How to Be Successful on Olymp Trade?

Welcome to Moneybizpedia! If you are a beginner in Olymp Trade or any trade, here is the guide for you on ‘How to be successful on Olymp Trade’. If you are here, then I can guess you must have used Olymp Trade for trading or any other trade to earn money on trading. But many time you must have miserably failed in your trading. Or you want to trade on Olymp Trade. If this is the reason of your coming here on our site, then this guide can provide you some important tips for winning a trade on Olymp Trade.

So, here we want to discuss on how to be successful on Olymp Trade? To be successful on Olymp Trade, you need to understand what is Olymp Trade and how it works. In this guide we will cover all the important things that you need to know about.

If you haven’t created an account with Olymp Trade, please create the one now. To do that go to the official website here Olymptrade.com.

Introduction to Olymp Trade

What is OlympTrade? Olymp Trade is an online trading platform which offers traders the opportunity to trade multiple financial instruments, including stocks, forex, fixed time, commodities, and cryptocurrencies. To become a success on this platform, you need to have a clear understanding of its features, set realistic goals, and strategies, risk management and trade time frame.

Olymp Trade is a very easy platform to trade. It is suitable for trading, especially for the beginners. If you are a very new to Olymp Trade, and you want to start today, then my recommendation for you is, at first get the basic knowledge of Olymp Trade.

You can read my previous post on ‘How to start trading in OlympTrade?‘ then come back to this post, to complete your reading and have the complete knowledge of trading on Olymp Trade.

Now, let’s proceed to our topic on ‘how to be successful on Olymp Trade?’

How to be successful on Olymp Trade?

In order to be success on Olymp Trade certain important things you need to study and learn how they work. Following steps will guide you what you need to know in Olymp Trade.

#1. Understand the Platform and Its Features

As you begin with Olymp Trade, at the first step, you need to learn how the platform and its technical system works. Olymp Trade provides you a very easy to use interface that enables a trader to access different market assets and execute them in trade. It also provide you a good range of technical analysis tools, price charts, and indicators. And these tools will help you making a good decision for a trade. You have to learn and be thorough with all these technical tools. As much as you know each of these technical tools and other methods your trading potentiality will go on high. And your winning trade percentage will grow to 90% or more.

#2. Set a Daily Trade Goals

As the beginner, you may not give important to setting a daily trade goal. But you need to have a realistic goals for your trade. The important is, when you set the realistic goal for your trade, that will help you to stay focused on your trading during both winning and losing the trade periods. When you lost, you will be demotivated and got scared to continue with a trade. But you need to accept the reality of the game in trading.

Sometime winning the trade and sometime losing, that’s a kind of nature in trading. But setting a goal will help to stick to your set goal, and you will not overtake your goal when you are trading on that particular day. If you want to be a long-term success on Olymp Trade, you must have an achievable goals set. That’s the key to long-term success on Olymp Trade.

#3. Manage Loss and Profit Effectively

Another important factor, you need to keep in your mind is the risks management. Every trade you open is associated with potential risks. If you don’t pay attention to the risk that involves in your trading, then you end up with great lost. That should not happen to you. Therefore, you need to control your trade and protect your profit. To manage the loss and profit effectively, you need to use two important strategies.

• Stop-loss and Risk-free trades strategies. This strategy comes with advanced feature in Olymp Trade. But you will get them after several consecutive trade win.

Once you have these strategy tools, then use them to protect your profit and manage losses effectively. Trading with Risk-free trade strategy is the most profitable trade in Olymp Trade.

#4. Fundamental Principles of Successful Trading

To be a successful on Olymp Trade, you need to follow few important fundamental principles of trading. These principles are to guide you in decision-making process while trading. It will also help you to develop effective trade plan. Following are the few important fundamental principles of trading:

Also read: How To Start Trading? 7 Steps For Successful Trading

Developing an effective trading plan

• Identify the market trends and use right strategy: Identifying the market trends is very crucial in trading. Unless you understand the market trend, you cannot trade. Even to use a strategy, you need to first understand the market trend. Market trends means, the candlesticks chart or binary chart you see in the market chart that move up and down over the chart. When it is moving up then market is in up trend, and when moving down the market is in down trend.

You will identify this with the help of technical tools, and indicators. Whether the market is in up trend or down trend, candlesticks will tell you. Once you understand the market trends then you can use the strategy for trade. To identify the market trends, you need to study technical analysis tools, chart patterns, and market indicators.

• Set an entry and exit points: You need to have certain trade measurement in your mind before opening a trade. Set a trade entry point and exit point. Entry point is where you want to open a trade and exit point is where your trade will end. Here you need to use your psychology power along with the strategy you have applied. If your understanding of the market trend is correct, then you set the entry point and exit point in align with the market trend, and applied strategy on that spot then you have the maximum chances of winning the trade.

• Implement the risk management strategy: We have already discussed on risk management before. And you need to use them to avoid maximum losses. You can use some of the risk management techniques such as position sizing, leverage management, and risk-reward ratios. These will help you to protect your capital and minimize losses while maximizing your potential profit.

