If you are reading this, you probably want to become one of those awesome traders who already know how to earn money at Olymp Trade in India. Indeed, the Forex market offers you unlimited opportunities. On the flip side, a stroke of luck and an inspirational pinboard is not enough to achieve consistent gains.
Read on to know what steps you should take to become a high-performing trader with sustainable profits.
How to Make Money on Olymp Trade
Though a sure-fire recipe for success doesn’t exist, following some rules can put you ahead of the pack.
Traders from India and other countries may fail just because they “follow their dreams” while listening to their guts. That’s not the way it works. Dreaming is important, but it’s not enough. It should go hand in hand with commitment, concentration, and self-discipline.
Trading is very much like fitness. To get six-pack abs, you add healthy foods to your diet, cut out sugar, and do some crunches daily. Also, you need a coach to help you determine goals and develop a routine. This person also encourages you to keep working even if you don’t see fast results. The same logic applies to a career in trading.
Here’s what trading mentors would recommend if you asked them, “How can I make money on Olymp Trade in India?”
Don’t have a trading account yet? Go to the platform to create one.
Learn More About Money Management
In trading, money management refers to a set of tips that lets you minimize your losses and maximize your gains, thus sustaining faster growth of your capital over time. Below are four must-follow rules that will help you earn money in Olymp Trade in India or any other location.
- Calculate your risk per trade percentage
Normally, it should be no more than 2-3% of your entire account balance. This rule allows you to avoid losing the bulk of your capital due to a single losing trade. Besides, you always have funds for opening a new trade that may help you regain your losses.
- Wait for the right moment
Be patient and watchful. Wait until you understand where the price is headed, and then open a position. Haste often makes waste, so wait until the market conditions become favorable.
- Control your greed and fear
The combination of these powerful emotions often leads to poor decisions. For instance, beginner traders tend to hold onto losing positions longer than needed because of fear and greed. They may be afraid that as soon as they exit the position, the price trend will reverse. This hope, fueled by greed, can make it really difficult to realize that the asset won’t go up any time soon.
Everyone makes errors, especially at the beginning of their career. It’s essential to understand that even professional traders have their ups and downs, but they don’t give up. Instead, they used these mistakes to improve their strategy.
Note that when you read about how to make profits on Olymp Trade (or any other platform), you shouldn’t assume that it’s possible in 100% of cases. Making mistakes is a natural part of the learning process. Don’t let an occasional loss discourage you.
Master the Basics of Technical Analysis
As one of the cornerstones of successful trading, technical analysis helps you read charts to recognize profit-making opportunities. This knowledge lets you determine when it would be wise to open a Buy or Sell position.
Speaking about how to earn money from Olymp Trade, the platform provides many opportunities to learn and practice technical analysis. The Help section offers dozens of micro articles and brief tutorials about various chart indicators, trading strategies, and more. Olymp Trade’s market analysts and expert traders regularly go live on its official YouTube channel. Additionally, the broker’s social media and blog regularly publish comprehensive reviews on new strategies and tools.
Make the most of all the available resources to become a better chart reader. Soon, you will be able to do it at a glance.
Follow the News and Use Olymp Trader’s Insights
Reading chart patterns is a valuable skill. However, it should be reinforced with fundamental analysis for better precision.
Following significant economic news is necessary to understand an asset’s intrinsic value. For instance, a stock’s price may fall in response to a disappointing earnings report released by the company. Gold is likely to grow in times of rampant inflation. The value of some currencies correlates with the oil price, which is likely to go up ahead of OPEC’s decision to reduce production.
Naturally, it may be difficult for a newbie to understand the significance of various economic and political events. With this in mind, Olymp Trade’s experts publish special content helping you trade on the news.
These experts analyze the performance of big companies and make price forecasts based on this analysis. They highlight profit-making opportunities that arise during earning seasons. Additionally, these pros regularly contribute to the Insights feed, so you could save lots of time from reading financial news and trying to assess its impact on the market.
Take advantage of these resources if you want to make money on Olymp Trade.
Focus on the Assets You Like and Know
According to Warren Buffet, you should invest in what you know. We totally agree. The more familiar you are with an asset, the greater your chances of predicting its price dynamics correctly.
For instance, if you are interested in the energy sector, you may choose to trade on Brent or natural gas. If you are a fan of blockchain and a subscriber to many crypto-themed channels and podcasts, consider trading on Bitcoin or Ethereum. Of course, your preferred assets should agree with your risk tolerance, daily schedule, and other parameters.
On Olymp Trade, you can earn money by trading on:
- Currency pairs
- Commodities
- Indices
- Stocks
- Cryptocurrencies
What if you are not a specialist in any particular asset class or industry? Our advice would be to choose an asset you like and dig deeper into it. This leads us to one of the most important rules you should follow.
Keep Learning
Continual learning is essential both for beginners and pros. Take every opportunity to know more about the assets you trade, explore the advantages and limitations of various indicators, test different strategies, and test the platform’s toolkit. Study the market to assess the intrinsic value of a stock before opening a Buy or Sell trade.
Want to learn how to make profits on Olymp Trade but don’t know where to start? Go to the platform and click Help on the left sidebar.
We also recommend that you read books on trading psychology and time management to stay calm under pressure and maintain a healthy work-life balance. This knowledge will give you the upper hand during periods of market volatility when many traders lose control over their emotions.
How to Make Money on Olymp Trade in India: FAQ
— Can I earn money from Olymp Trade in India?
You absolutely can. Olymp Trade is a reliable broker that meets the industry’s standards and is a category A member of the International Financial Commission. However, remember that risk of loss is an inherent part of trading, meaning no reputable platform can guarantee you profits.
— How much money can I make on Olymp Trade? There’s no definite answer to this question. Your potential earnings depend on the size of your investment capital, your psychological profile and appetite for risk, trading conditions, and a dozen of other factors.
Please remember that large and quick rewards go hand in hand with increased risks. Therefore, you should never use the money you cannot afford to lose for trading.
— What is the best way to earn money from Olymp Trade in India?
Consistent learning, mastering the basics of technical and fundamental analysis, market research, and regular practice are the main components of an Olymp Trader’s success.
If you want some country-specific info, here’s a detailed article on how to use Olymp Trade in India.
Good luck!
