Are you looking for a way to earn money online but not sure where to start? The Olymp Trade Platform is the answer to that! With its user-friendly interface and variety of trading options, the Olymp Trade Platform has become a popular choice for individuals looking to enter the world of online trading.
In this blog post, we’ll explore the various ways you can earn money on the Olymp Trade Platform and provide you with tips and techniques for successful trading. Whether you’re a beginner or an experienced trader, this post will help you understand the platform’s basics and the different trading methods available.
Making money online can be daunting, especially when it comes to trading. That’s why we’ve created this comprehensive guide to help you make informed decisions and avoid common pitfalls. So, if you’re ready to take your first steps into the world of online trading and start earning money on the Olymp Trade Platform, let’s dive in!
Overview of the Olymp Trade Platform: Understanding the Basics
With the Olymp Trade Platform, traders can speculate on the price movements of various stocks, commodities, currency pairs, indices, and cryptocurrencies. The platform enables traders to make binary options trades, predicting whether the price of a particular asset will rise or fall.
Traders can select the up or down arrow to indicate their prediction. In addition to binary options trading, the Olymp Trade Platform allows traders to set trade durations ranging from one minute to twenty-four hours.
Traders can view the potential profit percentage of a specific asset before entering a trade. While making the correct prediction can lead to easy money, there is also the possibility of losing in just one minute, making trading on the Olymp Trade Platform an exciting venture.
Features of the Olymp Trade Platform
With its focus on meeting the needs of its users, Olymp Trade Platform is a unique online trading platform that caters to both experienced and novice traders. Olymp Trade Platform stands out from other trading platforms in terms of its features and services.
Among the standout features of the Olymp Trade Platform are:
- Free signup– Unlike other trading platforms, Olymp Trade offers free registration to all new customers.
- Olymp Trade offers a demo account to its traders, allowing them to practice with virtual money before investing real money. The demo account comes with 10,000 demo coins for traders to experiment with and hone their skills.
- With a minimum deposit of just $10 and a minimum trade size of $1, Olymp Trade makes it easy for new traders to enter the world of trading without a large financial commitment.
- Olymp Trade provides its users with a wide variety of assets to choose from, including currency pairs, equities, indices, and cryptocurrencies, giving traders the freedom to invest in the assets they are most comfortable with.
- To help new traders learn and explore trading strategies, Olymp Trade provides access to 56 webinars and 20 tactics and lessons. VIP users can also take advantage of personal training sessions.
- Deposits and withdrawals on Olymp Trade are quick and simple, with a variety of payment methods accepted. Withdrawals are typically processed within 1 to 3 days.
- Olymp Trade’s assets offer traders a high-profit percentage, with basic users able to earn up to 82% profit and VIP users up to 90% profit. This means that traders can potentially earn significant profits on their investments.
- The Olymp trade mobile application is user-friendly and can be downloaded for free on any mobile device.
- Olymp Trade is a safe and secure trading platform with certification from FinaCom PLC and a reputation for being a legitimate and legal trading platform.
Creating an Account on the Olymp Trade Platform
Olymp Trade makes opening a Forex trading account a hassle-free process without the need for complex procedures. Additionally, creating a free demo account and completing account verification is a simple and straightforward process.
This section will provide you with a step-by-step guide on how to open a trading account on Olymp Trade.
Registration
To begin the registration process on Olymp Trade, go to Olymp trade web and locate the Registration button in the top right corner of the screen. Click on the button to expand it, then enter your email address and password. Finally, click “Register” to complete the process.
In addition to email registration, you can also sign up for a new account on Olymp Trade for PC using your Facebook, Apple, or Google account. Simply click on the corresponding logo below the Register button.
Once you have completed the initial registration process, the screen will redirect you to a brief training exercise which includes:
- The price chart selected equity on your Forex trading account
- How forecasting works and its features
- Fixed time trades
- Setting an investment amount for trade
- Setting a timeframe
- Choosing a price movement
Validation
Once you have completed the registration and tutorial, it is important to validate your Olymp Trade account via email and/or phone number. Simply click on the validation buttons to complete the process.
