In addition to options trading, Forex at Olymp Trade is also a platform where you can earn money. For some people who think Option is a gambling game, they can switch to make money with Forex (forex trading). And this article is for those who don’t know anything about Forex trading when trade at Olymp Trade.
What is Forex?
Forex is also known as FX which stands for Foreign Exchange. It’s a place to trade different currencies of countries around the world. This is the largest financial market in the world.
Trading Forex or participating in the Forex market means that you have become a trader. You seek profits based on fluctuations in exchange rates for a certain amount of time.
For example: At the present time, the exchange rate of EUR /USD is 1.11474. You predict the upcoming exchange rate will increase thanks to the technical analysis graph, or the intrinsic value of the related currencies. You will actively open a buy order here. When the price rises correctly as predicted, you start making a profit. The higher the price is, the higher the profit increases until you close your trade. Conversely, if the price falls, you will lose. Either you proactively cut your losses by the level you set, or the money will continue to decrease until you run out of the money that you have opened the order.
Basically, the way to trade Forex at Olymp Trade is like trading derivatives in the Dowjone stock market.
Should I trade Forex at Olymp Trade?
Spending 4 years of Option operation since 2014, Olymp Trade is one of the few trading platforms which is licensed to become a Forex broker. If you notice, at the moment only IQ Option and Olymp Trade are capable of doing this. This shows the growth and prestige of Olymp Trade trading platform.
Price fluctuations at Olymp Trade have long been tested to be absolutely accurate compared to the price movements of the world. At the same time, Olymp Trade Forex also has a full range of analysis tools and complete indicators for you to trade Forex.
Basically, Forex trading interface of Olymp Trade is quite similar to Olymp Trade Option. So if you are an option trader who switches to Forex, you don’t need to take so much time to get familiar with the interface. But the strength of Forex is to cut loss and take profit. These are the things that you will have to learn.
How to open a Forex trading account at Olymp Trade
It’s very simple. You just need to click on this link https://olymptrade.com/home. Then click on “OPEN FREE ACCOUNT”. A registration table will appear. Select the “Registration” tab.
Fill in some necessary information such as Full name, Email, Phone number and password. And click “Register”
Once you have an account at Olymp Trade, just enter here and change to Olymp Trade Forex. It is done.
If you play Olymp Trade on a smartphone, you need to download the Olymp Trade application to your smartphone. And register as above. Download the Olymp Trade app here:
Just like Option, you also get $ 10,000 free transaction in Demo account at Olymp Trade Forex. Take advantage of this to become familiar with and apply your method to Forex transactions.
Get acquainted with Forex interface at Olymp Trade
Unlike Option, you can’t change the white font of the interface at Olymp Trade Forex. Get used to this.
(1) Products for you to trade Forex only have currencies, metals, and electronic money.
(2) Indicator. Many quality technical analysis indicators for you to apply to the graph.
(3) Candlestick chart: Area chart, Japanese candlesticks, Heiken Ashi, Bars.
(4) Type of account for you to choose. Virtual account if you want to experience and learn. Real account if you are ready to make money with Forex Olymp Trade.
(5) Amount of money for a trade.
(6) The commission rate you must pay for Olymp Trade. Like other trading platforms, Olymp Trade also has a certain level of commission for each time you open a trade.
7) Open a Buy or Sell trade.
There are a lot of changes compared to Option. There aren’t the expiration time and the forecast to increase/decrease. This is Buy or Sell. It’s very similar to stock, right? If you analyze the price will go down in the near future, open a Sell trade. On the contrary, if the price increases, open a Buy trade.
How to open a Forex trade at Olymp Trade
It’s not as simple as Option. When opening a Forex trade, you must know to adjust certain things.
For example you open 1 Buy trade with EUR/USD at the rate of 1.11550 with an amount of $100.
As soon as you open the trade, you will seem to see yourself lose immediately. Don’t be surprised by this because it’s simply that the platform has collected your commission.
If you do not adjust the price, you will see it right in your profit section when the price increases or decreases. The trade will close when the price falls until your profit is negative at $100 (-100 $). If the price rises, your profits will increase continuously. If you do not CLOSE the trade, it will continue to increase several dozen percents, several hundred percents or even several thousand percents if there is a shock new.