If you want to start trading online to make money then I can tell you Olymp Trade is the most suitable and easiest trading platform as per our experience. And if you are a new trader or going to start now then this guide will help you how to get started with Olymp Trade.
So, are you making a plan in your mind to start online trading, thinking of making some money? Of course you can earn money trading, but not without proper knowledge and experience. If you are a beginner in trading business, then this guide will help you. Read it till the end to get a complete knowledge on how to start trading and get maximum profit in Olymp Trade.
But before you want to get into it, let me put some questions to make you more conscious about trading in any platform.
Do you know why people are after online trading this days, especially in India? Because they see in YouTube, lot of people are talking about how they are making money in trading. May be that’s the reason you too want to get start trading. But wait! Don’t get into a trap. Don’t jump into it immediately just after hearing or seeing somebody making money over trading.
After watching so many videos in youtube, and reading some blog on ours or others you are motivated and over excited. Right! But be cool! Don’t directly jump into trading without having proper knowledge about it.
Things to Know Before Start Trading in Olymp Trade
Before you move forward on trading, you need to study and learn certain important things in trading. Trading was considered as gambling in the past but now it is considered as business. Yes! Trading is a business now. Every business has the nature of loss and profit, and so is with trading. The basic things you need to learn in trading are like; what is trading, which trading platform to start with, how it works, how to get start, how to deposit money, how to withdraw money and what strategy need to be used. These are the things you need to learn in the initial stage.
But don’t worry, we are going to cover you with all these steps in this guide. We will be taking here on Olymp Trade. Because we are more confident with Olymp Trade as we are trading with Olymp Trade since long. Olymp Trade is very simple to understand. This platform is more suitable for beginners. You can start trading with minimum amount starting from $10.
Is Olymp Trade Real or Scam?
Now, I know you have a question in your mind. That’s to ask, ‘Is Olymp Trade a legit or scam?‘ to trade. You can search the answer to this question on youtube and blogs. You will find lot of reviews about Olymp Trade. Based on their personal experience they give reviews. In most of the videos or blogs you will see, how they make money trading in Olymp Trade. That’s a positive side. Right! But in reverse, you may also see some bad experience few people are facing with Olymp Trade. But that don’t mean it is scam. That can be due to technical issue or user is new to it, and do not know to trade yet.
But our experience says, Olymp Trade is a genuine trading platform. Safe to trade. Not only that, they will also provide you advance feature strategy with few trade wins.
Still you may have another question, that is to ask, ‘Can I really make money trading in Olymp Trade,‘ or ‘How much money can I make,’ and ‘How to get maximum profit out of trading.’ Oh, my goodness! Lots of questions you have. Right! Yes, I do have these questions before I get into trading with Olymp Trade.
But don’t worry, I am going to cover all the questions you have asked.
Now, you are confident about it, and sure of trading in Olymp Trade. So let’s get started to our main topic, that’s, ‘How to start trading in Olymp Trade’? In this guide we will cover following steps:
- Step to create account
- Step set up profile
- Step to verify account and identity document
- Step to get start with demo account
- Step to deposit fund
- Step to set time frame and trade time
- Step to open trade with real account
- Controlling trade and losses
- Learning market chart
- Multiplying profit
- Withdrawing funds
- Learning methods and strategies
Also read: How to Be Successful on Olymp Trade?
Step-by-step Guide to Olymp Trade
Now, we are going to proceed with the step-by-step guide to Olymp Trade. Let’s follow the steps and move forward to trading.
Step 1: Create an account
Creating an account in Olymp Trade is very simple. Get into their official website OlympTrade.com and follow the steps to create account. Once you are in their website, click on the sign up for free button. Then pop up registration form will appear. Provide your email address and password, and click on the register button. Then you are done. You may receive confirmation link to your email, just click the link in your inbox, and that will take you to dashboard. That’s it. Now you can start with demo account.
The next step you need to do is setting up profile.