Account Verification and Payment Method
As a financial service provider, Olymp Trade is required by regulators to verify the identity of its clients. This process ensures that traders are of legal age, are the rightful owners of their accounts, and that their funds have been obtained legally.
To pass Olymp Trade’s verification process, traders must provide official identification, a method of funding their account, and information on the source of their funds.
Rest assured that any personal data provided is protected from unauthorized use and is only required to comply with the platform’s and its clients’ financial security requirements.
The verification process varies depending on the trader’s country of residence and the local legislation in place.
Deposit
After completing the verification process, you can begin investing and trading on Olymp Trade using real funds. The platform offers a variety of deposit methods, such as debit and credit cards, bank transfers, and electronic payment systems.
Start Trading
Once your funds have been deposited, they will automatically be added to your Olymp Trade account. You can then start trading directly from the platform using your investment. Any profits or losses from trading will be automatically added to your trading balance, and you are free to withdraw your funds at any time.
Different Methods of Earning Money at the Olymp Trade Platform
#1. Olymp Trade Platform Fixed Time Strategy
Fixed-time trading, or FTT, involves trading assets within a specific time frame. Traders must predict whether the asset price will rise or fall within that period, based on whether the market is bullish or bearish.
Here are some points for FTT that you should know before starting:
Time Range
When setting up an FTT trade on Olymp Trade, traders must choose a specific trading time, with a minimum duration of 1 minute and a maximum of 23 hours. The trade will automatically close at the specified time.
Chart Timing
By selecting the Japanese candlestick chart on Olymp Trade, traders can choose from a variety of timing options ranging from 15 seconds to 1 month. Each candle expiry will correspond to the selected time frame.
Chart Preference
For beginners, it is recommended to use Japanese candlesticks or Heikin Ashi candlesticks as they provide a clearer understanding of the chart.
When it comes to choosing a platform for FTT trading, Olymp Trade is the clear choice for beginners. With a minimum deposit of $10, traders can trade on various assets and access a wealth of trading ideas, indicators, and knowledge hubs in one window.
Olymp Trade supports all platform devices, including Olymp Trade iOS, Olymp Trade Android, and web browsers.
#2. Olymp Trade Platform Forex Trading
By selecting the Stocks Mode on Olymp Trade, traders have the opportunity to profit from stock trades and make money on the stock market. The platform currently offers over a hundred different stocks from around the world to choose from. Stocks include real giants blue chip companies such as:
- Meta (Facebook)
- BMW
- Starbucks
- Others
The Stocks Mode on Olymp Trade provides an extensive list of stocks not available in other modes on the platform, such as Forex and Fixed Time Trading modes, which also allow for stock trading.
With billions of dollars in market cap, trading stocks in Stocks Mode offers a unique opportunity for traders to diversify their portfolios and potentially earn significant profits.
#3. Investing in the Olymp Trade Platform
For those who are new to investing, Olymp Trade is an ideal platform to get started. With a low minimum deposit and access to a demo account, beginners can benefit from the platform’s user-friendly features.
Investing in the Olymp Trade Platform allows you to store your money and wait for long-term profits.
Advanced Techniques for Earning Money on the Olymp Trade Platform
#1. Trading at Olymp Trade Platform Using Strategies
Advanced techniques such as trading strategies can be highly beneficial to increase potential earnings on the Olymp Trade platform.
Scalping
Scalping is a popular strategy you can use at the Olymp Trade Platform that involves making multiple trades within a short period, typically a few minutes or less.
This strategy requires quick reflexes and an in-depth understanding of the market, making it best suited for experienced traders who can take advantage of small price fluctuations to generate profits.
Swing Trading
Swing trading, in contrast, involves holding a position for a longer period, typically a few days to a few weeks. You can use this strategy at Olymp Trade Platform as it aims to capture short-term price movements while minimizing exposure to market volatility.
Swing trading is ideal for traders who prefer a more relaxed approach to trading and have a medium to long-term investment horizon.
Trend Trading
Trend trading is a strategy that relies on identifying and following trends in the market. Traders using this strategy look for patterns in price movements and try to ride the trend to generate profits.
