How To Start Trading With Olymp Trade – Introduction
Many traders-beginners talk about trading as if they understand it well, but when the time comes to open a first trade and apply their knowledge in practice, they are not ready yet. Simply put, they read a lot about trading, but never made their first real trade. Main question is: where to start? So we wrote this article “How To Start Trading With Olymp Trade” in order to help you start trading. We used Olymp Trade as an example because you will not regret opening an account there plus they provide demo account and great customer care.
How To Start Trading With Olymp Trade – Register with a broker
First step as always is to choose a broker you are going to trade with. There are some main characteristics of ever broker that you should be paying attention to. But above all, beginners should pay attention to the visibility of the trading platform, because it will be your main field of activity. Unfortunately there is no way to find out which trading platform suits you best before you register with the broker. Fortunately you can register and trade on demo account to see how it looks like, before you invest any money.
When setting up an account with your new broker you need to pay attention to whether it’s site user-friendly or is trading platform user-friendly, whether everything is clear and easy to use and finally whether the registration takes a lot of time and requires you to download the whole package of documents. That can be very inconvenient for new traders who after lengthy document requirements can completely lose the desire to make a first deal. One of most prominent examples of almost instant registration (even without confirmation email) is broker Olymp Trade. On their web site you can open demo account and live account at the same time in less than a minute.
How To Start Trading With Olymp Trade – Choose An Account
After registering at Olymp Trade you now have two accounts on your disposal. You can trade on demo account right away. Demo account is filled virtual 10.000 dollars/euros/rubles. This is virtual money meant for you ti practice trading. You can’t make any money off this demo account. So you can trade on demo account without fear of losing your money. On the other hand there is real binary options account. On real account you make real trades for real money, thus you make real profits or real losses. It’s not possible to trade at real account right away, because you still don’t have deposit in the account. To trade for real you need to deposit funds on your account. There is number of convenient ways you can do that: by credit card Visa or MasterCard, bank transfer and so on. You can read more about that deposit methods with Olymp Trade here. The minimum deposit amount is usually 10 dollars.
How To Start Trading With Olymp Trade – First Demo Deal
If you are new to trading great advice is to trade on the demo account first. That way you are not risking any money, so it’s not scary. Moreover, if you don’t understand how trading works yet, just click on one of the two buttons: either “up” or “down” and see what happens before your eyes. Usually button “up” is green in color and button “down” is red in color. Once you place your first binary options trade you will immediately notice that your virtual balance has decrease by the amount you committed to trade. Check the “Transaction Amount” box. What number can you see?
You can see the exact number by which your initial balance has decreased. Now pay attention to what is going on the chart. If you clicked “down” on trading platform, you can now see a line with a red arrow pointing down. That line marks the level at which the price was at the moment you bought binary option “down”. If you bought “down” this means you expect that price will be lower than this level once binary options expires (trade completes).
How To Start Trading With Olymp Trade – Trade Expiry
When we talk about binary option expiry, which is sometimes referred to as trade completions, we are actually talking about time we have to wait for the result of the trade. Whether it is successful (in the money) or unsuccessful (out of money). Expiry period is specified in the window “time of transaction” in Olymp Trade trading platform. Pretty much like amount you invest in trade, you can change expiry time at your own discretion. Once you place the trade you just need to follow the time flow which is represented by the blue field on the chart, there is also blue fading below it.
Once time is up – congratulations, your first trade is complete! If that amount that was missing from your balance after you first opened the trade has returned to your balance, plus another 80% on top of that amount, this means you have made the right decision by pressing the button “Down”. If this didn’t happen and your balance still misses that amount, this means that unfortunately you didn’t make right prediction and your trade ended out of money. Asset you traded had higher price upon expiry than the price level when you opened trade. It’s great idea to continue trading on demo account until you get really good understanding of how trading binary options works.
How To Start Trading With Olymp Trade – The First Real Trade
Once you get the knack of trading binary options on the demo account and you feel comfortable with the trading platform you can go one step further. Start using at least the minimum analytic tools to make your trades smarter. For example you can use trading signals or economic calendar. With help of these tools you can significantly increase probability of successful outcome of your trades. “Making an educated guess” is really not the best strategy for the first transaction with real money.
Once you make your first money deposit and feel ready to trade for real money, don’t worry, invest in your first trade on real account minimum trade amount – 1 dollar (or 30 rubles). This is great thing about Olymp Trade, not many brokers allow for such low minimum trade amount. You also need to set optimal transaction time – 5 minutes and finally you need to decide the direction of the price movement. After all that is done, just commence the trade!
When trading with real money it is advisable to use one of the analytical services. Even if the first trade fails, it’s still a big win! Now you have become real trader and you are ready to learn more about binary options trading. Until you feel completely self competente, trade only small rates. It can be dollar for dollar, but it’s better that way so you get rid of that fear of losing everything at once. As a time interval it’s better not to choose period less than 5 minutes. That way probability of making wrong prediction of price movement is much lower. We wish you happy trading!
How To Start Trading With Olymp Trade – Conclusion
Choosing the right broker is very important for any binary options trader. All we can say is, if you choose broker make sure it’s one that offers traders demo account, so you can practice trading before you spend any money. Olymp Trade is one such broker, but you can look our list of reviewed brokers to see if there is other broker that maybe suits you better.
Secondly, always keep learning more about trading. The best learning point is trading itself of course, even if done on demo account. Still make sure you read more about trading strategies that can give you more insight and more theoretical knowledge about trading before you immerse yourself in trading. We wrote interesting series of articles on trading strategies, you can check them out on following lins: Binary Gambit, Ladder Trading, Trading By The Hour, Trading With Moving Averages, Trading Metals, Japanese Candlestick Strategy, Parabolic SAR Strategy and RSI Strategy For Trend Reversal. There is a lot more similar content in our section Trading Advanced. If you still have many “newbie” questions you need to take a look at our Trading FAQ section.
How to put all that theoretical knowledge to use? No better way than to practice trading on demo account. You can go over to Olymp Trade web site and create your free account. You don’t need to deposit any money until you feel ready to trade for real. Till that time trade on their demo account. Speaking of which, you can read more about that in our article – Olymp Trade Demo Account. On the other hand if you are looking for more detailed information about broker itself make sure you read our comprehensive Olymp Trade Broker Review. If you feel ready you can go over to Olymp Trade site and create you free account just by clicking on the button below the text. We wish you happy trading!