Basically this is the question. If you live in Nigeria, can Olymp Trade become the main source of your income?

Cohelm:
Basically this is the question. If you live in Nigeria, can Olymp Trade become the main source of your income?

If You are good at trading binary options and have a big heart for taking risks - YES! It can become the ypur main source of income

Cohelm:
Basically this is the question. If you live in Nigeria, can Olymp Trade become the main source of your income?

Why not? And why do you think that it can matter where you come from. Nigeria is no worth than any other country.

Whispereye:

Why not? And why do you think that it can matter where you come from. Nigeria is no worth than any other country.

I've heard Olymp Trade does not accept clients from some countries. I worry that Nigeria may be on the list

Cohelm:

I've heard Olymp Trade does not accept clients from some countries. I worry that Nigeria may be on the list

No, they work worldwide. They don't accept clients from the US and may be some other countries that forbid their citizens to trade with foreighn brokers, but NIgeria is not on this list for sure.

Whispereye:

No, they work worldwide. They don't accept clients from the US and may be some other countries that forbid their citizens to trade with foreighn brokers, but NIgeria is not on this list for sure.

Good to know. It really troubled me that they could register me, get the money for the first deposit and then say I broke some rules or smth.

Cohelm:

Good to know. It really troubled me that they could register me, get the money for the first deposit and then say I broke some rules or smth.

This is not exactly what should grouble you. As I said, no difficuties should arise with Olymp Trade unless you are a US citizen living in Nigeria
On the other hand I can't pass by the topic without noting that what you really should worry about is how to make money with Olymp Trade for real. Trading is not as easy as it seems at first glance.

Cohelm:
Basically this is the question. If you live in Nigeria, can Olymp Trade become the main source of your income?

Olymp Trade can be the main source of income if you are already knowledgeable in trading. However if you're just a beginner, you have to have real and attainable expectations about trading. If you don't have prior knowledge in trading, don't expect to earn lots of money from it. It can become your main source of income if you're already an expert or an intermediate trader.

I've registered the live account and even made several trades. 5 were profitable and I also had 3 losers. The profit is very little! The reward is always a little lower than the risk. I think this is how they make money. The statisics is on their side! It's like when you flip a coin, but each time you win you get less than what you pay when you lose.

Cohelm:
I've registered the live account and even made several trades. 5 were profitable and I also had 3 losers. The profit is very little! The reward is always a little lower than the risk. I think this is how they make money. The statisics is on their side! It's like when you flip a coin, but each time you win you get less than what you pay when you lose.

If I may, the solution to consistently profit in trading is to be consistent. With the trades that you mentioned, did you implement a strategy or did you just picked your strategies randomly? Because if you just did it randomly, then you are not really trading and you are just gambling. You have to have strategies in trading by studying the charts and knowing your indicators well.

hahah, I used to think so too! I even thought hat Olymp Trade is a scam at once. But you know, I've been trading with them long enough now and recently trading with OT has become one of my major sources of income.
Listen to the guy that posted above. Don't gamble!

Cohelm:
I've registered the live account and even made several trades. 5 were profitable and I also had 3 losers. The profit is very little! The reward is always a little lower than the risk. I think this is how they make money. The statisics is on their side! It's like when you flip a coin, but each time you win you get less than what you pay when you lose.

Totally agree with the two previous posts. Systematic approach migh change your mind.
I have to clarify that trading fixed time trades is no the same as flipping a coin. When you flip a coin, the chances are 50/50. When you trade, you don't enter the market by chance. At least you must not do that. Learn how to trade, learn levels, learn indicators, learn paterns and signals!

csolomon:


If I may, the solution to consistently profit in trading is to be consistent. With the trades that you mentioned, did you implement a strategy or did you just picked your strategies randomly? Because if you just did it randomly, then you are not really trading and you are just gambling. You have to have strategies in trading by studying the charts and knowing your indicators well.

I totally agree with you.
I recommend that you familiarize yourself with the trading strategies on this site before starting to trade.
https://fbs.com/tags/trading-strategy-65
Then you can definitely make money without worrying if you are lucky or not.

Kulawyn:

Totally agree with the two previous posts. Systematic approach migh change your mind.
I have to clarify that trading fixed time trades is no the same as flipping a coin. When you flip a coin, the chances are 50/50. When you trade, you don't enter the market by chance. At least you must not do that. Learn how to trade, learn levels, learn indicators, learn paterns and signals!

Thnx for all the comments! Good to now that some people actually make money with Olymp Trade. I am little confused though about the chances. Can you really predict the market? How?

Cohelm:

Thnx for all the comments! Good to now that some people actually make money with Olymp Trade. I am little confused though about the chances. Can you really predict the market? How?

Yeap, market is predictable. However, nobody will give you a magic crystal ball. Predictions have a certain probability of coming true. Approaches are different.
It's easier to show on the chart. Here is one of the most successful patterns in my experience. I'm giving out the secret of success by the way, so please take it seriously.
Here I've market the level (previous high). You see how the price consolidated near this level? When the price does that, this means it's becoming a tight spring. When the level is broken, the power of the spring gets released. This means the price is likely to go up in the nearest future for little longer. This is by I bought here in this trade.

