A great thing about Olymp Trade is that it allows you to trade on the go. You have access to the platform with both the computer and smartphone. Trading whenever you want via iOS and Android just makes your life more convenient.
Maybe there are not so many assets available on the Olymp Trade app. Maybe there are not so many indicators featured. But still, you can open some profitable trades. And in this article, I want to tell you how to do it on the digital derivatives market using a very simple strategy as the color of the candles.
A handful of tips to get started
The strategy I will use rely on the color of the candles so we will need to set the 5-minute timeframe Japanese candlestick chart.
We will look for the full candles. Their closing will be the signal to enter the trade. Enter a 5-minute long (buy) position in the case of the bullish candle and a 5-minute short position in the case of the bearish one.
Also, I will apply the Martingale money management strategy. To learn more about it, please visit our guide about capital management strategies.
Trading instructions for the Olymp Trade smartphone app
It is optimal to look for a full candle and then enter the trade. My trade will be alternate. If the first move was to enter a long position, next time it should be a short position, and after that a long one again. I will enter a buy position when the green candle fully develops. Then, I will open a sell position as soon as the orange candle closes. And I will continue this process 5-7 times.
However, there is one single condition for the described cycle. The transactions have to be successful. If the trade didn’t end up well for me, I would repeat the previous trade. It means that if I entered a buy position yet the candles closed lower, for the following candle I would open a buy position one more time. And again and again, until the candle closes higher and my trade wins.
Now, we will use the above chart to trade.
Signals for entering the trade
The first signal is the closing of the first bullish candle. I will enter a 5-minute buy trade. As you can see in the picture, this transaction brought me a profit.
The second point of entry will be the closing of the bearish candle. Thus, I enter a 5-minute sell position. It was a successful trade again.
The third situation is different. The bullish candle closed so I placed a 5-minute higher position. But the bearish candle developed and the trade lost. Following the rule, I opened a buy position again. This time it was a successful one.
As the orange candle closes I opened a sell position for 5 minutes. The next candle was a bullish one, so the trade wasn’t profitable. Thus, I enter a lower position again, until it brings me a win. In this example, only a third trade ended up well for me.
In the last situation, I entered a higher position at the close of the bullish candle. But because the next candle was a bearish one I repeated a buy position. This time it turned out to be profitable.
As I mentioned before, I used the Martingale money management strategy. The amount of investment was the same for winning trades. However, for the lost trades I consequently increased the investment. This way I had a chance to make up for the losses. It is clearly presented in the table below.
Final comments on trading with the Olymp Trade app for smartphones
The best way to get to know the app is to use it. My advice is to open the practice account at Olymp Trade so you can learn how it works without real losses.
If you notice a delay in the price chart, immediately stop trading. The first thing to do is to check the network connection. Most problems with a lag are caused by a poor connection. You should use fast WiFi or 4G to trade smoothly. Another cause could be an overloaded device. Too many apps may be installed on your phone what makes it run slower.
As I said in the beginning, there aren’t many indicators available for the smartphone app, but the upside is that you won’t clutter the trading interface. Trading according to the color of the candles is the best solution. Together with Martingale’s capital management strategy, it should bring you a profit of around 2-5%. And this is achievable with only a few trades made in a day.
Have you ever used the Olymp Trade app for smartphones? Don’t forget to share your experience with us. The comments section down below is waiting for you to fill it.
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