At the beginning of your journey with Olymp Trade, opening an Olymp Trade training account should be the first thing you will do. To help you to get through it and to start making good money, I have prepared this beginner’s guide. Let’s get familiar with it.
Before you start trading
On the Olymp Trade interface, you’ll need to understand two main things before you enter a trade.
The time is the first of those things. Financial derivatives expire after a certain period of time. You are the buyer or seller of the derivative and you will have to specify the moment when you want to buy or sell it. When the expiration has occurred, there are two possibilities. Either your trade won and brought you a profit, or the trade lost and cost you your investment money. Because of these, financial derivatives are also called fixed-time trades.
On the chart below you can see two vertical lines. The first line (1) shows you the beginning of the trade. The second line (2) marks the expiry time on the timeline. Of course, the distance between them is the expiration time (3) you are able to set in the trade management section of the trading interface.
You should also decide how much you wish to invest in your trade. You can set the proper amount (4) just below the expiration time.
The price trend is the third thing you need to take into consideration. It can be up, down, or ranging. When your prediction is that the price will go up by the time the trade expires, you choose the green “Higher button”. When you think the price will go down, you simply click the red “Lower button” (5).
Your first financial derivative trade on the Olymp Trade platform
You decide what trading instrument you want to trade. Here, as an example, I chose bitcoin.
You identify the direction of the trend. I decided it will go down.
You choose the timeframe. In my case – 1 minute.
You enter the trade.
My investment amount was 10. With a 77% return, my trade brought me 17,70 profit.
Trading interface features
The time of trend expiry
By that, we mean the time which remains before your trade expires. At the expiration moment, I will learn if my assumptions were right or not, that is whether my trade won or not.
In the event that the trade was successful, this is the amount of money I will earn.
Imagine you enter the trade and your assumption was that the price will go up. But as time goes by, you notice, it goes the opposite direction. You are pretty sure it will be lower at the expiration time. Now is the right moment to click the sell button. The profit won’t be the same amount that in the case of winning, but at least you won’t lose all the investment.
You need to watch the timer because you cannot use the sell button if there are less than 10 seconds left to the expiration (Sell now button – see point 3 on the above chart, will disappear if less than 1/6 of expiration time left).
Monitoring your past trades on the Olymp Trade platform
There is easy access to your trading history at the Olymp Trade platform. You can review your past transactions, whether they were successful or not.
Pros and Cons of Olymp Trade😃😞
- Free training account for practice and learning.
- A wide range of trading instruments.
- User-friendly interface with helpful features.
- Successful trading requires time, practice, and understanding of market movements.
- High-risk investments can lead to significant losses.
- The outcome of trades can be unpredictable due to market volatility.
Olymp Trade Features Overview
|Allows users to set the duration for which a trade will remain open.
|Enables users to determine the amount they wish to invest in a particular trade.
Hints for the beginner traders to become successful on Olymp Trade
At the beginning of your trading adventure, you should focus on a few factors. You ought to develop identifying trends and finding the most suitable asset to trade. You should take care of your account balance and keep the emotions in check. Take all the time you need to master these skills. Use your demo account first and remember, practice makes you a champion.
You got familiar with the basic guidelines on how to make your first trade. It is time for you to use them on the platform. Tell us how it went in the comments section.
Wish you success!
Common Questions about Olymp Trade
- Q: Is Olymp Trade suitable for beginners? A: Yes, it offers a free training account for practice.
- Q: Can I lose money on Olymp Trade? A: Yes, there’s a risk of loss due to the unpredictable nature of markets.
- Q: How do I decide my trade expiration on Olymp Trade? A: The platform allows you to set your own trade expiration.
- Q: Can I change my investment amount after entering a trade? A: No, the investment amount is fixed once the trade is entered.
- Q: What instruments can I trade on Olymp Trade? A: Olymp Trade offers a wide range of trading instruments including cryptocurrencies, stocks, and more.
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