It is obviously the fact that you do not trade with your own money and what it further means you do not lose your own money in case of failure.
That is the reason why you should always practice strategies on the demo account. It does not involve binary options strategy olymptrade risk so your funds are safe. Every time I want to see if the strategy is effective or not, I would shift to a demo account.
I try the specific tactic more than once. And only after I am sure it works as intended, I will move to the real account and use a given strategy there. Moreover, I will try not only strategies on the practice account but also different financial instruments or the investment amount for a single trade. And without hesitation, I choose the market, the strategy, and the investment amount.
Many beginning traders use the practice account as a playground. They invest huge amounts, they use random strategies, they do not think much. But this is wrong. Do not get used to such thinking. Treat a demo account like it was a real one. Otherwise, it may cost you real money in the future. Using a demo account the way it was a real one boosts your confidence and trust.
It helps you to distinguish the good moves from the bad ones, you get to know the strategies that work well and you become confident it will work on the real market as well. My advice is to spend considerably long hours of training. Imagine you are an athlete. You spend hours in the gym before you are ready to show your skills. And no matter you lose or win, you go back to the training. You should do the very same thing in the trading field. And the great news is there is a free demo account on Olymp Trade.
Even the thought of such fast money makes you smile. But binary options strategy olymptrade see, there is binary options strategy olymptrade problem. You will feel anxiety and fear.
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And these emotions are robbing your rational thinking and leaving you vulnerable. Earning good profits in just 60 seconds can make you too confident. So you would think you have found out the easy way to big money and you would place more and more money in a single trade.
This is a very easy way which can lead to erasing all your previous profits. Or worse. And even a small fluctuation in price may result in a severe loss for you. On the other hand, price fluctuations during longer timeframes are not so profound to make you lose everything. The price will keep changing in short or long timeframes.
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However, it is easier to analyze the market and predict its direction when using longer timeframes. Check the trading history frequently The principal rule for every trader is to minimize losses and maximize winnings. It will be much easier when you get the chance to review your past trades. The first traders held a handwritten transaction log. Every day they were checking which transaction brought a profit and which a loss. Good news? Keep records of your past trades Now, what can you deduce from the trading history?
First of all, if you made a profit or a loss on that particular day. Second, financial instruments binary options strategy olymptrade the highest number of profitable trades.
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Then, what strategies work binary options strategy olymptrade, at what time you made the best investments. And thanks to having this piece of information you know when to trade this specific currency pair. I have to admit. It did not work. I started to follow the steps of successful investors and I discovered that they all had a trading plan.
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That was exactly what I was missing. The first thing to do is to specify the time you want to spend on the Olymp Trade demo account. I decided it would be for 3 weeks. It should be long enough to find out which markets and at what time will bring me the highest profits. Another thing is to set the amount of money you are ready to put into the trade.
As was said before, reviewing the trading history is very important. I analyzed every single trade. Make money on the Internet by searching wrote my own detailed log where I specified the time, strategies, indicators, instruments, and timeframes I used.
I made a trading plan that covered details like: The amount of money I would put in the deposit The amount of money I would invest binary options strategy olymptrade a single trade Timeframe Charts and indicators I would use Markets and times I would make transactions The moment to stop trading for me it was 3 subsequent losing trades The moment of profits withdrawal and the percentage of the account balance I would withdraw.
This is just a simple example of a money-making plan. I advise that you create one that best suits your trading style. And above all, make sure that you follow your money-making plan. How long have you traded at Olymp Trade and what are your results? Share your findings in the comments section below.
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