In trading, there’s many products for you to choose: Stock index, company stock, coin, currency pair, and commodity index. Statistics shows that 92% traders choose pairs of currency as main trading products. Maybe these currency pairs such as EUR/USD, GBP/JPY, etc. have good pay-out ratio. The fact that wide variety of currency product allows traders to have more choice is maybe also a reason.
Today, Olymp Trade Club will show you how to choose a safe pair of currency for trading in Olymp Trade.
Which pair of currency is the safest in Olymp Trade
Most of currency pairs’ movement is under the influence of news. Everytime there’s news in the market, price only moves in a certain trend. Therefore the first step to choose the safest pair is to avoid all the news when you are trading.
Example: You are Vietnamese (GMT+7). So if you trade in the morning, you timezone will be the same with Asean market’s timezone. If you trade in the afternoon, your timezone will be the same with Euro market and nighttime is the time zone that America market is active.
Active time of each market is also the time that news about these markets appear. For example: News about JYP and AUD are often released in the morning, news about EUR and GBP are often released in the afternoon, and news about CAD and USD are often released at the late night and early in the morning.
Avoiding news means that you choose the pair of currency which has no news in your trading time. You can trade EUR/USD or GBP/USD in the morning (avoid JPY, AUD). In the afternoon, you can choose USD/JPY (avoid EUR and GBP). In the evening you choose EUR/JPY (avoid USD, CAD). By this way, the pair of currency you choose will not be affected by news and price will move in a stable zone. Therefore, the indicators will work efficiently and give you the accurate estimation. Then your Olymp Trade account will be safe for trading.
Another question is: Trading many currency pair is better or trading one currency pair is better?
One pair of currency is just enough and recommendable in Olymp Trade
This is the advice of most experience traders. Just stick to one pair only, the one that is suitable with you. The best pair for you is EUR/USD.
Understand what you are up to
With one pair only, you know what you should do. As mentioned, if you choose EUR/USD, you should only trade in the morning. If you can do this for a long time, you will make yourself a habit to feel and analyse this pair of currency.
Focus on one thing, you have more chance to win. Even in trading and in life, this is also a must-remember thing.
Avoid trading too much
Most of traders get loss in long term because they trade too much. Every time you put your Fixed Time Trade, you face high risk. Therefore, the less you trade, the more money you can make. With one pair of money and your own strategy, you can control your trade and avoid trading too much.
Help you keep calm when trading Olymp Trade
If you trade only one pair of currency, you can concentrate more on observing and analyzing market. Too much analysis make you confused if you are a newbie. You can be easily fall into trading and put a lot of risky Fixed Time Trade, which result in continuous loss.
Stick to one pair of currency
The advice for you is that you should choose and stick to a market, concentrate on trading in that market day to day. Trading Fixed Time Trade has wide variety product, it makes newbie confused and unable to analyse the market.
With one pair of currency, you never see many point that suitable for buying Fixed Time Trade. You have to wait for the right time. This is a game of patience. Only patience can help you win this game and earn money in Olymp Trade.
Remember our advice and choose for yourself the best pair for trading. This is the best way to keep your account safe.
Wish you success!
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