Mazugore365:

Yeap, market is predictable. However, nobody will give you a magic crystal ball. Predictions have a certain probability of coming true. Approaches are different.
It's easier to show on the chart. Here is one of the most successful patterns in my experience. I'm giving out the secret of success by the way, so please take it seriously.
Here I've market the level (previous high). You see how the price consolidated near this level? When the price does that, this means it's becoming a tight spring. When the level is broken, the power of the spring gets released. This means the price is likely to go up in the nearest future for little longer. This is by I bought here in this trade.

Yes, you are right. A trader always works with probabilities. There is no such thing that all 100% of trades will be profitable. Moreover, even 60% of profitable trades is, in fact, a victory. So don't listen to those who say that everything is easy here. Trading is the same business, where you need a strategy and a clear plan of action.

Rockrunner:

Yes, you are right. A trader always works with probabilities. There is no such thing that all 100% of trades will be profitable. Moreover, even 60% of profitable trades is, in fact, a victory. So don't listen to those who say that everything is easy here. Trading is the same business, where you need a strategy and a clear plan of action.

And then how do traders make money if such a small percentage of trades bring profit?

Cohelm:

And then how do traders make money if such a small percentage of trades bring profit?

The only way to make money is to calculate the risk-profit ratio in trades. You can do it if you trade on the Olymp Trade Forex or MT4 platform.

It is true that that less than 90percent of retail traders in the global financial market make money. But there are some financial brokers that provide traders with the best trading platform and crucial educational resources as well as traders community that increase the chances of being successful as a trader. I have been trading fulltime using the Olymp Trade platform to make constant profits weekly. This is because Olymp Trade provides clients with education and trading platforms to execute the best trading strategies. One of the strategy is the "Same Color Strategy" which has been used successfully for Fixed Time Trading (FTT) for many years. It can be easily mastered on DEMO Account by beginners in 30 minutes. For details, click here: https://web./OlympTradeNigeria/permalink/3893769280643036

Cool! The strategy looks worth considering, thanx for sharing!
Can you guys tell more about rsk reward ratio? I'm very intrigued .

Moogurisar:
Cool! The strategy looks worth considering, thanx for sharing!
Can you guys tell more about rsk reward ratio? I'm very intrigued .

No problem. The essence of this method is simple. You select only those trades where the potential profit is greater than the loss. That is, roughly speaking, where Take Profit is 50 pips, and Stop Loss is 10 only.
Let's calculate what will happen if we take this ratio every time.
Suppose you have opened 10 trades. 5 of them were closed with a loss and 5 with profit. But at the same time, you have gained 250 pips in profit trades and lost only 50 pips in others. In summary, you have added 200 pips to your deposit. If each pip is worth $10, then the total profit would be $2,000. And this is if your result is only 50/50!

Rockrunner:

No problem. The essence of this method is simple. You select only those trades where the potential profit is greater than the loss. That is, roughly speaking, where Take Profit is 50 pips, and Stop Loss is 10 only.
Let's calculate what will happen if we take this ratio every time.
Suppose you have opened 10 trades. 5 of them were closed with a loss and 5 with profit. But at the same time, you have gained 250 pips in profit trades and lost only 50 pips in others. In summary, you have added 200 pips to your deposit. If each pip is worth $10, then the total profit would be $2,000. And this is if your result is only 50/50!

Cool! Never thought about it before. Thanks for the tip.

Wise traders learn how to manage risks and maximize their profits. This can only be achieved through strict compliance with risk management rules. Read the Five Rules of Risk Management for Profitable Trading here: https:///3c8KHSp

Um, I wonder how best to choose a multiplier for trading in Olymp Trade? Especially if the deposit is small. Is it worth it to take significant leverage right away?

Cohelm:
Um, I wonder how best to choose a multiplier for trading in Olymp Trade? Especially if the deposit is small. Is it worth it to take significant leverage right away?

There are two things to consider when choosing a multiplier. The first is your strategy. For example, if you trade on the news and know exactly when an impulse will occur, then you can take a multiplier of х500. Because with it, the value of each pip will be as high as possible. And when price flies up on momentum, it matters.
But if you are trading intraday on a trend or range market, where pullbacks often occur, it is better to take a smaller multiplier. Because there is less chance that the pullback will trigger your Stop Loss.

Whispereye:

There are two things to consider when choosing a multiplier. The first is your strategy. For example, if you trade on the news and know exactly when an impulse will occur, then you can take a multiplier of х500. Because with it, the value of each pip will be as high as possible. And when price flies up on momentum, it matters.
But if you are trading intraday on a trend or range market, where pullbacks often occur, it is better to take a smaller multiplier. Because there is less chance that the pullback will trigger your Stop Loss.

And what's the second thing?

Olha123:



I totally agree with you.
I recommend that you familiarize yourself with the trading strategies on this site before starting to trade.
https://fbs.com/tags/trading-strategy-65
Then you can definitely make money without worrying if you are lucky or not.

+1

Cohelm:

And what's the second thing?

The second thing to consider when choosing a multiplier is the size of your deposit. Because of the more significant the leverage, the fewer trades you will have. It means that each one's amount will grow, and it will no longer meet risk management rules.