Renowned for its market trust and advanced modern features, the Olymp Trade platform is a favorite of retail traders who access various financial instruments as CFDs.
Trading this way has a high-risk level. The majority of traders don’t turn a profit. And their failure falls back to certain factors well-known among retail traders. They include a lack of a clear understanding of how financial markets work, trading without a strategy, taking on unnecessary risks, exiting winning trades prematurely, and closing losing trades late.
So, do Olymp Trade winning tips exist? Yes. Some of these tips we will share apply to other broker platforms, and some are specific to trading on Olymp Trade. Let’s get started:
But first, read how the Olymp Trade platform works.
TRICK 1: Trade with the demo as if you’re trading with real money
Subdue the temptation of quick winnings and fast profits. Don’t deposit real money until you have traded with the demo account and made money consistently. And so what can you do on the demo account?
- Learn about trading strategies, both technical and fundamental. Apply them when trading on the demo.
- Olymp Trade’s demo account comes with a balance of Đ10,000. Unless traders will deposit $10,000 in real money, it’s recommended to use an amount that reflects your first deposit.
- Practice risk management strategies on the demo account.
- Try out different financial instruments to find your niche. Available financial instruments and assets include currencies, stocks, indices, metals, commodities, cryptocurrencies, and ETFs.
TRICK 2: Take advantage of insights, particularly when trading stocks
Olymp Trade provides insights aggregated by their analysts. Many simply choose to ignore such analysis reports, but they are powerful. What’s more, they give you actionable information devoid of unnecessary details, meaning you’ll save time.
The most actionable reports are featured on the menu bar, as feed-like stories on Facebook or Instagram. Get started with insights by accessing the platform through the login page.
TRICK 3: Be careful with fixed time trades
Scouring internet circles and Olymp Trade forums, there’s a consistent trend of traders expressing their reservations about fixed-time trades. In the past, fixed-time trades were restricted to 1 minute, but now you can customize the duration. This may help you stay in trades for longer, something that was previously missing.
The advantage of staying in a trade for a long time applies when you hit a winning streak and want to maintain it. Short-term trades are also detrimental to your capital because of the need to open positions with a larger account balance to cover costs and turn a profit, bringing additional risk to the trader’s capital.
TRICK 4: About Olymp Trading Signals
Trading signals are derived automatically by the platform based on technical analysis algorithms. They are offered to traders to help them derive accurate forecasts and make trades at the right time.
You can enable trading signals from the menu on your Olymp Trade account. But note that these are not definite instructions on how to trade but general recommendations that should be paired with additional market analysis.
TRICK 5: Try out the advisors
In the market section, you’ll find some advisors that you can use to automate your analysis based on a predefined strategy built into the advisor.
Traders receive alerts when the advisor discovers opportunities. The recommendations are more detailed, and the trading signals are refined. You also get the ability to set guidelines that the advisor follows. Can Olymp Trade trading signals be trusted? Well, it is not a scam.
TRICK 6: Minimize risk with the trailing stop loss tool
The trailing stop loss tool is much more efficient when it comes to managing risk on open trades. Olymp Trade has been gradually rolling the tool out to traders, and now you can access it at the eighth step of the Trader’s Way. So how does it work?
In essence, it’s a stop-loss order that moves with the asset price. Regular stop-loss orders remain fixed, and this poses issues such as earning profits only to lose them. It may also mean that you can leave trades open and still be protected against sharp market movements.
TRICK 7: Learn about indicators, and chart-types offered by Olymp Trade
You will access the following types of indicators when trading on the Olymp Trade platform:
a) Trend indicators
Trend indicators available on Olymp Trade include:
Primarily, they indicate market direction. The simple moving average (SMA), for instance, can reveal the possibility of reversals or trend continuation.
Parabolic indicators available on the platform include:
- Bollinger Bands;
- Donchian Channel;
- Ichimoku Cloud;
They are particularly useful when determining reversals and establishing trend direction. Donchian Channels, for instance, work well as breakout trading strategies. The alligator indicator may tell you when the market is trending or choppy.
Oscillator indicators available on Olymp Trade include.
- Bulls power & Bears power;
- Williams %R;
- Rate Of Change;
- Gator, Awesome Oscillator;
- Detrended Price Oscillator;
- Average Directional Index.
Oscillators reveal the present state of the market and the distribution of the sellers and buyers. The stochastic indicator indicates whether the market is oversold or overbought. It’s one of the most used oscillators.
With the DeMarker indicator, you can know when to enter the market, and it reveals the demand for the particular financial instrument you’re trading.
d) Drawing Tools
Drawing tools on the platform include:
- Horizontal line;
- Vertical line;
- Trend line;
- Fibonacci levels;
- Fibonacci fan.
Using drawing tools, traders can gain insights into the direction of the market. Fibonacci retracement levels help traders identify resistance levels, stop-loss orders, and support levels.
When trading on Olymp Trade, you certainly don’t have a shortage of indicators and charting tools. Generally, avoid overcrowding your chart when trading. It may be more useful to pick one trend indicator, oscillator, and parabolic to be featured on your chart.
TRICK 7: Avoid the volatility surrounding news releases
Throughout the year, there are various economic news releases from government institutions and central banks. For instance, the Total Nonfarm Payroll Employment, an economic news release by the US Bureau of Labor Statistics, reveals the US unemployment rate. The release spurs volatility on the US dollar.
On Olymp Trade, you can check the insights sections for upcoming announcements from companies or government reports. You can also use the economic calendar to see the analyst predictions and see actual reports.
TRICK 8: Analyzing past trades
How is analyzing past trades one of Olymp Trade winning tricks? Well, it’s a powerful way to identify mistakes that may have led to losing trades. It’s also a means to determine what worked and how you could have increased your profit on winning trades.
Analyzing your past trades on the Olymp Trade Platform is quite easy. From the menu, just select Trades. You can view vital information such as the commission, opening quote, closing quote, and the stop loss.
TRICK 9: Advanced trading strategies and trading plan
A trading strategy is an organized approach towards trading different financial instruments. There are various successful trading strategies that traders have used on Olymp Trade, including price action, breakout trading, scalping, position, and swing trading.
One Olymp Trade winning trick is to access their advanced trading strategies. The strategies are not available for beginners. However, with a minimum $500 deposit, you get to unlock the advance status. If you don’t have that much to invest, just complete the Trader’s way and earn your advanced status.
When it comes to Olymp Trade winning tricks, it’s essential to stay true to the established norms of making money while trading. They include developing a thorough knowledge of the financial markets, practicing strategies, minimizing risk to your trading capital, and strengthening your trading physiology.