How to select a currency pair for trading
The first thing you should do is to switch your platform to trading currencies, which you can do in the top-left corner menu. From there you will gain access to currency trading. You will see a window, like the one below, where you can select “Currencies” to choose from available currency pairs. The last step is to click on the one you would like to trade.
The description of currency trading user interface
On the right side of the platform, you will see multiple fields to fill in. First, there is a field for the amount you would like to invest in a particular trade (1). Right next to it there is a button to use a multiplier (2). This tool will allow you to trade a bigger amount than you really have at hand. It can significantly boost your profit. But be careful as the same multiplier will increase the loss, in case your prediction fails.
Next, you can set Take Profit (3). When the given amount is gained, the position will be closed automatically. Stop-Loss (4) works similarly but in the other direction. When your position suffers indicated loss, the trade will be automatically finished.
The next field displays the commission Olymp Trade is taking from the transaction (5). The last two buttons (6) in green and red color are used to open the trade. But if you assume, the price will go up, sell if you think the market will go down.
How to manage an open transaction
Now, your position is open. You can go to the other markets and wait for automatic closing or you can still analyze the price movements and introduce some changes. First, you can adjust Take Profit and Stop Loss whenever you see such a necessity. You can do it either by entering the amount manually or by dragging Take Profit/Stop Loss lines on the chart to the desired level.
Then, you have always the possibility to shut down your transaction before auto-closing. To do this, simply click the “Close” button. Another way to close the position is to click on the transaction marker on the chart (3). When you move the mouse on it, you will see the trade result for that particular moment.
Now, when you have basic knowledge about currency trading, head to your Olymp Trade account. Practice a bit on a free demo account before you move on to the real one.
Wish you profitable trades!
Pros and Cons
Here are the advantages and disadvantages of trading currencies on the Olymp Trade platform:
- 👍 Pros:
- Access to a wide range of currency pairs for trading
- Ability to use multipliers to increase potential profit
- Options for setting Take Profit and Stop Loss levels
- 👎 Cons:
- Potential for increased loss when using multipliers
- Market volatility can impact currency positions
- Commissions and fees associated with currency trading
Q&A on Trading Currencies on Olymp Trade
- Q: How do I select a currency pair for trading on Olymp Trade?
A: To select a currency pair, switch your platform to trading currencies in the top-left corner menu, and choose from the available options.
- Q: What tools are available for managing an open currency trade on Olymp Trade?
A: Olymp Trade provides tools such as Take Profit and Stop Loss to manage open currency trades. Take Profit automatically closes the position when a specified profit level is reached, while Stop Loss closes the position if the loss exceeds a predefined amount.
- Q: How can I make changes to an open currency trade on Olymp Trade?
A: You can adjust Take Profit and Stop Loss levels manually or by dragging the corresponding lines on the chart. Additionally, you can choose to close the position manually at any time.
- Q: Where can I find more information about currency trading on Olymp Trade?
A: For more information about currency trading, commissions, and available currency pairs, refer to the educational resources and guides provided on the Olymp Trade platform.
- Q: Any tips for successful currency trading on Olymp Trade?
A: It’s important to perform your own research, stay updated with market trends, and practice on a demo account before trading with real money. Additionally, consider using risk management tools like Stop Loss to protect your investments.
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