How To Start Forex Trading with Olymp Trade for Beginners

How To Start Forex Trading with Olymp Trade for Beginners

If you decide to invest, imagine that you are going on a long trip, so before you start, you should consider a number of important points and answer some common questions.

1. What are your financial goals and your investment horizons? Do you want profit tomorrow or are you ready to wait a few years?

2. What would you like to invest in and how much money can you allocate now and in the future to achieve your goals?

3. Do you have short-term financial needs and will you need to live only on investments in the coming years or will there be additional income?

Find further answers to most of the common questions that are of interest to novice traders.

Likewise, investing does not tolerate negligence in planning. The exact numbers in your initial plan are the key to a meaningful path in the future.

Like any long trip, trading require at least a small initial amount that you are willing to risk without serious consequences for your finances. There are some important questions here. In the market, start to traded only a small fraction of your free cash, for instance, no more than one fifth of your free funds. It is also not advisable to borrow money for this with the thought of quickly earning large profits.

There are always risks, so in case of necessity to back the initial capital to lenders prevails over you, this will lead to psychological disturbance and will lead to number of errs. To start trading is only worth your free money from a part of your savings.


How to Start The Trader Career?

One of the most important steps is choosing a broker. This affects the final success of the event, since the choice of a broker determines the set of your opportunities in the investment process. Olymp Trade is chosen by many for such understandable parameters as the convenience of opening an account, the size of the fee, the initial investment amount, trading platforms, etc.

At any time when you realize that you are ready for the real market, just open an account with the broker of your choice, get money and start making transactions. However, do not rush to enter the entire amount available, since there is one important point that is often ignored and then paid dearly by beginners.

This is a psychology that often becomes a stumbling block for inexperienced investors. Trading with real funds is psychologically different from trading with virtual funds, as you may encounter a number of psychological traps that will interfere with your trading plans.


Why should I Invest in OlympTrade Forex Platform?

At first, there are lots of currency pairs available for trading on olymp trade. Moreover, traders also making profit on the trends which you can find on this broker as well.

Secondly, you will be able to select the most advantageous strategy for trading. It will work even with small deposits.

Thirdly, such functions as: Take profit and Stop loss will help you to gain more from trading with small costs.

Fourthly, Trading on OlympTrade Forex is suitable for those who make lots of trades per trading session and respects long-term trades.
 

Trade With Mind

Olymp Trade can offer a large number of educational materials on a variety of topics in the training section of our website. Also, for beginners, we can offer a short instruction on which ones are the best to start mastering the investment craft.

In addition to training materials, if desired, you can find a number of courses on the stock market for beginners. The amenity of technology is that today you can study online, often even free of charge, like at Olymp Trade webinars.

At the initial stage, you must decide whether you will be an investor or a speculator, which stocks to include in your investment portfolio, and which trading system you will follow. The fact is that for a stable profit from trading in financial markets, one must strictly adhere to certain rules that the investor determines for himself empirically. The set of such rules that determine the moment of entry and exit from the market, the volume of investments and the choice of a financial instrument is a trading system.

 

Open an Olymp Trade Account

The registration process today is so simple that even a beginner can handle it. Just click on the “Register” button and fill out the form with your e-mail, phone number with the name, and other things.
How To Start Forex Trading with Olymp Trade for Beginners
The main thing is to indicate the correct contact phone number, because passwords, keys and notifications will be sent to it. In addition, after registration, the company manager may call you to help you choose the type of account, make a deposit and show other points.

The trading platform is accessed through different software. There are desktop application, web terminal for browser and apps for mobile devices. After you have registered, opened a trading account and made a deposit, download the software on the Olymp Trade website, enter your account login and password. Now you can start trading.

Download for free from the official website of the broker one of 4 options of the trading terminal available at Olymp Trade and install it on your computer or mobile device.


How to Trade on OlympTrade Forex?

