Log and journal everything you do when you are trading. By carefully tracking your successes and failures, you give yourself a reference point by which to make future decisions. If you do not have a personal log of your experiences, you will be taking positions blindly and experience more losses.
To do well in Olymp Trade trading, do not add anything to a position that is current losing. It is impossible to predict when a currency pair will rise or fall and even educated guesses can lead you astray. Allowing a position that is in the red to remain can be justified, but adding to it is not.
It is very important that you do what you understand when you are trading Olymp Trade. If you do not understand why you are making an investment, you should not make that investment. If you rely on intelligence and knowledge for all of your investments, you will have a better chance of getting a good payout.
No matter how long you have been trading, stick to the rules you set up in the beginning. Doing well in the market is not an excuse to start fudging the rules you set for your Olymp Trade no deposit bonus trading plan. It's the time to adhere to them more than ever. You may need to tweak your plan, but make sure it's a reasonable tweak based on your strategies.
Before committing to an investment one should have previously studied the expectations for that investments growth or decline. By researching when to buy and when to sell one can better their returns. By buying when the investment is not doing good but expected to start doing better in the future one can get in at a lower price and get out with a profit.
To prevent investing more than you intended or can afford, set a budget or limitation for your Olymp Trade spending. While you do not have to worry about fees, the temptation to invest more than your means allow may be strong, so a clear-cut budget will enable you to reach your goals while respecting your limits.
Before you deposit any money, make sure that your Olymp Trade brokers offers the currency pairs that you would like to trade. The major pairs are USD/CHF, EUR/USD, GBP/USD and USD/JPY. Nearly all Olymp Trade brokers offer these pairs, however, if your want to trade a different currency pair, you need to check that your Olymp Trade broker offers it first.
To avoid making mistakes, you need to understand the difference between spot rates and forward rates. A spot rate represent the current value of a currency, and can go up or down several times within a couple of hours. Pay close attention to the general trends of a spot rate to predict a trend.
As noted, Olymp Trade is an exciting game in which it is possible to make a lot of money. You have to know what you are doing so you have the best chance of success. Use the easy advice in this article so that you can learn to trade Olymp Trade like an expert.