Every trader dreams about spectacular success. But before it happens, there are few things one needs to do. The very first thing is to choose the asset.
In this article, I want to cover choosing the asset with a high rate of return at Olymp Trade. The return should be high enough to cover operational losses and ideally, allow you to make a profit.
Target currency pairs with a return of at least 80%
How do you choose the right asset? Click on the plus button on top of the Olymp Trade platform interface and have your selection of financial derivatives. You will then see the list of currency pairs offered on the site.
Your goal is to choose the pair with a return rate of 80% or more. This will ensure, that accumulated profits will be considerably higher than losses. And this is what you should always bear in mind to minimize losses. And only then you can think about maximizing the profit.
To make it easier to choose from the currency pairs that have over 80% return rate you can simply click 80% at the bottom.
You should be also aware of the timing. The return rate will be different a different times. EURUSD, for example, will have only a 78% return early in the night, but then it will increase to 82%.
Trade only one currency pair in the beginning
Patience is the key to success. Every trader should get a master’s level in it. Because it takes time to wait until the best occasion arises. I recommend trading a single currency pair, just to practice your patience skill.
So it will require you to wait for the beneficial payout patiently. Furthermore, you will have to monitor constantly the price behavior, how it changes in time. All this will bring you closer to success in trading financial derivatives.
Maybe you feel a temptation to try a few different instruments. You can naturally try them, but one after another. The problem with trading too many assets at the same time is that your attention would be distracted. And losing your focus is the fastest way down. Do not end up losing. Take financial instruments one by one and give your full attention to it.
Weekends at Olymp Trade
The majority of markets are closed during the weekends. However, few stay open. It is still possible to trade cryptocurrencies.
I advise not to trade on weekends. Do your best for 5 days of the week and then take two days off. Naturally, you can still make the most of your weekends and review your trading results for example. Analyze your moves, your strategies, and discover what was good and what did not serve you so well.
I would love to hear what financial instruments you choose while trading at Olymp Trade. And also what rate of returns you aim at. Please use the comments section below to give us your views.
Best of luck!
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