Firstly, there is nothing hard in trading Forex on olymptrade platform. However, if you already have experience in trading Fixed Time Trades it will be much easier for you to start. The following 6 steps will bring you up to date:
  • Under the chart there is a menu, where you will need to select a currency pair.
How To Start Forex Trading with Olymp Trade for Beginners
  • Specify the amount of trade.
How To Start Forex Trading with Olymp Trade for Beginners
  • Make a forecast by analyzing the asset price chart.
How To Start Forex Trading with Olymp Trade for Beginners
Indicate a Take Profit parameter, if you want a certain profit. Then, a trade will be closed automatically. Press on the “Order” button to open this menu.
How To Start Forex Trading with Olymp Trade for Beginners
  • The Stop Loss parameter will help you to set the limit for maximum loss. What is more, it will also help you to close the trade.
How To Start Forex Trading with Olymp Trade for Beginners
  • The great thing is, that trade with the current result can be closed at any time.
How To Start Forex Trading with Olymp Trade for Beginners


Which Assets to Choose for Trading?

First of all Forex trading. The conditions here are very tempting, as the minimum starting capital is from $ 10 and trading 24 hours a day, 5 days a week. This gives more trading signals in a shorter time.

You can also choose Fixed Time, Stocks, ETFs and other assets that can be traded in completely different ways and in any term from one-day positions to long-term ones.
How To Start Forex Trading with Olymp Trade for Beginners
Having acquired a little experience at Olymp Trade, you can earn 50 thousand dollars with a minimum stake of 10 dollars, such cases have already been on the platform more than once. In general, newcomers can earn very little on the exchange at first. But that’s okay, as long as you don’t learn the intricacies of trading through practice.
How To Start Forex Trading with Olymp Trade for Beginners




Practice Leads to Success

As part of the first steps on the market, we recommend that you do not neglect demo trading. Even if funds allow you to spend a significant amount on gaining experience and testing various strategies, there are a number of nuances that do not require material costs.
How To Start Forex Trading with Olymp Trade for Beginners
The demo account Olymp Trade allows you to learn on the amount of $ 10,000 without incurring any losses. Within the framework of educational trading, you will be able to study the trading terminal, see real orders, get your hands on, correct minor technical mistakes when testing trading ideas. And all this is risk-free and absolutely free.


Risks and Rewards in Trading Forex?

Just like any market, there are a number of risks and rewards in trading Forex. Fortunately, the amount of either is wholly dependent on the investor, their experience, their ability to analyze data, and their independent decision making.

One thing to keep in mind is that there is a winner in every trade made between two parties based on the time that the transaction takes place and assets behavior following the trade. Traders should never risk more of their capital than they are willing to lose. Fortunately, with diligent effort and taking advantage of the plethora of educational tools available, a trader can often come out far ahead of the curve in profit.

Market Volatility

On the surface, the exchange rate of assets in the Forex market might seem to move very little. For instance, the changes between the exchange rate of the U.S. and Canadian Dollars (USD/CAD) only fluctuated a total of 16 cents (0.16 USD) between 2017 and 2019. However, looking at the market chart below, one can see that there were many increases and decreases over that time period. These movements provided opportunities for investors to profit from these changes.
How To Start Forex Trading with Olymp Trade for Beginners
Because currency pairs are traded based on pips (often 0.0001 of the currency) as units and because of the sheer size of the amounts traded, there is plenty of activity within the market for traders to capitalize on.
 

Using Leverage

Typically, currency pairs are traded in “lots”. A standard lot is 100,000 of the currency unit being traded. On the Olymp Trade Platform, “lots” are not used in order to simplify trading.

The size of these lots would normally price many investors out of the market since they don’t have $1,000 in capital to invest in one trade let alone $100,000. Therefore, brokers allow investors to use leverage to make trades in order to allow them access to the market and to increase their profits.

Here are some examples of using leverage versus only using margin to make a trade. The first example is based on a change of only 1 pip in the market. The second example is for a change of 5%.
How To Start Forex Trading with Olymp Trade for Beginners
How To Start Forex Trading with Olymp Trade for Beginners
Using leverage properly, an investor can see significant returns on their investments in relatively short periods of time. Of course, this comes at an increased risk to the investor and to the broker that agrees to lend the money for the leverage.