Step 2: Set up profile
Once you are in the dashboard, you can start setting up your profile. To do that follow the below steps:
- Click on the profile button which is in top right corner of your dashboard. Then pop up window will open where you will find all necessary settings. Some of them may not required at this time. You can do that later. Under the profile setting, you will find ‘account verification’ which is mandatory, but sometimes they will say ‘not now.’ In that case you can skip the setting.
- Personal setting: under profile setting you will find ‘personal’ tab just below the account verification tab. Click on the personal tab, then provide your name, profile photo, email address and contact number. That’s it.
- Two-factor authentication setting: there is also a two factor authentication setting but that is up to you, whether you want to set it up or not. Other wise you can leave it. And rest of the settings are not necessary. However, you can do that, other wise do it later.
Step 3: Account verification
I have already said in step 2 about account verification. It is required but sometime they will say, ‘You don’t need to get verified now, We will let you know when it is needed to.’ You can do it later, after getting notified about it. However, verification is mandatory process for financial market participants. This is done for a safe space for trading where your funds are kept secured.
Step 4: Start with demo account
Now come to the trading practice. Normally, when you register, your demo account is created automatically. And demo account is for practice. You don’t need to have any fund for that. Almost every broker or trading platform will provide demo account with minimum amount of $10,000. This amount is for demo practice. Even if this fund is finished up you can refill the amount. This is a good part of the demo account in Olymp Trade.
Why you must practice with demo account?
It is to help you understand the market chart and the nature of the market. While you are in practice mode, you should not use your real account. Before opening the trade, make sure that you are in demo account. Other wise you may lose your money.
How to know you are in demo account?
When you are in dashboard, check out whether your account is mentioned as demo account or not. You will find it on the right top of your dashboard. If you see it is demo, then you can safely practice. And if your real account is on but you want to practice with demo then you need to change the real account to demo account.
How to do that?
To change your real account to demo account, click on the account, pop up window will appear, then select the demo account or any account you want to trade with.
Spend two to three hours everyday in practicing with demo account to improve your psychology power and understand the market trend.
In Olymp Trade you will get $10,000 in your demo account which you will be using for practice. While practicing, watch out the market chart, and try to learn the different form of candlesticks with up trend and down trend of the market. This is very important.
While practicing trade, use Japanese Candlesticks. Not only in practicing time, every time you do trading, trade with Japanese Candlesticks. To set Japanese Candlesticks in Olymp Trade:
- Find the candle symbol in left bottom of your dashboard,
- Click on that tab, then select the Japanese Candlesticks.
As you go with demo practice, one more thing you need to do is, choose the market asset that you want to trade with. Some market assets may be off during your practice time. But there are many market assets you will find in Olymp Trade. You can change the market asset anytime. Now you may ask, what are the market assets?
Market assets are like stocks, forex and fixed time etc. In Olymp Trade you will find the three primary market assets: Fixed Time, Stocks and Forex. Some example of assets under Fixed time are like Quickler, Asia Composite Index, Astro Index, Europe Composite Index, EUR/USD, GBP/USD and many more.
Some example of assets under the Forex market are like Asia Composite Index, AUD/CAD, AUD/USD and many more.
And few other example of assets under stocks market are like Amazon, Alibaba, BMW, AMD Apple and the like. But these assets may not be available all the time. Whichever is available for a trade, you can select it and open a trade.
Step 5: Setting time frame and trade time
Setting up the time frame and trade time is mandatory. This is very important practice that you need to follow in Olymp Trade. Now, if you are a beginner, you will surely ask me, ‘what is time frame and what is trade time.’ Well! I will explain it.
Timeframe: It is about market open and close. In trading, you have the options to set timeframe as per your interest or comfort. When you trade, you will see the market chart in binary form or candlestick form. That represents market trend. A single candlestick is representing market open and market close within certain time frame. In most of the market assets, timeframe start from 5 second of time, meaning, the market opens and closed within the 5 second. If you choose, 5 second timeframe, you have to wait for 5 second to move from one candle to another candle.
