How much money do you make daily trading in Olymp Trade?
$10, $100, $1000, name it…
How much money do you really make in Olymp Trade?
And how would you feel if I told you that there was a way to double your income in Olymp Trade without doing anything out of the ordinary, would you believe me?
Well, I did some research to find out how a trader in Olymp Trade can increase their income on the platform, and here’s what I came up with.
You can increase your income in Olymp Trade by doing everything listed on this post.
Doing your Homework.
Who until now, is trading without a trading strategy?
If you are making consistent profits, then I am almost certain you have a system, a clear trading strategy which you use to generate these profits daily, weekly, monthly or even yearly
What then does a trading homework entail?
Your homework would be to step up that trading strategy to match the market fluctuations which occur regularly.
We agree that the trading market is not a rigid system which operates in a rigid specified manner, because if it were, then all traders would have realized it and milked all brokers out of business.
In forex trading, you learn every day. You, therefore, need to be open-minded to learn new tricks and strategies daily, which is the only way to keep at par with the changes in the market.
Learn what your current trading system lacks and upgrade it, learn that new system, and see if it outshines yours. Learn that new thing that can maximize your profits.
By so doing, you can maintain higher earnings or even become better a trader.
Investing in Proper Money Management.
You might have a very robust trading system or trading strategy, which is okay. But I need to remind you that a day comes when even the best of such systems lose money.
What then, is your resolve when that day comes?
You can only survive such shock of losses with a proper money management system.
You will realize that without proper money management, you might as well get trapped in a win-lose cycle, where you lose and spend the rest of your day recovering the losses and the cycle repeats the next day, week, month, and so on.
To solve such a monkey problem, you need to invest in establishing a proper money management system.
This must not only allow you to recover your losses but also profit far much ahead of recovery.
Yes, I know you are profiting from that trading strategy without proper money management. However, to increase your trading income, you need a robust money management system.
So many money management systems are on this blog, including the martingale, anti-martingale, parley, fixed amount trading, the proper risk to reward ratio, and the use of stop loss and take profit orders.
Test them and see which works best for your trading strategy, adopt it, and accelerate your profits.
Diversifying on Assets.
Diversification of assets is the act of including various asset classes on your trading portfolio.
Here, you do not trade currencies only, stocks only, or any asset class only.
You choose different assets from various asset classes and trade all of them.
You include various currencies, stocks, indices, ETFs, commodities, and cryptos to have representation from all asset classes.
Do you know why you need to do this?
It is simple – these different asset classes do not react to the same market conditions and factors in their price movements.
That then means that if you are losing in one asset class, chances are that you are gaining in a different asset class and that, for sure, ensures that you still emerge profitable even after losing on several assets.
If you win on all or most of them, the better.
Note: if you diversify, a loss here and a greater gain there will increase your income significantly.
Checking your Trading Psychology.
Trading Psychology is everything to do with how you manage your emotions while trading.
Emotions have wrecked huge trading ships when they go unchecked. How you react to your wins and losses now, has a lot to say on your future wins and losses.
Do you feel so angry every time you lose and react to the anger in placing your next trade instead of paying attention to your trading system?
Do you feel so excited after you win and react to that excitement as you place your next trade instead of using your trading strategy?
Does fear dictate whether you take your next trade instead of your trading system?
If the answer to one or more of the above questions is yes, and you are still making some profits here and there, then its time you took your profits to the next level.
You can do this by ceasing to react to the emotions of anger, excitement, fear and overconfidence among others in trading.
Instead, let every trade be informed by your properly crafted trading and money management system.
If you heed to this, most of your money which has been/is being lost in emotional trading will be retracted back into your capital load.
Increasing your Leverage Reasonably.
Leverage, in simple terms, is a multiplier tool which is used to amplify your profits and losses all alike. Olymp Trade offers you a leverage of up to 500 and what that means is that the amount you invest has 500 times more buying power than if used alone.
Are you using low leverages?
Then the truth is that there is more to explore as far as leverage is concerned. You can increase that leverage, but note, we said reasonably.
The reason why the word ‘reasonably’ has to come is because leverage, as we hinted, is a double-edged monster.
The more it multiplies your winning capacity when you win, it is in the same magnitude that it multiplies your losing capacity if the trade goes south.
What then must you do?
Adjust your leverage to a higher level until the level which exposes the amount of money you can afford losing after amplification of your losses.
With increased leverage, your trading income will also skyrocket.