Olymp Trade

Googled FOMC meetings. So this is why markets go crazy last wednesday! I was learning how to trade forex on Olymp. Entered a pending order for a distant price. I thought that would be a long-term one. It filled and ended with a full stop loss in less than 1 minute actually.
I even wrote a complaint to Olymp’s support and said they had a bug in the data there. Thought they lied when said data was real :-/ Glad I’ve found this out.
I was actually very pleased with Olymp’s options trading and was about to fund the account finally. And then this ■■■■ happened on Olymp forex account… Turns out this was not their fault actually. Good to know!

Yeah, news releases are too important to be missed out. feel a bit sorry for Olymp’s support. So many traders want to blame the company for their own mistakes :slight_smile: Actually, if you traded during FOMC with any other brokerage, you would have had a tremendous slippage on a stop exit as well and could have doubled your loss easily. Slippages never happen with this brokerage though, which is a huge pro. When you enter $50 to be your stop loss, you can be sure it’s not gonna be more than that.
I tried using alarms and this was quite annoying. Then I remembered Olymp’s platform has got vertical lines in their tool set. So now I just watch the news calendar before I start trading and draw these vertical lines on the chart at the times of important news that I don’t wanna miss :wink:

Thanks! I should start using the hint with vertical lines myself. This was an enlightening experience with news trading.

Guys, I’ve got a question here. Please don’t laugh.
You see, I’ve got a Christmas gift from my parents. They gave me some money. My biggest wish right now is to fund a live trading account at Olymp, as my demo has been demonstrating consistent success during last 3-4 weeks. Parents wanted me to buy “something useful” and I don’t think they will consider funding the account to be useful. What would you do if you were me?

Nothing to laugh about. A serious question!
If I were you, I would have done something to make parents happy. The problem is that only you know what’s gonna make them happy. And only you know how serious are your intentions to keep up the good work on the live market.

I am serious about trading! and I know my success will make them happy. But you never know on the market what’s gonna happen next, do you?

The problem here is that once you start trading on a live account this gets really important to fully realize the value of money that you stake on the market, but on the other hand this is really important to avoid extreme attachment to the money. I would never advice anyone to trade with borrowed capital. I must never trade with the money you can’t afford to lose. I guess unexpected present is something you can afford losing without changing your lifestyle dramatically. But if you think this can ruin your relationship with parents if you lose the first depo, then this is equal to “can’t afford to lose”. To much pressure will inevitably influence your trading decisions and this is definitely not a positive influence.

Thanks for the comment. This is something I had in mind but couldn’t find the exact words. No, I don’t think this will be felt like too much pressure. If I was planning to go to a casino, the feeling would have been different. But I don’t plan to gamble. I think that spending the money on a chance to start earning decent money is a good investment in my case. I will gain experience anyway. May be more than that. Plus, as it was mentioned, Olymp really gives some bonus money, which increases my chances.

Glad you’ve made up your mind! Good choice. Wishing you to reach your personal Olymp with OT!

Thanks for sharing your thoughts with us.

Thanks, everyone! So far, I’m moving in this direction :slight_smile:

Wow, does this screenshot mean that you’ve trippled your account already? In just a few days?

LOL unfortunately not at all. Olymp’s way of describing what has happened in the trade is very different from what people normally are used to if they only tried Metatrader before. What has happened is as soon as I’ve funded an account, I examined couple charts and so really interesting setup that I know works well in my modest experience. I was not very familiar with the platform so risked very little amount in the trade. 208% is how much I gained in comparison to the initial risk. To be honest, I’ve used very small leverage and the initial risk was just couple bucks. Let me show you how the trade looked on the chart. Wish I used X500 multiplier on this one! Here is Olymp’s 4H chart. The green line indicates where the trade has started and the end of the line is where the exit was. Frankly speaking, the exit was based on “well, guess its enough” feeling. I didn’t really expect this drop right after the exit.

Gotcha! Still very nice trade. Especially the exit. Have no clue what made you enter it either but you must have had a reason, lol

Congrats! This was really a good start. I hope you will really make your parents proud one day.
From what I see trading along with a trend pays as always. When everyone starts looking for retracement - just a good time to add some gasoline. I have a question though. Didn’t you prefer daytrading? Why did you do this mid-term trade?

Thank you! I’ll do my best. In fact at the moment my account is +45% already, so I feel a bit relieved now.
You are right, I prefer active day trading. But I’ve noticed same patterns work well on all timeframes. I wanted to find out how everything works with Olymp on both overnight and intraday trades. Are the overnight fees too big or not. When gold started going up so quickly I just entered a nice take profit where I thought that would be enough of a growth and let it go.

Could have asked here :slight_smile: no, overnight fees are not bad at all at Olymp. Even though the company is definitely offering better conditions for active day traders, even long-term traders can feel ok here. So you really should choose whatever fits better your trading style and personal traits of a character.

Have no idea why, but my Olymp demo account is all in red :frowning: I’ll soon have to make a refill of the demo depo. I don’t know what I’m doing wrong. I apply indicators as advised in different manuals, I try going along with the trend, but nothing helps. I’m desperate here. Any ideas?

That sucks :frowning: I’m not a professional myself, but you’ve mentioned you try using DIFFERENT manuals. IMO this is not the way to success. I’d rather suggest understanding different strategies one after another. And avoid proceeding to another one until you’ve driven some conclusions about the first one. Are you using Olymp’s trading tutorials?

Yup. This can be the reason. I’ve tried trading with one strategy, but I don’t see many signals usually if I’m using just one. So I kinda combine and modify.