Basic tips when trading in Olymp Trade that beginners need to know

8 Basic tips when trading in Olymp Trade that beginners need to know
8 Basic tips when trading in Olymp Trade that beginners need to know

Fixed Time Trade and Forex is highly profitable, but it is not really a form of making money for the majority. There are even recent statistics that show that only 5% of people succeed in trading. So do you want to be one of those few when you first enter the market? If yes, do not ignore this article of basic trading tips for beginners in Olymp Trade. They are the passion that has been synthesized during my trading process over the years.

Trading tips #1 – Verify your account first

I have some pretty good advice, but if I could choose only one, this would be to verify your account first and then do whatever you want. Don’t rush into trading until it’s profitable and withdraw your money. Being forced to verify your account can be annoying and affect your experience. It’s not too complicated. You just need to keep the following things in mind.

  • Register an account with the owner’s email for convenient handling when problems occur.
  • Verify your account before making a deposit.
  • When withdrawing, the Olymp Trade platform will force you to verify your identity. You should do it in advance.
  • Deposit and withdraw with the method. For example, you deposit money into your account with a local bank. Then withdraw using that method. You deposit with an e-wallet, then withdraw to that one… This’s the anti-money laundering policy that every exchange platform must comply with.
  • After the verification is complete, you can trade and withdraw your profits quickly during the day.
Trading tips #1: Account verification
Trading tips #1: Account verification

Tips #2 – Consistency on the way to trading

I encourage new beginners to set a modest daily profit target. But it has to be sustainable and that returns will grow exponentially to build wealth once you’ve mastered it.

There are three factors here.

1) Modest returns: Don’t take big risks when trading.

2) Consistent profits: Following exactly one high win rate trading strategy.

3) Double profit: Let the profit accumulate in your account. And as it grows, increase the trading volume in proportion to your account size.

Consistency on the trading path
Consistency on the trading path

Tips #3 – Instead of playing Demo, open a real account with a small amount of money

Most brokers also offer demo accounts for customers who want to experiment. Many people have chosen and practiced with a demo account proficiently before using a real one. I assume that doing so will cause you to learn nothing.

Because the money in the demo account is actually virtual money, not yours. So when trading, you will not be under psychological pressure, more comfortable when entering orders. This can make you not anticipate everything that will happen when trading in a real way.

For that reason, you should deposit a small amount into a real account, to practice trading fluently. The image below is my account who makes a living with trading. You will too in a few years if you put in the effort.

Professional trader account in Olymp Trade
Professional trader account in Olymp Trade

Trading tips #4 – Don’t take risk management lightly

If you manage your capital well, you are a real trader. And if you don’t, you are just a true gambler. To not be a gambler, you need to avoid these 3 things.

  • Do not borrow money from friends and relatives to trade Fixed Time or Forex.
  • Do not all-in on 1 order to expect to make huge profits.
  • Don’t deposit more if you are in a losing position.

When trading, you can’t just depend on luck. You can win you but it won’t last. Therefore, you should learn how to manage capital closely and come up with a specific plan when trading.

Trading tips #4: Strict risk management
Trading tips #4: Strict risk management

No one knows in advance what will happen so chances are you will lose many times. But if you have money, you still have the opportunity to do it again, predict again. Therefore, you must calculate so that the amount of money you have will help you trade as many times as possible.

Tip #5 – Don’t bring emotions into trading

Traders are always carried away by emotions especially when they are losing money. This makes them give up, before truly discovering the “holy grail”. You need to practice getting rid of unnecessary emotions. Because during the trading process, things don’t always go the way you want. Especially the following 2 types of emotions will affect your thinking a lot, making it easy for you to make mistakes when trading.

Fear – failure in trading puts us in a state of fear. Find ways to face them and manage your capital tightly to gradually eliminate this emotion.

Greed – The opposite of fear. It will probably make you make more “aggressive” decisions. But the result of both of these fears is still a failure. And the failure of greed is a painful one, sometimes even regret. Because in the process of trading, if you know how to stop at the right point, instead of being greedy to earn more you have already earned a profit that is right for you.

Don’t bring emotions into trading

Find ways to let go of negative emotions when entering the market. To do so, you need to have a specific strategy and tighten capital management. Once you have established a solid strategy, stick to it and you will succeed.

Tip #6 – If you want to succeed, you must have the discipline

If you don’t have discipline in trading, I advise you not to get into Fixed Time Trade or Forex. Discipline and laziness will kill the dream of getting rich.

Personal discipline will help you know how to handle difficult situations. If things don’t go the way you want, learn to accept that, especially when you’re starting. So, if you establish personal discipline for yourself, you will know how to stay on the right track.

Tips #6: Discipline to succeed in trading
Tips #6: Discipline to succeed in trading

Tip #7 – Always find ways to improve learning

You can never know everything about the market. You will shoot yourself in the foot thinking you know it all and have a perfect trading strategy. Focus on continuously improving your strategy to adapt to any situation. This effort will give you a higher winning rate.

Don’t risk too much money in your account for one or two trades. That’s the quick route to burning your little one’s account. Less risk means more experience, making you better day by day.

Always looking for ways to improve the trading system in Olymp Trade

Tips #8 – Monitor your trading system

Write down your trading system whether on a Word document or an Excel sheet. Write down the rules, trading requirements, goals, and details of specific transactions.

You need to have a plan and follow it consistently. I believe that regularly confronting it will help you improve your trading system a lot.

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Basic tips when trading in Olymp Trade that beginners need to know
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