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 beginners guide. Let’s get familiar with it.
- 1 Before you start option trading
- 2 Your first option trade on the Olymp Trade platform
- 3 Trading interface features
- 4 Monitoring your past trades on the Olymp Trade platform
- 5 Hints for the beginner traders to become successful on Olymp Trade
Before you start option trading
On the Olymp Trade interface, you’ll need to understand two main things before you enter an options trade.
The time is the first of those things. Options expire after a certain period of time. You are the option buyer or seller and you will have to specify the moment when you want to buy or sell options. 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.
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 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 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 option 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 option 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 the 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 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.
Hints for the beginner traders to become successful on Olymp Trade
At the beginning of your trading adventure, you should focus on the 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 successes!
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