourself. This way you are the only responsible one. You have control over your doings, you learn and perfect the skills. With a good trading plan and capital management, you should be able to get a constant daily profit.
A handful of advice to earn money every week on the Olymp Trade platform
Invest no more than 5% of your balance account in a single trade. Putting large amounts of money in one transaction can cost you losing all the capital you have.
Open up to 10 transactions during a day. The more does not mean the better. Entering multiple trades in a day unnecessarily expose you to risk.
Try new strategies on the Olymp Trade demo account. This is a risk-free place where you can check if the strategy works well.
Trade on the charts with timeframe bigger than 1 minute. They are much simpler to analyse and good market analysis will take you to success faster.
Follow the advice from this article and you will have great chances for a stable profit every week. Share your experience in the comments section below.
Best of luck!