This strategy can be very effective in Olymp Trade Platform markets with clear trends, but it requires patience and discipline to wait for the right opportunity to enter and exit a position.
Position Trading
At Olymp Trade Platform, you can do position trading. It is a long-term strategy that involves holding a position for an extended period, often months or years. Position traders focus on macroeconomic trends and fundamental analysis to identify undervalued assets and invest in them for the long term.
This strategy requires a deep understanding of the market and the ability to identify long-term trends, making it suitable for experienced traders with long-term investment horizons.
#2. Technical Analysis
Technical analysis is a research technique used to analyze past price movement data and forecast future price movements. It focuses on identifying trading opportunities based on the actions of market participants.
Market participants’ actions can be analyzed through technical charts, indicators, and patterns. These tools help traders understand market trends and make informed trading decisions.
Technical charts contain chart patterns that convey a specific message. Traders need to identify these patterns and make appropriate trading decisions based on them. This includes deciding when to enter or exit a trade and where to place stop-loss orders to limit potential losses.
Popular Technical Indicators That Can Help You Trade in Olymp Trade Platform
Indicators are tools used in technical analysis that provide traders with insight into potential prices based on historical prices from a specific period.
Each indicator is based on a unique formula that performs calculations by converting a dataset into lines, charts, and other graphical elements. These are then overlaid on or next to price charts to help traders make informed trading decisions.
Now, let’s take a look at the best three technical indicators for trading.
Simple Moving Average
A simple moving average (SMA) is a trend indicator that helps traders to identify when a trend begins and ends. This indicator can help traders determine whether an asset’s price will increase or decrease.
SMA is calculated using the average price of an asset over a selected period, making it one of the most straightforward moving average indicators.
Exponential Moving Average
The exponential moving average (EMA) is another indicator that helps to identify the trend and reversal point of an asset’s price. It is similar to SMA but assigns more weight to recent prices rather than giving equal weight to all prices. By doing this, it provides a more precise reading of the market.
MACD (Moving Average Convergence Divergence)
Moving average convergence divergence (MACD) is an oscillator and trend indicator that helps traders identify the direction of a trend, locate price reversal points, and identify sideways trading.
The MACD indicator has three key components: the MACD line, the signal line, and the histogram. The MACD and signal lines act as trend indicators, while the histogram can be viewed as an oscillator.
#3. Fundamental Analysis
To succeed in trading, it is essential to have a good understanding of economic factors that affect the market. This involves staying up to date with market news and learning how to trade on economic events.
Traders can also apply various types of fundamental analysis to gain insights into what makes trading instrument prices go up and down. By educating themselves on these topics, traders can make more informed trading decisions.
Fundamental analysis is a method used by traders and investors to predict the value of various assets, such as shares of companies, cryptocurrencies, raw materials, or currencies.
Unlike technical analysis, which focuses on price trends and patterns, fundamental analysis looks at external and internal global factors that directly impact the value of assets.
These factors may include macroeconomic indicators, such as interest rates, inflation, and unemployment, as well as company-specific factors, such as financial statements, earnings reports, and industry trends.
By analyzing these factors, traders can gain a deeper understanding of the underlying value of an asset and make more informed trading decisions.
What are the other inquiries that the fundamental analysis training material covers?
- In what way can fundamental analysis be utilized for forecasting changes in the value of assets?
- Besides company earnings reports and inflation data, what other factors should be monitored closely in fundamental analysis?
- Which is more effective between technical and fundamental analysis (hint: both)?
Tips for Successful Trading on the Olymp Trade Platform
Creating a plan for your online trading endeavors is essential, as it will establish your goals and provide a roadmap for your trading activities.
By having a clear trading plan in place, you can avoid unfavorable outcomes and remain focused on achieving your objectives. Developing a trading plan entails a comprehensive analysis of several factors.
However, creating an effective trading plan involves more than just analyzing data. This guide covers the ten crucial steps that every trading plan must include.
Understand the Market Before You Start Trading in the Olymp Trade Platform
In order to create a solid trading plan, it is essential to have a thorough understanding of the financial market you are going to trade in. Having a strong foundation of knowledge will enable you to confidently navigate a vast amount of information and make informed trading decisions.