When you set 5 second of timeframe, you will see your trade chart moving faster. Because you choose the 5 second of time frame, you will see the market chart movement quickly opens and closed. So, the time frame is about duration of market chart opening and closing time.
Now, you may ask, what is the suitable time frame for trading. It depends on the individual trader. You may find comfortable with 1 minute time frame, while others are comfortable with 1 hour of time frame. It’s all depend on the individual trader. Once you get started with trading you will understand which time frame is the most suitable for you. But as for me, 1 minute is the most suitable time frame. I love to keep 1 minute of time frame.
Trade time is about the duration of opening a trade. Don’t be confused with timeframe and trade time. They both works in different way. I have already told you about the time frame. Now what is trade time? The trade time is, about having the trade duration. In timeframe, that is about the duration of opening and closing time of the market, but in trade time, it is about the duration of your trade, meaning how short or long you want to keep your trade open.
The time frame you set with, in the candlestick market chart, that will move over the chart as opening and closing till it reach to your set trade time. For example, you have set a time frame about 1 minute, and trade time about 10 minutes. Then each candle in the market chart will open and close in 1 minute, and reaches to your set trade time of 10 minutes. Here, you will see 10 candles are formed in the chart till it reach to your trade time.
If the candle movement reach to your trade time, your trade result will be shown immediately. If you trade up or buy, and the candle movement hits above the margin line of your trade time, then you got profit. If the candle movement hits below the margin line of your trade time, then you loss. This is how it works. Hope, you understand the timeframe and trade time concept. Well! Now we will move forward to the next.
Step 6: Deposit fund
Now, we have come to the real world of trading business. I assume that you have done enough practice with your demo account. Now it is time to play a real game with your real account. But for that, you need to have fund in your account.
You can not deposit money in demo account. You need to have another account. To create or add real trading account in Olymp Trade follow the steps:
- Click over the demo account on the right top in your dashboard, then click on the plus sign. Then, ‘add account’ pop up window will open. There will be currency available like; Indian rupee, US dollar, Euro, and USDT.
- Select the currency according to your interest. Then, click the next button. Your account will be added immediately. Now you can deposit fund.
To deposit the fund, follow these steps:
- Click on the payment button on the right top corner. Pop up window will open. Then click on the deposit button.
- Select the deposit amount. Click on the deposit amount tab, then select the amount. Minimum deposit amount is $10 and maximum is $650 at a time.
- Then click on the payment method tab. Select the payment method from the list. Then click on the next button. It will take you to confirm payment. Click the confirm button. A form will be open to you, where you need to fill in with your name, UPI, mobile number, Aadhaar card number if you are from India, and PAN number. Then click the next. Then, a new window will open, in that you will see option to complete the payment.
Now you can complete the payment through QR Code or net banking. Scan QR code with your mobile phone and make payment. Once it is done, your transaction will process. Now click on the “I have paid”, or “Proceed” button. Wait till the transaction is complete. Don’t close the window or refresh or click back while transaction is on process.
Once the transaction is complete, you will be notified, and Olymp Trade will send you a payment confirmation mail. Then you can check whether amount is credited to you account. If not, you can contact them via online chat or find help from help center. Now you are all set. You can start trading now. You get profit or loss, that’s a different things.
Step 7: Open new trade
Now, you got the basic idea to trade in Olymp Trade, and have made enough practice to understand the market charts. You have top up the fund into your account. You are ready to trade now, with confidence. Remember, your first trade attempt may ends in loss, but that does not mean that you will never profit. When I say be ready to trade, it is also mean that be ready to get loss.
After setting up the time frame and trade time, enter the amount you want to trade with. Initially, start with just $1. Test, your psychology power, to know whether your forecast is correct or not. If you lost, don’t get scared. Most probably, you may suffer a heart beating, tension and frustration in your initial trading. But you need to control yourself.
