How to trade Forex in Olymp Trade platform (updated 2020)

How to trade Forex in Olymp Trade platform (updated 2020)
How to trade Forex in Olymp Trade platform (updated 2020)

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Olymp Trade is not only a leading trading platform but it also offers the best conditions for traders to access and use Forex transactions professionally. Olymp Trade provides the platform with the criteria to improve trading quality and trader experience. In this article, I will guide how to trade Forex in Olymp Trade with just a few steps.

How to trade Forex in Olymp Trade platform

How to trade Forex in Olymp Trade platform

First, we log into Olymp Trade website. Then click on the Plus mark box under the Olymp Trade icon in the top left corner of the screen.

Select a transaction method

On the left corner of the screen will appear 2 methods for traders to choose: Fixed Time Trade and Forex.

Forex trading on Olymp Trade platform

=> Of course, we click on the Forex box.

After selecting the investment channel (Forex), the next step is to choose the assets that you want to invest to make a profit.

(1) Asset includes Stock, Crypto, Currencies, Metals, Indices.

(2) Change within 24 hours.

(3) Quote.

Olymp Trade Forex interface

When you have selected the assets to invest, the screen will display as the picture below.

Olymp Trade Forex interface

(1) Here I choose to invest in the metal that is gold.

(2) This is the amount you want to invest. The advantage of Forex trading on Olymp Trade platform is that after entering your investment amount, it will automatically calculate the profit as well as the risk of losing money.

For example, after entering a Buy order with an investment of $20 in Gold assets right at the price of 1555, the platform will show you the level the price has to decrease so that at that level your investment will be lost. Conversely, if you open a Sell order, you will know how much the price needs to increase so that you lose all of your investment.

(3) Commission fee. When you enter your investment amount, the system will show a certain percentage of money deducted from your account. It is deducted from the investment amount as soon as you enter the order.

(4) Enter a BUY (increase) or SELL (decrease) order.

(5) If you don’t like to observe the screen all the time to track the price movement, you can use a pending order by clicking on the Order box. Pending orders include 2 types: By asset price and By time.

Order by asset price

Order by asset price

(1) Asset.

(2) Quote.

(3) Investment amount.

(4) The expected level of profit-taking.

(5) The stop loss is triggered when the price touches.

Finally, if you predict the price will continue to rise, then choose UP. Otherwise, choose Down.

Note: the minimum Take Profit (4) and Stop Loss (5) must be at least equal to 10% of the investment amount (3).

For example, if you invest $20, the minimum take profit and stop loss the platform accepts is $2.

When you can predict which time of the day can bring a high return on your investment, the pending order triggered at your desired moment will save you a lot of time.

Order by time

Order by time

(1) Asset.

(2) Specific time to open investment orders.

(3) Investment amount.

(4) The expected level of profit-taking.

(5) The stop loss is triggered when the price touches.

Once you have placed an order, the Stop Loss point will be displayed so that you can observe it clearly. If you want to set the desired profit level manually, click on Take Profit and hold the mouse then drag up or down to the desired profit level.

Successfully open a Forex trading order

After moving the desired profit of $40, if the price goes to that zone, the order will automatically close and you will gain the profit of $40.

Install Take Profit

You can see how profitable or unprofitable your orders are. Go to the trading section to see the status of those orders. You can close orders anytime you want.

If the order has been made but you want to lower the risk more, it is fine but not less than 10% of the initial investment.

Summary

If you have entered an order, then let the market do its part to determine whether your prediction is correct or not. And when trading Forex, what you always have to remember is to set a Stop Loss.

Always remember to set Stop Loss when trading Forex

In the following articles, I will guide the methods and strategies of trading Forex in Olymp Trade.

I wish you have a good experience and find a new income channel for yourself.

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How to trade Forex in Olymp Trade platform (updated 2020)
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