When you begin something, you have always some expectations about it. Traders also start their journey with some beliefs about how it will be. Not all of them serve well. Today, we are going to discuss 6 beliefs that can ruin your career on Olymp Trade. Let’s begin.
Contents
6 non-servant beliefs
Olymp Trade will enrich you fast
It is not a surprise everyone would like to get rich in the fastest possible way. And many believe it will be the case when they start trading on Olymp Trade. But this does not happen that way. The more eager you are to earn profits fast, the more money you lose.
The market is cruel. The prices are constantly changing, often unpredictably. The money moves from one hand to the other. You need a big portion of knowledge, preparations and patience to get satisfying results. And this takes time. Success does not come straight away.
Key Takeaways🔑
| →Trading on Olymp Trade requires patience, knowledge, and proper risk management. |
| →Don’t expect overnight wealth, trading takes time and consistent effort to succeed. |
| →Emotions play a significant role in trading, learn to control them for better decision-making. |
More knowledge will bring you higher profits
Getting more and more knowledge can be a trap you will fall into. You may think you need to know all there is to know about the market, platform, strategies. And as up to some point such knowledge is necessary, sometimes it is better to keep it simple.
The more you study the more possibilities to enter transactions you will see. In fact, you will start to see trading signals everywhere. This can lead to opening multiple positions in the hope of fast profits. But without focus and proper analysis, you can only lose your capital. So get knowledge, practice keeping your emotions in check, and concentrate on one thing at a time.
You will win if you just have a strategy
A trading strategy is truly important to have. And once you develop it, you should follow it. Nevertheless, you cannot expect that only by having and following a trading strategy you will earn big money. There is also an emotional component in trading.
In fact, there are a few elements that build your trading success. A strategy is just 20%. We will give 10% to capital management and 10% to trading skills. And the remaining 60% goes to emotions!
Your emotions change. Sometimes you feel good, sometimes you are nervous, or anxious or overexcited. All this influence your decision-making process. So you may even follow the strategy you have created, but when emotions take control, you are lost. Train to keep your emotions in check.
You have to foresee the tops and bottoms of the market
Traders want to sell high and buy low. They sometimes believe this is a key to success. If they are able to predict the top or the bottom of the market, they could get the best price.
But the truth is, the market is unpredictable and often goes beyond our forecasts. This was the case with gold in 2020 or with oil prices.
What you have to do instead of trying to predict the next market’s top or bottom is to catch the current trend and trade along with it. Search for the opportunities to buy when you identify the uptrend and to sell during the downtrend. Going against the trend is much riskier.
Trading on Olymp Trade is gambling
Is Olymp Trade a casino? Are Olymp Trade traders gamblers? In reality, it is up to you. If you think seriously about trading, you will get the knowledge, you will develop the necessary skills and learn to control emotions. You will think well through what you are doing. This is a process in which trading becomes a profession.
You will become a gambler if you do not practice but only rely on luck. So it is not true that trading equals gambling. But it is your job not to let it be the case.
There are teachers to show you how to win
You will find many teachers who will want to show you the way to earn big money. But in reality, they make money on it. There is no other person who can do it for you. It is you who has to make the effort, put in your money, dedicate time and most importantly, learn to control emotions. They are yours, and you have to become a master over them.
Pros and Cons of Trading on Olymp Trade 😃😔
Pros:
- Opportunity to learn and develop trading skills
- Potential for financial growth over time
- Flexibility in trading hours and accessibility
Cons:
- Risk of financial losses if proper risk management is not followed
- Emotional challenges in controlling impulses and making rational decisions
- Requires continuous learning and adaptation to changing market conditions
| Belief | Reality |
|---|---|
| Olymp Trade will enrich you fast | Trading takes time, knowledge, and consistent effort |
| There are no shortcuts in trading | Success in trading requires knowledge, preparation, and patience |
| More knowledge will bring you higher profits | Knowledge alone is not enough; focus, analysis, and emotions management are also crucial |
| You will win if you just have a strategy | Successful trading involves a combination of strategy, capital management, trading skills, and emotions control |
| You have to foresee the tops and bottoms of the market | Predicting market tops and bottoms is challenging; trading with the trend is often more effective |
| Trading on Olymp Trade is gambling | Trading requires knowledge, skills, and analysis; it is not purely based on luck |
Conclusions
Trading is simple, but it is not easy. It is worth remembering that. The world of successful traders also has its dark sides, misconceptions and stories that are completely divorced from reality.
Remember that in the end you are left alone. You make your own decisions. You assess the situation and analyse the markets yourself. And in the end, you click buy or sell. Train on the demo account which Olymp Trade makes available to you. Learn to think for yourself and make autonomous decisions. Work on your emotions. This is the only effective way to make profits from trading.
We wish you a lot of common sense in trading!
Frequently Asked Questions about Trading on Olymp Trade 🧐
- Q: Is it possible to get rich quickly through trading on Olymp Trade?
- A: Trading on Olymp Trade requires time, effort, and consistent learning; overnight wealth is unlikely.
- Q: What are the pros and cons of trading on Olymp Trade?
- A: Pros include the opportunity to develop skills and potential financial growth, while cons include the risk of financial losses and emotional challenges.
- Q: Can knowledge alone lead to higher profits in trading?
- A: Knowledge is essential, but focus, analysis, and emotions management are equally important for successful trading.
- Q: Is trading on Olymp Trade similar to gambling?
- A: Trading is a skill-based activity that requires knowledge, analysis, and decision-making; it is not purely based on luck like gambling.
- Q: Are there any shortcuts or secrets to success in trading?
- A: Success in trading comes from continuous learning, developing trading skills, and adapting to changing market conditions; there are no guaranteed shortcuts.