The best Olymp Trade tips and tricks
There are many ways to participate and speculate in financial markets all over the world. Advances in technology are opening us up to many more innovative ways. One such method is by trading fixed-time trades with Olymp Trade.
Fixed time trades are a financial instrument (usually called derivatives) that allows a trader to trade on the directional movement of the prices of financial assets. In other words, the contract allows you to “bet” on whether the price of an asset will increase or fall. Trading binary options can be lucrative (in fact, very lucrative), fun. Still, we must also note that it can equally be challenging and sometimes, frustrating. Added to that is the fact that it involves a very high amount of risk, and you can actually lose all your capital.
Your entire online trading journey can be much stress-free if you trade with a credible and reliable broker. One of such brokers is Olymp Trade.
(Risk Warning: Your capital can be at risk)
Overview of Olymp Trade:
Olymp Trade is unarguably one of the best binary options brokers out there, boasting an array of unrivaled services and offers to traders on their platform. This is quite evident in the number of awards that they have garnered over time. For instance, Olymp Trade clinched the Best Broker award at the Forex Expo 2017 as well as the Best Trading Platform by the Forex Awards in 2018. Likewise, OlympTrade is also one of the most regulated brokers, boasting a membership of the International Financial Commission.
Why the need for tips and tricks?
We have seen in statistics that most fixed-time trades and CFD traders are not profitable. Studies put the percentage of unprofitable traders between 70% to as high as 85%. In fact, most CFD and fixed-time trades traders do include this information on their websites and other promotional platforms to warn traders beforehand.
However, does that mean you should stay away from trading fixed-time trades?
Of course not! The profit potential in online trading is enormous; and although it is difficult to attain, it is still worth trying.
This is where we see the role of tricks and tips come in.
The truth about tips and tricks for Olymp Trade
However, if you wish to know the truth – there are no special tips or tricks to beat the markets. Whatever special tips or tricks that exist mostly do not work; they may even cause you to lose significant sums of your capital. In the few cases where they work, their performance cannot be sustained for considerable lengths of time.
The real tips and tricks that work take some amount of time, diligence, effort, and patience to nurture and perfect.
Top tips and tricks
Discussed below are some of the most helpful tips and tricks for becoming a successful trader on Olymp Trade’s trading platform. We have divided them into 2 parts covering what to do before trading and what to do during trading.
Before trading – Olymp Trade tips
Before you set out to make any trades whatsoever, there are many things you have to put into consideration. They include:
1. Do not go into trading too fast
It is fundamental human nature to be excited about the prospects of trading; that is understandable. You might have heard of or read about the success stories of some traders, and you are confident that you can replicate the same levels of success.
However, you have to be very careful, as you stand a high chance of losing a great deal of your capital, if not all. Reaching such levels of success in trading requires diligently committing considerably long periods of learning and practice.
2. Quality education
Trading is not the same as Investment. An Investment is something you commit funds to over a long period and expect to generate returns for you. That cannot be said of trading.
Trading is a skill; and with all skills, the amount of money you earn from it is direct as a result of how good you are.
However, to become good at trading, you need to invest in quality trading education. When we say “invest”, we mean putting your time and effort into taking a trading course. You can also support your resources by signing up for a paid course. However, we recommend you conduct proper research on the course and whoever is taking it as there are a lot of substandard courses out there.
3. Demo trading
This is pretty obvious, although many still do not adhere to it. After learning, you need to practice what you learn. This will come by demo trading. A demo account is a free account filled with virtual
money, to be used for trading the markets. You, however, cannot withdraw the money because it is “fake”.
Apart from allowing you to practice your trading skills, the demo account also allows you to test the broker’s trading platform before you commit actual funds to it.
4. Risk capital
One more important point is that you should only commit funds that you are willing to lose into trading. Trading is not a sure money doubling scheme – and there are chances that you will lose. It is better if you lose smaller amounts.
During trading with Olymp Trade:
There are some points you have to pay attention to when you start trading.
1. Risk and money management
As mentioned earlier, the chances of you making losses while trading fixed-time trades are high.
However, you want to limit the number of losses you incur by adhering to sound risk management principles.
For one, you must not risk more than 3% of your total account balance on a particular trade, no matter how “promising” the trade seems to be.
Properly conserving the capital in your account gives you the ability to try many more times in the future.
2. Trading plan
The trading plan includes all the rules you adhere to in entering and exiting a trade. Suppose you want to be successful as a trader. In that case, you must carefully develop a trading plan and consistently stick to it.
3. Trader psychology
Trading is a game of psychology as a lot of emotions are involved. Two critical emotions that can cause a lot of harm while trading; are Greed and Fear. Greed can cause you to overtrade while fear can cause you to make irrational decisions.
Having a trading plan will significantly help you avoid this.
(Risk Warning: Your capital can be at risk)