If you are continuing, in trading at least for a duration of five months, whether getting loss or profit, but you will have enough experience. And that experience, will be your winning skill for next trade time. After that you will loss less but profit more. Now you can make a trading as your professional business.
Step 8: Controlling trade and losses
As you get started in Olymp Trade, by now, you must have already discover what is trading. And you know how to trade now. You have all the experience of loss and profit. In fact, by now, you must have already lost $20 or $50 or $100, less or more. That’s a kind of fund in trading.
But, in order to avoid maximum losses, what you need to do is, controlling your trade. Do not trade whole day. The best practice for the beginner is, open several trade in a day, and spend time more practice in demo account. Compare the number of achievement you get in demo with your real account. This will help you to understand, where you need to improve or what you need to know still. This process should go in a long run as you trade with Olymp Trade. This way, you will become master over trading gradually.
So, my advice for you is, do not over trade. You need to control your trade to avoid maximum losses. For example, if your capital amount is $20, and you have open five trades, $1 each trade, unfortunately, all of the trades you lost. Then your capital amount will decrease to $15. Then you should stop on that particular day. Start doing research, study the candlesticks and find the experts’ guide, and then come back with proper strategy for next trade.
But if your trading result got you profit, and your capital amount reach to $25 or $30 with adding the profit you got in trade. May be that’s a lucky day for you. If you have made $30 starting from $20, here you made the profit of $10. And now you must think of increasing your capital money from $20 to $25. And that day you will trade only with $5. If you win, your revenue will reach to $35. In this case, you can continue your trading. But if you lost $5, your revenue will come down to $25 again. Here, you need to stop trading for the day.
So, this is how you are going to control your trading and avoid maximum losses. This has to be practiced as long as you are in trading till you become expert. Once you are master over trading, then you can start unlimited trading and unlimited profit in Olymp Trade.
Step 9: How to multiply trade profit
Till now you have learnt about controlling your trade and fund. That’s a best practice in trading. But you see, your revenue is increasing but going up very slowly. And you want to go little faster. But that is also a risky. So, how to get multiply your earning while controlling over trading and losses.
Here, I want to give you my own example, how I did it in Olymp Trade. I started with $10, I lost all the money. Then, second time I deposited $20, and start trading with that money, again I lost and went down to $5. From the minus point, I got up and profit little money. Once I reached back to $15, I follow the step I shared in step 8. Controlling over trade and loss.
Once I got profit and reached to $20, I got little courage to trade with bigger amount. Now, with much patience, I look for the 99% of sure win trade, looking for the market price breakout time. I open the trade with bigger amount of $5, if I win the trade, I would look forward another price breakout time in the chart and open new trade with the amount of $8 or $10. And the trade time is about 5 to 10 minutes. But I did this with 99% of sure win psychology. And most of the time I win the trade.
In your case, it may be a risky. Please make sure that you have the 99% of sure winning, other wise you will lose your money more quickly. But this is the way to multiply your revenue. You cannot always stick to $1 trading. As you grow with your experience, you also need to increase your trade amount. But still you need to control over trading, that you should not forget.
Step 10: Withdraw funds
Now, you have come to final step. That’s about withdrawing your money. Assuming that you have the money now in your account, and you want to withdraw your money. Even if that’s a small amount, let’s say a $100 or more. You want to test whether your earning can be withdrawn or not. So that you can be more confident in your trading in Olymp Trade. Yes, it is also needed to do. To withdraw your fund follow the steps below:
- Click on the payment button on top right corner. Select the amount you want to withdraw.
- Add payment methods by clicking on the add payments button. Then follow all the necessary steps. Once done, your amount will be transferred to your bank account. If failed, contact Olymp Trade support. They will guide you what to do. That’s it. You are all set now.
I know, it has been quite a long discussion in our topic. You want to leave now, right! But wait a minute! There is few more important things to discuss. Without reading that your coming here is incomplete. As a bonus tips, I want to give you additional tips and guide in the next few minutes. But they are very important things for you to know. You cannot skip them.
