How to select a currency pair for trading
The first thing you should do is to switch your platform to FOREX, 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 Forex 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 of money you would like to invest in a particular trade (1). Right next to it there is an option 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). Last two buttons (6) in green and red colour are used to open the trade. Buy 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 analyse 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 and then move to the real one and start making good money.
Wish you profitable trades!
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