Trading digital financial derivatives are not that difficult. It requires practice, like everything else, but this is why Olymp Trade offers you a demo account. Anyway, here you will find a short tutorial on how to open a trade. We will describe the 4-steps process to get it done.
Key Takeaways🔑
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| →The platform offers a wide range of assets, social trading features, and educational resources for users. |
| →Always perform your own research and analysis before investing on any platform, including eToro. |
Contents
Choose an asset
In the left top corner of the Olymp Trade platform, you will find the drop-down window. Here you can choose the asset you like.
Set the duration of the trade
Let’s move to the right top corner. You will find there a window with time. Here you can set the duration of your trade.
Define the investment amount
Just below the time field, you will find a box where you can set the amount of money you wish to put in your trade.
Choose market direction
Further down there is an area with a green and red button. Now is the time to predict the market direction. If you think the prices will go up, you simply press the green button. If your assumptions are opposite, you press the red one.
The trade is now opened.
Pros and Cons
Here are the advantages and disadvantages of trading digital financial derivatives:
- 👍 Pros:
- Access to a wide range of assets for trading
- Opportunity to practice on a demo account
- Potential for profit from market movements
- 👎 Cons:
- Risk of losses from incorrect market predictions
- Requires learning and understanding market analysis
- Market volatility can lead to unpredictable outcomes
“Sell” your trade order
If it happens, that your predictions weren’t right, you can still get out of the trade. So if, for example, you were expecting the market to go up, but after a while, you notice it goes the opposite direction and you are pretty sure your trade will lose, now is the time to press the sell now button. It won’t be at the same price you made a buy, but it will surely prevent your account balance from losing the full amount declared as a trade size. Bear in mind, however, that you cannot use this possibility if the remaining time is less than 1/6 of fixed-time trades expiration.
Practice makes perfect. Remember, you can sharpen your skills on a demo account. You can also learn from your past transactions. Study whether they won or lost. You get easy access to your past trades on the right side of the Olymp Trade platform.
Tell us about your doubts, trades, and successes in the comment section below.
Good luck!
Q&A on Trading Digital Financial Derivatives
- Q: Is trading digital financial derivatives difficult?
- A: Trading digital financial derivatives requires practice, but platforms like Olymp Trade offer demo accounts for learning.
- Q: How do I open a trade on Olymp Trade?
- A: Follow these 4 steps:
- Choose an asset
- Set the duration of the trade
- Define the investment amount
- Choose the market direction and open the trade
- Q: Can I sell my trade order before it expires?
- A: You can sell your trade order if the remaining time is more than 1/6 of the fixed-time trades expiration.
- Q: How can I improve my trading skills?
- A: Practice on a demo account, analyze past trades, and continuously learn from your experiences.