Regardless of the financial instruments you choose to trade, such as forex, indices, or commodities – there are three main points any day trader must turn their focus on:
- market terminology
- unique traits of the market
- factors influencing price movements
Each market has its own unique traits, and factors that influence price movements will vary. For instance, in forex, economic reports from the home countries of traded currency pairs heavily influence prices, while the prices of commodities are highly dependent on supply and demand.
It is important to understand what exactly influences each market to identify trading opportunities presented by specific events.
For instance, forex will experience significant swings after the release of economic reports, particularly reports from the US, Eurozone, or Japan. Similarly, commodities will see a lot of movement after the announcement of shortages in supply.
Determine Market Conditions
When it comes to evaluating market conditions, the first step is to identify strong trading signals that indicate trading opportunities. To achieve this, traders need to analyze the selected market carefully.
There are two primary methods to analyze the market- technical analysis and fundamental analysis. Technical analysis is based on past price movements of an instrument, while fundamental analysis examines economic and financial factors that may influence the markets in the future.
Analyzing financial markets can appear complex and intimidating at first. However, beginners can start with a basic approach and gradually advance as they better understand how financial markets work.
News trading, identifying support and resistance levels, and understanding basic chart patterns may be the ideal place to start for new traders. Advanced traders can analyze complex economic reports and technical indicators to find trading signals.
Before relying on any analysis process, traders should clearly understand it, regardless of their experience level.
It’s worth noting that neither fundamental nor technical analysis can guarantee trading success. Market analysis can only indicate potential price movements and help traders determine their entry point.
Know Where to Enter the Market
The entry point is the price level at which a trader chooses to open a trade. Before making a decision, traders need to perform market analysis and determine whether the available signals are strong enough.
It’s crucial to wait for a strong signal to avoid unfavorable outcomes. In case the market is not showing a strong signal, traders may want to hold off until a more favorable opportunity arises.
Sometimes the market may show a strong signal, but the desired entry point is not available. In such situations, traders can set up pending orders that will execute the trade once the price reaches the specified level. Pending orders help to manage risk and ensure that trades are made according to the predetermined plan.
Assess Your Risk Appetite
New traders often have a strong dislike of risk, leading them to focus excessively on losses or refuse to close losing positions. Successful traders understand that every trade carries a risk.
Therefore, setting an appropriate risk level before starting to trade and sticking to it is one of the most important steps in creating a day trading strategy. A wise trader will not risk more than they can afford to lose.
The amount of capital you can risk per trade depends on your total trading account size and experience. Many traders use a risk level of 1-3% as a control point, while beginners typically start with 1% to become comfortable with the idea.
For instance, if you have a starting capital of USD 10,000, a good starting point could be setting your risk limit to 1% or USD 100 per trade.
Strings of wins and losses are not uncommon. However, experiencing a good day or incorrect predictions should not alter your pre-determined risk level.
Understand Your Risk/Reward Ratio
Establishing a balance between potential losses and gains is what the risk/reward ratio is all about. Once you have set your risk level, the next step is to determine the desirable reward level.
Traders often prefer a 1:3 risk/reward ratio, which means not expecting more than three points of return for every point of risk.
For instance, if you have a trading capital of USD 10,000 and a risk level of 1% (USD 100), your target return should not exceed USD 300. However, beginners may opt for a lower reward level and set their risk/reward ratio to 1:1, which means a target return of USD 100 for every USD 100 of risk.
Keep in mind that the reward goal depends on the market and instrument you are trading. It would be unrealistic to expect a 300-point price move from a market with an average range of 100 points.
Control Your Trading Capital
Traders have no control over the price movements in any trading market, but they can control the impact of these movements on their trading accounts by using risk management tools.
Stop loss and take profit are two such tools that can help keep the risk/reward ratio in check and avoid unpredictable outcomes.
Conventionally, every trade you place has only three possible results:
- When the market moves in your direction = you earn a profit.
- If the market moves against you = you incur a loss.
- When the market trades in a sideways direction = there is no gain or loss.
Take profit and stop loss are risk management tools that provide traders with control over their trading accounts. Take profit is used to lock in gains from successful trades, while stop loss is used to limit losses if the market moves against the trader.
