Lately, people have shown a great interest in binary options trading. While there is massive scope for earning huge profitability, binary options trading is equally risky.
Thus, it is advised to enter the trading through a reliable broker, like Olymp Trade。 This unique trading broker tries to offer a better trading experience to the traders to earn better profits. Let’s learn how to use Olymp Trade.
Both professional traders and newbies have shown a great interest in registering with Olymp Trade. If you also want to enjoy better profits, you can register yourself with this platform.
But before you do that, read this post to understand the right way of using Olymp Trade. We have also discussed this trading broker in detail and how you can trade successfully.
How does Olymp Trade work?
Olymp Trade是一個 impressive trading broker that can be used through the web or mobile apps. You can download the app by visiting the app store and searching for it. After downloading the Olymp Trade 應用程序, you are required to complete the registration process.
You must enter your email id and a strong password for the registration. Complete the process by selecting a currency you want to trade and depositing $10.
You will then get access to an Olymp Trade 模擬賬戶。 A demo account also lets you use trading signals and tools to get an idea of real trading.
雖然 最低存款金額為$10, you can deposit more to access the Advanced account and Expert account. These account types offer more features, which you can use for making successful trades.
Olymp Trade is a reputed trading broker used by numerous traders across the world. This trading broker has been serving people since 2014. While many other trading brokers offer impressive features, why do traders still register themselves with Olymp Trade? Here’s why:
- Olymp Trade是 one of the few trading platforms that offer proper security and reliability to its registered traders. It’s a leading trading broker and is legally registered with the Financial Commission, an organization that secures the interest of traders. The 金融委員會 offers a cover of up to $20,000 to traders who lose their money unlawfully through Olymp Trade. It is a compensation fund.
- Unlike other trading brokers, Olymp Trade does not ask the traders to pay high deposit fees. One can register themselves with a broker by paying $10.
Lastly, Olymp Trade has made education and training materials easily available for the traders. It is done so traders can develop deeper and better trading knowledge.
Step by step trading tutorial for Olymp Trade
After explaining what Olymp Trade is, we will show you how to trade Binary Options with Olymp Trade in the following section. The most important step before getting started is to register an account with Olymp Trade.
It’s also important to stick to an investment strategy that guarantees sustainable success. To open your first trade, you have to follow the five steps explained below.
Step #1: Study the market
To become a successful trader, you have to be an expert in the financial instruments you’re trading with. So you have to learn everything about Binary Options in general and the assets you trade with in particular.
If you do so, you can find the best trading setups to increase the winning percentage of your trade. Be patient and take your time to study the market.
Step #2: Know everything about your market and assets
Once you feel confident enough, you can start trading. Therefore you have to select a market and asset you want to trade in. It may take its time to get familiar with Binary Options and choose the right market, but it’s important. You have two options to choose your market.
You can select your market based on the time duration. This is how all markets in Binary Options are structured. All of them are based on how long they last, for example 10 seconds or half an hour.
Be aware: Not every market has the same expiry times. For example, cryptocurrencies can be traded with 5 seconds, while stocks start with 30 seconds. The time durations range from some seconds to a few days.
Maybe the better option to choose your market is via your interests. Are you experienced with stocks? So start trading Binary Options with stocks. Maybe you’re crypto addicted – then start with crypto.
Follow your interests to choose a market or an asset you’re feeling comfortable with.
Step #3: Select price and trade duration
Did you choose your asset to trade with? Good – now you can start trading. Select a trade duration and call the price now. To complete your trade, you have to enter the trade amount.
Finished? One more step until your first binary options trade is set.
Will the price go up or down in your selected time duration? Answer this question after your chart analysis and click “Up” or “Down”.
Other broker name the two options (that’s why it’s called “Binary Options”) higher / lower or call / put. Higher means the price will raise, lower that the price drops.
Step #5: Wait until the trade expires
You can’t do any more than waiting now. If your prediction whether the price goes up or down is correct, you will get your payout. If it’s wrong, you will lose all your money.
How to trade on Olymp Trade successfully?
Even if you enter the binary options trading market through Olymp Trade, there is a risk of losing money. While you cannot eliminate the risk, you can surely decrease your chances of losing money. Follow the given tips to trade successfully on Olymp Trade.
Don’t use money you cannot afford to lose
Even if you are trying risk-free trading, you must avoid overtrading. That’s because predicting the asset’s price movement is not possible. The assets available for trading move up and down several times a day. Thus, sometimes even professional predictions and analyses become inaccurate.
Trading should not be seen as savings because when you lose money while trading, you lose money for real. Avoid using retirement funds or emergency savings. Also, you must completely avoid borrowing money from your friends or selling something valuable to make more trades.
你必須 only use the money that you are comfortable losing. Depending on your income and trading experience, you can set a budget. If you continue to trade without setting a budget, you will jeopardize your financial independence.
Try to have realistic expectations
Many traders enter the binary options market with unrealistic expectations, leading to disappointment. Usually, beginners get thrilled by the market when they initially start trading. But they don’t realize that trading with an unrealistic mindset will only result in loss.
You can avoid the trap of unrealistic trading by setting your goals and measuring your success rate. You must also determine the size of capital you can deposit in your trading account. When you trade using a realistic roadmap, you become aware of your losses.
Remember the money management rule
If you remember the four money management rules, you can save yourself from losing money.
- Get Aware of Your Risk Tolerance: If you are not aware of your risk tolerance, you are living in denial. The risk tolerance is different for different people as it depends on your trading experience, age, capital investment size, and goals. Also, you should choose a familiar asset.
- Diversify Your Portfolio: Diversifying your portfolio helps you spread your funds across multiple assets. When you invest your money in different assets, it’s important to make sure that they move in different directions.
- Set a Limit: It is advised not to risk more than 5% of the amount you have in your account. If you trade without setting a risk, you might lose a huge amount of money.
- Set a Limit to How Much You Can Win or Lose: Many traders use stop loss to limit how much they can win or lose. Stop loss helps the traders exit the market at the right time to create a balance. Doing so can also save you from future stress.
A trader is one who never stops learning. When you learn, you develop a broader understanding of the market and trading assets. Knowledge helps you become successful.
You can expand your knowledge by reading books, watching expert videos, attending webinars, keeping yourself updated with the market news, and listening to experts’ advice. Furthermore, you can also use the demo account to hone your skills.
Practicing in a 模擬賬戶 is also an excellent way to reduce your trading risks without losing money. To make sure that the registered traders know the market, this trading broker regularly organizes webinars. These webinars are held on different topics and strategies so traders can develop their effective strategies.
You will ruin the game if you do not control your emotions while trading. Many people cannot control their anger, fear, and stress, making them lose the trade and their deposited money.
You must act as a responsible trader by keeping your emotions under control. It will also help you to avoid the feeling of missing out on opportunities. In addition, you can create a solid trading portfolio, which will help you to become a successful trader.
Conclusion: How to use Olymp Trade
Olymp Trade is a trustworthy trading platform that offers impressive services in multiple countries. If you want to use this trading broker, you need to get yourself registered with it.
之後，您可以 deposit money, practice in the demo account, and create safe trading strategies. You must also follow the tips given in this post to become a successful trader.