This problem has opened the door for creative brokers that have found ways to limit the risk to both the investor and themselves while still providing leverage for small investors.

 

How Olymp Trade Helps Turns Risk Into Reward

Now you have a good general idea of how the Forex markets work and what is involved. Therefore, it is time to take a look at how you can tackle the Forex market on your own terms to create a more financially independent future for yourself. Olymp Trade is here to help.

Here are some ways that new investors can overcome the risks of investing in Forex and still trade profitably with only a small amount of capital.
  • Learn how to use market analysis tools, read charts, and spot market behaviors
  • Get educated on strategies used in trading Forex
  • Learn from expert traders on what they look for when trading
  • Open a “Demo Account” with a broker to practice
  • Set achievable goals and develop a strategy to reach them
 

Maximizing Profit While Reducing Risk

Olymp Trade has used creative methods to help investors get the most out of their capital while providing them tools to reduce the risk on their trades. Here are some of the best features of the Olymp Trade platform available to traders.

Forex Trading Multipliers – Earlier we explored an example of how using leverage can turn a small investment into a highly profitable trade. Unfortunately, this came with the risk of owing the leveraged amount to the broker if the trade goes badly.

To compensate for this, Olymp Trade allows traders to use leverage with multipliers as high as 500 times the invested amount on trades. However, trades will automatically close once the amount of the margin invested is lost on a trade gone bad. Below is an example of the Olymp Trade multiplier and how it works.
How To Start Forex Trading with Olymp Trade for Beginners
The upside on the trade is still the same as with normal leverage, but in order to protect investors, the position will automatically close when the invested amount lost reaches 100%. In this way, the investor never needs to worry about owing the leveraged amount to Olymp Trade if the trade doesn’t perform as expected.

Even better, using Olymp Trade’s “Stop Loss” tool, the trader can set an amount for the position to close if it goes the wrong direction. The Stop Loss tool is automatically set at 50%, but can be adjusted by the trader depending on the level of risk they choose to take.

On the profitable side, traders can also set a position to automatically close once it reaches a certain level of profitability. Using the “Take Profit” tool, traders decide at what level they are satisfied with the profitability of a trade. Once it is set, they can walk away knowing that when the position reaches that profitable point, it will be closed and the profit added to their account.

The combination of the multipliers, stop loss, and take profit tools gives traders more control over their investments. Even when they can’t be at their phone or computer watching the action firsthand they can feel comfortable.

A further benefit for Olymp Trade’s Expert members is the ability to enter risk free trades a certain amount of times per month. Olymp Trade’s Expert program has numerous advantages, but the ability to cancel a trade gone bad periodically is a huge step in reducing the risk of Forex trades.

 

Gaining Knowledge and Expertise in Trading Forex Using Tools

One of the key hurdles for new investors that can add to the risk is a general lack of knowledge and experience of the market itself. Fortunately, there a number of ways to get the education and experience you need to be successful in the market.

Olymp Trade provides many different tools to help their clients reach their investment goals through the Forex markets. It isn’t difficult even for beginners as long as they’re willing to take some time to become knowledgeable and gain some experience.

Some of the tools available to Olymp Trade clients include:
  • Video and blog tutorials on how to read charts and analyze them correctly
  • Videos and blogs from experts on creating your own charts
  • Olymp Trade platform provides free, customizable analytical tools
  • Online trading assistance from experts in real time on the platform

Taking only a few hours a week to build your education can pay huge dividends in the coming months as you build your portfolio.


Do Trade like Your Own Business

Over time, you yourself will probably understand what you are missing in the work on the exchange. Perhaps you need expert help and trading advice, which you can get on Olymp Trade webinars, as well as in the large community where you can communicate with traders and get advice. Use analytics and do extra training all the time. Remember only one important point: almost everyone can make money on the stock market.
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Source: Olymp Trade - olymptrade.top - olymptrade.top | How To Start Forex Trading with Olymp Trade for Beginners - https://olymptrade.top/how-to-start-forex-trading-with-olymp-trade-for-beginners-100828
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