For a trading account with a 1:3 risk/reward ratio, the stop loss can be set to USD 100 and the take profit to USD 300. Trading platforms usually indicate potential profit and loss as traders set their take profit and stop loss levels.
Following the predetermined risk level is crucial, and not changing it for already running trades. Traders who have adjusted stop-loss orders lower and lower on a losing trade have hit the point of ruin, while those who adjusted take-profit orders higher and higher have seen their profits vanish as a trade quickly reverses against them.
In some cases, the instrument being traded moves sideways for an extended period without bringing the desirable gain and not triggering the stop loss. In such situations, traders often prefer to exit the trade manually, re-evaluate their trading plan and wait for a stronger trading signal.
Document Your Trading Plan
It is essential to document your day trading plan so that you can easily review and re-evaluate it. Going through each step of the plan and checking if the information is still relevant is an easy way to assess its effectiveness.
Any trading plan can incorporate the following steps, among others:
- Conducting a review of the previous trading session
- Analyzing existing trading opportunities
- Establishing a clear entry point for trades
- Establishing a level of risk per trade that you are comfortable with
- Setting clear stop loss and take profit levels for each trade.
Personalizing your trading plan is crucial because it should align with your specific trading goals. Whether you use a pre-existing plan or create your own, documenting it will help you stay focused on your trading strategies.
Put Your Plan to the Test
It is crucial to practice your trading plan as much as you document it. Utilizing a demo account of your trading platform enables you to test your plan in a simulated real-world market environment without any risk.
Practicing trading on a demo account can reveal flaws in your trading plan and permit you to make adjustments where necessary. To get an accurate assessment of your trading plan, it is essential to follow your plan and execute each step as if you were trading in a live environment.
When using a demo account, it is critical to place trades only if your plan signals it, respect all stop-loss and take-profit levels, and make adjustments or corrections only after the end of a trading day, not during it.
Many beginners fail to treat their demo account with the same discipline and mindset they would have for their live account with real money. Consequently, when the same trading strategy is applied to a live trading account, the results will differ significantly compared to the demo account.
Besides, not adhering to the predetermined actions makes it much harder to review and analyze your trading session later. To prepare yourself for transitioning from a demo account to a live account, it is essential to stick to your trading plan.
Remove Emotions From the Equation
One of the reasons why traders fail to achieve their desired outcome is because of the uncontrolled emotions that make them deviate from their trading plan.
It is important to eliminate any distractions or outside influences when trading to maintain a clear focus and a better trading experience. Experienced traders use different methods to eliminate emotions in their daily trading activities and stick to the structure and discipline provided by their trading plan.
They may have a daily ritual or a short checklist related to their trading plan or perform physical exercises to clear their minds and improve their focus.
It doesn’t matter what method they use as long as it helps them achieve their main goal – to develop a process that allows them to execute each step of their trading plan without deviation. As you continue practicing, this process will become second nature.
Find Out What Type of Trader You Are
After executing your trading strategy several times, you will notice that certain trades are more successful than others. This realization prompts you to uncover your unique trading personality.
Recognizing your trading personality can significantly improve your trading experience and results. Some traders are more suited for frequent, short-term trading, while others perform better using a slower, long-term approach.
Identifying the trading style that aligns with your personality is as important as knowing the character of the market you choose to trade on. Several online assessments, books, and articles on trading psychology and behavioral finance can aid in discovering your trading personality.
Understanding yourself and how your personality influences your trading psychology and strategy is crucial.
Reap Your Earnings at Olymp Trade Platform
Olymp Trade Platform offers a variety of ways to earn money online, from fixed-time trades to forex trading and investment programs. By understanding the basics of the platform and utilizing advanced trading techniques, you can increase your potential earnings and minimize your risk.
Remember to always practice proper risk management and emotional control when trading on the Olymp Trade Platform. Continuously learn and improve your trading skills by utilizing the available resources, such as technical and fundamental analysis, and exploring different trading strategies.
Don’t be afraid to start trading and take action toward achieving your financial goals. With dedication and discipline, you can succeed in online trading. Happy trading!