Also read: How to Use Awesome Oscillator in Trading? 2 Simple Strategies

Conducting thorough research and analysis

Keep updates with market growth. To do that you can watch news on financial markets or read stock markets, forex markets reports on news site. This can help you to gain additional information about the market trends. But do not trade after reading the news and watching TV without knowing the practical steps. That can make you a great loss.

The best practice is study technical analysis, follow expert’s tips or find some guide from the experienced gurus. Just reading book, watching news and getting updates from out sources may not help you sometime or most of the time. Because, market trend can change any time in up trend or down trend. Due to market’s high volatility prediction of market price is so difficult.

Develop trading habits and discipline

1. Control your emotion and patience: I have come a cross many time suffering from a heart beating, breaking emotion, and losing patience when I lost the trade. I was not able to trade properly due to this scarcity complex. But as I learn how to maintain my emotion and keep patience during the losses, I was able to trade effectively. and that helps me winning the trade most of the time. So, you need to check your emotions and stay patient during trade loss or periods of market volatility.
2. Do not rush into trade: Sometime, what you may do is, as soon as you see the bullish candlestick or bearish candlestick forming a strong indication sign, you rush to enter the trade. But don’t do that. You need to study how market has been in down trend or up trend. Based on that you can compare the current market trend, and using of your strategy you can now open a trade. If the market is in up trend then trade up but if the market is in down trend then trade down. This way you can gain more profit.
3. Learn from your mistakes and adjust your strategies. To treat losses as learning opportunities, not failures. But after action analysis of every trade to identify ways to improve and thus always going to be learning. Improvement and continuous self-improvement is absolutely essential for long-term success.

#5. Follow the Effective Risk Management Strategies

Successfully navigating the world of trading, on Olymp Trade requires an understanding of risk management. By implementing strategies to mitigate risks you can safeguard your capital. Enhance your overall trading performance.

Understanding and managing leverage

1. Calculating and assessing leverage: You need to understand the concept of leverage and be able to calculate the potential risk exposure associated with different leverage levels. And you also have to consider your risk tolerance and trading goals before you decide on an appropriate leverage ratio.
2. Use stop-loss and take-profit levels: Setting up the stop-loss is very important. Initially you may not have this features in Olymp Trade. After winning several consecutive trade time you will reach to advance level. Then most of the advanced features tools will be available to you. Till then you need to wait with patience and perform well in your trading. Once you unlocked this tool you can use it. It will help you protect your profit. But you need to use it with the help of technical analysis tools.
3. Use Risk-free trade strategy: After reaching to level 9 ‘Risk-free trade’ tools will be available for you. Once it is available, you must use it. Risk-free trade is a most useful tool for trade. It will protect you losing of capital. For example, your trade amount is $10 and risk-free trade amount $2. When you lost the trade, you will not lose all the $10, $2 will be back to your capital amount. If you win the trade then you will get full amount. So, trading with risk-free trade is always a safe.

Change the market assets

Sometime you will notice that some market assets are moving with high volatility, meaning the market moves up and down trend so quick. During this period you will find difficult to predict the price because of the high volatility. In that case you can try changing the market assets. Trade with the assets whichever you find comfortable to identify the market price. Trading with different markets can help you to understand the markets and make you better trader.

#6. Develop Trading Skills and Knowledge

No one can become a successful trader overnight. You need to develop your trading skills and knowledge. But how will you do that? Continuous learning and practicing will make you success. You need to spend most of the time for practice. Practice with your demo account, so that you don’t lost your money while you practice. In order to be successful on Olymp Trade practice is a must. Few important things you need to do everyday if you want to be more successful on trading.

• Learn how analysis tools works.
• Learn different methods to use for trade.
• Learn candlesticks pattern. Identify the weak and strong candlesticks.
• Practice with different strategy before you use for trade.
• Whenever you make mistake, learn from your mistake.
• Follow some expert traders who can guide you or buy some premium course on trading. This will make you good trader.

Conclusion

So, I want to conclude here with few more words as you are leaving this now. Please remember, trading involves high potential risks and rewards. Do not invest money which you cannot loss it. Your hard earn money must be safe. If you really want to start trading, you must learn first and develop your skills on trading.

Do not come for trading with unrealistic expectation of making a huge money or profit in trading. Trading cannot make you rich overnight. You need to spend lots of time in learning on trading. Start with minimum investment. You can start from $10 or $20. Test your skill. In trading, one thing you need to be ready is, to lose your money. But your lost must be a minimum.

So, trade only with $1 or $2 in the initial stage. As you improve your skills you can increase your trade amount. This way you will be a successful on Olymp Trade or any trade. Finally, I want to say, to be successful on Olymp Trade, Practice! Practice! Practice and Practice!

Watch this tutorial video to learn strategy for successful trade in Olymp Trade. This tutorial is about Barcode VIP Strategy:

Frequently Asked Questions:

Disclaimer: Please know that we are not a financial advisor, neither we provide financial service nor we are part of any financial regulators. Whatever, we discuss here are just for educational purpose. Base on our own experience we provide the tips here. this must be take as educational purpose.