Discussion about Olymp Trade

[Malataxe]

As far as I understood, it matters if the market is thin or not if your profit target is hit very precisely and the price odes not move any further. If there are not enough counterorders at that precise price, there are less chances to get filled with your TP.
Such a situation is very unlikely though. What really bothers me is the threat of slippages with my stop loss. That happened a couple of times. I just decided to take remove stop loss in the end of the trading session. A little bit inconvenient and more risky, but it works.

 

[Miriraven]

I wonder if anybody uses a trailing stop loss. I haven't tested it yet, but it seems better than standard stop loss, as it determines the % of loss using the current assets price (in %), not just a raw numbers.

 

[Malataxe]

In case you trade volatile instruments, like Brent, EUR/USD or Japanese yen, you won't be happy with trailing stop loss as it will significantly limit you earnings at olymp trade forex platform.
You see, the price rarely moves without any retracements. If you trail your stop, you will inevitably limit your target to very small amount as price tends to swing back and force all the time.

 

[Nightworm]

That's correct. I'm not that good in forex, but the reasoning is good. We don't enter the market in the middle of nowhere. The entry point is nortmally some strong level of support or resistance. Such a level will normally act like a magnet and the price can get back to this entry point several times before it finally starts a normal move and hits the original target point. This is why I think that the trailing stop loss is actually not a good idea at all, even if you have it in the platform activated. New traders don't, btw.

 

[Miriraven]

True, I got this function activated recently, as a part of a trader's way program. I was hoping to find out how it can be helpful to improve the results. Cutting the expected profits doesn't sound that exciting at all. I believe it really depends on the entgry points though. Will have to think about it more.

 

[Modirius]

Well, you don't have to use smth only because you've got it as a bonus from Olymp. Some of the rewards at trader's Way are nice, but some really are useless IMO.
Find what wors for you and increases your profits. Use it. That's the key to success

 

[Miriraven]

I have recently tried this trailing stop feature. So, I can say that I got quite controversial results. I mean that some of the Olymp features suited me well, others not.

 

[Ceresius]

I think it makes no sense to use this feature of trailing stop. Instead, focus on entering the market at the right place and time and you will not have to care about. You will just move your take profit manually.
The trailing stop feature can’t be a panacea. Don’t think that it can bring you fantastic gains. If you don’t have a skill of entering the market correctly, nothing will help you.
I admit a thought that under some circumstances it can be helpful, but extreme volatility can ruin your plans because the trailing stop will not be able to adequately react to a sudden drawdown. It will be just knocked out and you will obtain what you didn’t hope for.

 

[Miriraven]

In case you trade cryptos, I can agree. These assets have been growing for a long time without much of retracements. You know what to expect from them and it only remains to move your take profit manually and enjoy your gains if you are already in black, of course.
I’ve just understood one thing. It’s all about the right settings of this feature. One shouldn’t set a very small value for the trailing stop. Otherwise your trade will be closed even by a minor fluctuation in the value of your asset. You’d better set 20% of the invested amount. I have already tried this and it works. Trades where I neglected this didn’t bring me so much joy. Nevertheless, I’m happy that Olymp gave this feature. I’m sure I will make the most of it.

 

[Ceresius]

You've guessed right. I do trade cryptos. Didn't know it was that obvious LOL. I strongly believe in their enormous potential and certainly I don’t need the trailing stop feature here. I wish you all the best with finding the right way to use tgrailing stop in your daily work!

 

[Miriraven]

I trade currency pairs. That’s a totally different thing. Unlike cryptos they move within certain ranges, so the trailing stop comes in handy here.

 

[Miriraven]

For the last time, I became more interested in cryptos. It’s probably because I feel a bit exhausted by currency trading. So, I made up my mind to try cryptos. Well, I’m afraid of trying this stuff in the fixed-time mode. It’s because I don’t know enough about digital coins. All I know about them is that they are unregulated. Nevertheless, I don’t deny the fact that for the last time cryptos have proved that they can be worth investors’ attention. Against the backdrop of the COVID crisis, these assets managed not only to retain their value but also greatly increase it. Of course, I still have some doubt about them, but at the same time I don’t want to lose an opportunity to earn in this field, which is getting more and more lucrative.

 

[Ceresius]

Yeah, that’s very tempting. But people haven’t created worthy recommendations on how to trade cryptos because it’s a relatively new type of financial instruments. So, we have to learn to trade cryptos on our own. However, I don’t think that it’s too difficult.

 

[Malataxe]

I think that we don’t need technical indicators to trade cryptos. They are very promising to tumble now. I think that the only only possible positions in crypto trading now are long trades.

 

[Miriraven]

Bitcoin is currently demonstrating a flat correction. I don’t exactly know how long it is going to last but I’m already trying to make the most of it. So, I trade Bitcoin on M15-M30 and I like this.
I’m also sceptical about technical indicators when it comes to crypto trading because I think that cryptos are too specific to use indicators. So, I think that the only way to trade cryptos is to rely on levels. It always works and it’s true for any currently existing financial instrument.
For two weeks I earned $220 trading cryptos. It motivates me to keep trading these assets. I trade cautiously and don’t risk higher amounts. Perhaps, I will raise my stakes soon once I become more confident about cryptos.

 

[Miriraven]

I’m getting more addicted to cryptos. I even forgot about other financial instruments. Of course, most of the time, I traded Bitcoin, but for the last time I should confess that trading BTC became boring and somewhat exhausting. It’s because the number one digital coin keeps fluctuating in a tight range. Some folks tell that it’s struggling to grow and soon it’s going to tumble. But I think that it will grow anyway but this correction may last for a while. I remember that exhausting downward correction in 2020. So, I temporarily gave up trading BTC and shifted to other coins.

 

[Ceresius]

Let me guess. Have you shifted to Ethereum?

 

[King Robert Baratheon]

Never seen so many bots in one thread.