Use these Olymp Trade tips to make the most of the platform.Learn how to use Olymp Trade’s toolkit to gain a competitive advantage in trading.
Behind every successful Olymp Trader, there is a lot of unseen work, learning, and commitment. Besides, you should know some life hacks to get the best of the platform’s toolkit and third-party resources.
In this article, we showcase 7 Olymp Trade tips any aspiring trader should consider. There are no magic formulas or silver bullet solutions. The goal is to explain how to use Olymp Trade in the best way possible.
- Determine Your Risk Tolerance
Before you start trading, it’s essential to measure the level of your risk tolerance. The term refers to the amount of risk you are ready to take without endangering the financial health of your household and suffering intense emotional discomfort.
Your risk tolerance may depend on your age, psychological profile, trading experience, and other factors. It also depends on the size of your risk capital (i.e., the amount of money you can painlessly lose). Analyze all these factors to outline your trading rules.
These rules will help you stay in the game (or leave it) when it makes sense and not when your “lizard brain” is excited or depressed. Knowing their limits lets traders control their emotions, the worst financial advisors ever.
Smart money management allows you to curb the risks of losing money but not to avoid them altogether. So, if you lack trading experience or are not yet familiar with the Olymp Trade platform, practice on a demo account before putting real money into action.
On Olymp Trade, your demo account is funded with virtual $10K. Feel free to use these funds to explore the platform’s tools, sharpen your skills, and safely experience the thrills of trading. Try different chart settings. Play with the leverage instrument to get aware of its pros and cons. Develop and fine-tune your trading style. Put your theories to the test. Get an idea of how markets behave and how your mind reacts to price swings.
As you see, a demo account is an amazing invention. The only problem is that you cannot earn anything using it. So, get switched to the real thing as soon as you feel confident.
- Create a Trading Plan and Stick to It
A trading plan guides your decision-making. It’s like a business plan for a company, and we suggest every Olymp Trader has one. In the list of our Olymp Trade tricks, this one goes third for a reason.
Newbies often think a plan is synonymous with a trading strategy, but there’s an important difference between the two. A plan is much bigger than just a strategy, as it covers all your trading activities. These include record-keeping, goal-setting, market research, money management, and so on. Your plan is a multi-tool that helps you reach consistent profitability in the highly competitive Forex market.
A good trading plan is an answer to many issues. It allows traders to make better decisions, learn from mistakes, keep emotions under control, and identify the areas needing improvement. Like any roadmap, your plan needs to be reviewed and updated from time to time.
- Keep an Eye on Economic Calendars
An economic calendar is a must-have tool if you are not a big fan of flying blind. It highlights major events that may have an impact on the movements of different currency pairs, commodities, stocks, and other assets. Among the most significant volatility drivers are central banks’ decisions on monetary policy and interest rates, earnings reports of big companies, OPEC meetings, GDP (Gross Domestic Product) and CPI (Consumer Price Index) releases, inflation and employment data, etc.
It doesn’t matter what time frame you trade across. Start your day by looking at the macroeconomic picture. It will help you predict possible price changes and capitalize on them. Opt for a calendar that explains the significance of each event, with bullish and bearish scenarios.
- Benefit from Olymp Trade’s Tools
Speaking of Olymp Trade tricks, the platform itself provides its clients with a set of cutting-edge trading tools and additional perks (increased profitability in FTT mode, private consultations with the company’s analyst, trading webinars, and tutorials).
The availability of these perks may depend on how far you have got on Trader’s Way. But, no matter what your current status is, make sure to benefit from everything it grants. Start with exploring the left side-bar on the platform.
There might be something good that you have missed. Also, remember to check the More tab: it contains a lot of useful info that might be super helpful. If you have any gaps to fill, go straight to the Help Center. It stores tons of constantly updated trading wisdom.
You can also take advantage of the Olymp Trade signals and trading advisers. Read more about these tools in the article.
- Keep Records & Analyze Your Results
If you want to succeed, you need a journal. Period.
Keep a record of every trade you make, no matter your time frame or mode. It’s a good idea to add comments explaining your choice of asset and other details like entry and exit points. You may also mention the amount you made or lost and give your ideas about what went right or wrong. Your future self will be grateful for this data.
This activity may sound a bit boring and old-fashioned, but record-keeping is one of the best self-analysis tools. If you are honest with your journal, it will help you identify your strong and weak points and improve your trading plan accordingly. You will see what market conditions make you shine as a trader, and when you are likely to behave unreasonably and lose money.
It’s always good to study history, and this rule is doubly true for trading. Record-keeping is eye-opening. It may be a big step towards turning your Olymp Trade account into a profit-generating machine.
By the way, you don’t need to rely on the good old pen-and-paper method. There are online trading journals like Edgewonk that come with useful add-ons. The price depends on your plan, so explore all the options carefully before subscribing.
- Explore Trading Strategies
A trading strategy is an important instrument that lets you determine when to buy or sell an asset. Therefore, we recommend you study and test different strategies to see which of them works best with your trading plan.
Olymp Trade equips you with over 10 various strategies, depending on your status. They may have fancy names like Millenium, Mountain Stream, Crocodile Dundee, or Peacock, but there’s serious math behind each strategy. To see the complete list, go to the platform.
What to choose? It depends on the trading method you prefer — for instance, some strategies are tailored for scalpers, and others for trend traders. In turn, your approach depends on the risk-reward ratio you are ok with.
Besides, it’s essential to be comfortable with your strategy. So, test several of them to find the one (or the ones).
Let’s Recap
Hopefully, you are already actively using some of the Olymp Trade tricks our article highlights. If not, don’t be discouraged. Trading is never-ending learning. You learn to control your temper, deal with loss and success, analyze the market and stay updated on all the latest developments.
Making your money work takes some time and effort. Luckily, Olymp Trade does a lot to help you here.
