Olymp Trade is one of the leading online binary options brokers. The platform offers many financial instruments to trade in.
It’s also well designed with a number of technical analysis tools and features that make it easy to apply your preferred trading strategy.
Accessible via web browser and mobile app, you can easily log in to your Olymp Trade account from virtually any location with an internet connection.
In order to get the best out of this tutorial, I recommend you log in to your demo account and follow the steps I’ve outlined.
If you don’t have an Olymp Trade account, click here to open one and get $10000 to trade for free.
Why do I recommend using the demo account at first?
The obvious answer is that you won’t lose real money in case your trade doesn’t close in the money.
Another reason is that demo accounts are a good way to try out new strategies as well as keep track of market movements.
The demo account also makes it easy to identify the different assets, tools and charts available on the platform.
How to trade on the Olymp Trade platform.
1. The first step involves logging in to your trading account. Once logged in, you’re going to see a trading chart like the one below.
The chart simply shows the trend the price movements of the underlying assets are creating. You can change the chart type by clicking on the chart icon at the top left of your trading interface.
Example charts you can use include Japanese candlestick and area chart.
Other tools you can use on your chart are technical indicators and technical analysis tools.
These can also be selected at the top left side of your trading interface.
2. Choose the underlying asset pair you want to trade. Olymp Trade offers over 70 different instruments drawn across 5 asset classes.
These include currency pairs, cryptocurrencies, commodities, indices and exchange traded stocks.
One cool thing about the Olymp Trade platform is that every instrument is presented along with the expected effective return on successful trades.
To get the whole list of tradable instruments, simply click on the plus ‘+’ icon on the top left of your trading interface.
3. Next, choose how long you want to hold position. There are two options. The first involves choosing the time in minutes or hours you want to hold position.
The second involves choosing exactly when to close a trade.
4. The next step involves selecting the amount of money you want to invest on the trade.
Depending on your account type, this can be as low as $10 to $5000.
It’s always recommended that you don’t invest more than 5% of your total account value on a single trade.
Therefore if you’re a standard account holder with an account balance of $500, the maximum amount you should invest on a single trade is $25.
Once you enter the amount to invest, Olymp Trade automatically calculates and displays what you should expect to earn if the trade is successful.
5. Finally, click on the green ‘up’ button or the red ‘down’ button if you expect the price to be higher or lower at the end of the trade period.
Whether to click on the ‘up’ or ‘down’ button largely depends on your ability to forecast future price movements.
This can be done by carefully following the price movements over a certain amount of time. Keeping track of prevailing market news also helps.
What are the possible outcomes of trading on the Olymp Trade platform?
Trading binary options on the Olymp Trade platform has 2 possible outcomes:
1. Your trades win and you get an effective return of up to 80% for standard accounts and up to 92% for VIP accounts.
2. Your trade ends out of the money. In such instances, you will lose your investment amount. This is the primary reason why it’s recommended you don’t invest more than 5% of your account balance on a single trade.
How do you increase chances of succeeding as a trader on the Olymp Trade platform?
The Olymp Trade platform is probably one of the easiest to profit in. Its non cluttered layout and wide selection of tools make it easy to adopt your preferred trading style.
This however doesn’t mean that you’re guaranteed successful trades every time you log into your account.
However, you can increase chances of succeeding as a trader by following these tips:
– Get two or three asset pairs to trade with initially. These are easier to keep track of over a long period of time. Once you’re comfortable trading a few asset pairs profitably, you can add more financial instruments to your investment portfolio.
– Identify a suitable trading strategy and use it in your trades. There are many different strategies.
However, some will work better when trading in volatile markets while others work best in markets that remain relatively unchanged for long periods.
– The Olymp Trade platform provides numerous technical analysis tools and indicators. Use them often to track price movements and predict future price changes.
– Money management is an important part of trading success. Never invest more than 5% of your account balance on a single trade.
– Olymp Trade provides a huge collection of learning resources. Make sure to go through them at least once.
Olymp Trade is one of the online regulated brokers where novice and experienced traders can make money.
Options trading carries risk. However, this platform provides many useful and trader friendly features that help to minimize this risk.
It’s my hope that the different Olymp Trade tutorials and guides have been helpful to you and you’ll start profiting from your trades soon.
If you’re yet to open an Olymp Trade account, click here and get $10000 in your demo account now!