What is that? That’s about the strategy! Without proper strategy, you cannot profit on trading whether it is in Olymp Trade or IQ Option or any. So, next few more minutes, I want to talk about some strategy that can make you success in trading. So, let’s look into some important strategy to trade for maximum profit.
You may also find this useful: Stock Market Investment and Trading Simple Guide
Strategies to follow in Olymp Trade
Olymp Trade comes with most advanced technical analysis and advanced featured strategies. In order to succeed in trading, you need to learn technical analysis and use different strategies. Some of the strategies may not be suitable for you to trade in every trade. Some strategy are effective for 1 minute trade, and some effective for 1 hour trade.
Before using any strategy in Olymp Trade, test them with demo account. Once you are confirmed with that particular strategy then go ahead to use it for trade with real account. Some time it may works and some time may not. You need to follow the exact time frame and trade timing for that particular strategy. Best practice would be if you practice the strategy with demo account in different time frame and trade time. Find out which trade time and time frame works better with that particular strategy. Then you can follow that strategy most of the time.
Here are few strategies you can follow:
#1 Study technical analysis to find how it works. And use indicators that are available for you. There are several indicators you will find in your Olymp Trade. Indicators are very useful tools for trading in Olymp Trade.
#2 Learn different form of the candlesticks.
#3 Recognize Bullish Candlesticks and Bearish Candlesticks.
#4 Identify weak candlesticks and strong candlesticks. One thing you must know is, in trading candlesticks is everything. Your trade will depend only on the form of candlesticks. If the market trend is on high, then you will see bullish candlesticks are forming in bigger size and chart is moving on the up trend.
If the market is in down trend, then you will see, bearish candlesticks are forming in bigger size and chart is moving in down trend. In this movement in the chart you will find very difficult to open a trade. Whether to open up trade or down trade, it’s really a confusing. That’s the reason you need to learn about candlesticks.
#5 Observe past market trend. This idea will help you to predict the price in the future. Before opening a trade, look back the market chart in one minute or five minutes ago. If the chart is showing you that market trend is continuously coming down from up trend to down trend, and currently market is gong toward down trend then you need to wait for the price breakout time.
Here the strategy, you are using will indicate you where to open a trade and with the help of indicator, you will be able to take up trade or down trade. This will increase your profit.
In the initial stage you will not have so many indicators and strategies. Some of the indicators and strategies will be locked. As you are winning trade after trade, strategies are getting unlocked. After that you will have plenty of strategies to use. So, make use of all those strategies for maximum profit.
In Olymp Trade, you will get tutorial videos along with each strategy you unlocked. So, it is easy to learn the strategy and use them correctly. If all strategy are used correctly, you can get maximum profit.
Some of the technical analysis tools like Indicators, and Oscillators are very powerful in trading. Under indicators you will find; Bollinger Bands, EMA, SMA, Parabolic etc. Most of the traders used Bollinger Bands for trade. And you will also find some more tools under Oscillators like; RSI, Stochastic, MACD, DeMarker etc.
If you know how to use all these indicators, oscillators and strategies, there is a maximum chances to win the trade and make profit.
If these are just a tool then what is strategy? Strategy is the method you used. After learning how all these technical tools works for you, you will combine them and make them work for you. That’s the strategy. Most of the technical strategy in Olymp Trade, you will get it ready made. Meaning, when you win a trade, automatically one strategy will be added for you. In that you don’t need to set anything, by default all is set. You just need to enable them, then automatically it will be applied to you. Now you can start trading, using that strategy. So, this is how all strategy work.
Hope, I have covered almost all the things from how to get start to how to use strategy for maximum profit in Olymp Trade. Now I know that you are motivated and so excited to start your trading in Olymp Trade. To get start, go to their official website Olymp Trade, and follow all the steps to create an account.
You can also watch tutorial videos on our YouTube channel. Learn how to use 5 Minute Scalping Strategy for Trade on this video:
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