OlympTrade - Whether we can trust this broker or not?

[PuffQueyFantastic]

Nope, Hotforex commissions are much lower and also Olymp sometimes executes such bad practices as delaying profit withdrawals due to "account audit" etc. But anyway I generate trading revenue primarily from Hotforex, while Olymp trades are made as insurance trades.

Does you rbroker have only commission like Olymp or is it a spread + commission approach? Can you also explain about account audit? What was the trouble there? Some paperwork was not submitted to verify the account, I'd suggest?

 

[Zabor]

True, I've had a difficult time with the first withdrawal from Olymp myself and was really afraid it can turn out to be a scam when I got the message I need to verify the account first before I get any of the profits. But when the paperwork was there, all ran smoothly ever since. I think they should verify all accounts first even before they let anyone trade with real money. Oh well, nothing is perfect in this world and that's only a copy of passport and bank statement that you need to verify, so nothing too difficult.
BTW, I think its inconvenient to use 2 brokers at once. I never understood how people manage to use both simultaneously and don't get lost.

 

[Nadred222]

I don't think it's convenient either. When I got switched to Olymp, I tried to trade with my previous brokerage for some time, but it was real headache and zero benefits.Switching to Olymp only was a big relief. I just think it's always better to trade with one broker. but it should be reliable, so you can trust it. Usually, when trading, we follow the same patterns, so I see no situation, when one brokerage can't satisfy all our needs.

 

[Zabor]

Crazy days, huh? The volatility is overwhelming. I thought about checking out forex with MT4 through the new Olymp’s feature, but I guess till the volatility remains same, I’ll stick to the good old options trading. Few days only and here is my normal monthly profit in the pocket. Amazing market, simply amazing!

 

[Nadred222]

Good to hear that it worked for you. Myself I prefer to stay aside in situations like these. But I agree overall, this is excellent time for those who know what they are doing to catch some nice fish in these dark waters of panicking investors and traders. So you say options trading is preferable at volatile times?

 

[PuffQueyFantastic]

Volatile times are good to trade what you know how to trade. It think Zabor will agree that he postponed learning more about MT4 and ofrex simply because didn’t want to waste time when the markets went mad. Doing a monthly profit in just a few days and then observing for the next opportunity - that’s one of the working strategies that traders can use regardless of what they trade: forex, options or protective medical masks. It’s just important to notice the opportunity and use own strengths appropriately.

 

[Zabor]

Hahah, correct. The problem is it’s difficult to stop. When you get some fantastic profits, you kinda start feeling like you can pull some market strings with your orders. But then market changes again and it's difficult to admit to yourself that the opportunity is no longer there, it’s time to start looking for a new opportunity. At this point I guess I have to go back to studying MT4 and see how it connects with Olymp Trade

 

[Zuluhn]

The most important thing is not to stop after you’ve made some decent profits. The problem is to stop BEFORE you’ve given all these profits back after the market has changed.

 

[Zabor]

Ahahaha, that is a reasonable comment. To tell the truth, I’ve been in situations when I couldn’t stop trading, even though the mentor in my head knew I should. Like when you do a trade, option expires with a loss right near the entry point and it drives you mad. And you do the entry again, when it’s too late. Such mental condition is like a fire that is easier to stop when it’s just a little fire. When it grows into a burning hell, it’s too late.

 

[Nadred222]

It’s true. No one will be able to stop once the fire grows into a hellfire burning you from inside. There are a few ways to manage the situation:
1. Have the risk management rules (loss limit for a day, for a week, for a month after reaching which you stop trading) and train yourself to follow these rules.
2. If you can’t train yourself, have a personal manager who will be responsible for unplugging you from the trading platform when he sees the warning signals.