Forex trading is an exciting and promising way of making money. Professional traders have a high income on the financial markets. However, you have to learn the basics of exchange trading and practice a lot in order to reach this level. In this article we will analyze all the important things a first-time investor should know and take a closer look at the newly introduced Olymp Trade Forex trading platform.
What is Forex and its advantages?
Forex is a financial market where traders open buy or sell orders with currency. Individuals trade alongside central and large commercial banks on an almost equal footing. They make orders based on the same prices (except that greater traders have much larger volumes).
Despite the fact that, first of all, Forex is the currency market, nowadays you can open orders with other assets as well: commodities, shares, indices and even cryptocurrencies. It is possible because compared to stock or commodity-futures exchanges, the Forex trading mechanism is more flexibly organized.
Moreover, Forex is very well suited for trading online. You can open a live account and start opening positions in seconds on any Internet-enabled device.
What do I need for successful Forex trading?
Success of each trader is defined by a number of mostly individual factors. However, there are several basic aspects that could lead you to a stable income on the financial markets.
First of all, it is essential to work out a trading strategy. When entering the market for the first time, it is very hard to restrain from opening orders on impulse, but this is the first important test you have to pass. Go to the real market only with an efficient and demo-tested strategy. For a start, it does not need to be complex – just basic indicator strategy with clear order entry and exit points.
The second important thing is to follow money management rules. It does not matter whether the amount is 100 or 100,000 dollars, you should take trading capital seriously. The general recommendation is to limit your risk exposure per 1 deal by 5% of your deposit (for beginners – by only 2%). This is another point when a trader needs self-discipline. And discipline is what makes a difference between successful traders and amateurs.
Olymp Trade Forex – special features
Olymp Trade platform has a number of features and advantages that distinguish it from other companies in the industry.
First of all, this Forex trading solution has no spread. While other companies earn on the bid-ask difference, Olymp Trade clients pay commission just once, and prices for both buy and sell orders are the same. The commission is charged only for opening a position and for taking it over to the next day (does not apply to day traders).
There is a convenient “Multiplier” tool instead of leverage that allows you to increase trading volume up to 200 times. Traders have an opportunity to choose the order volume, protect themselves from unnecessary risks with “Stop Loss” and set automatic profit fixation with “Take Profit”.
The platform interface is convenient, with a nice state-of-the-art design. You can change the chart type (candlesticks, zones, bars or Haiken Ashi), adjust the time frame and zoom it in or out. The available assets include main currency pairs, metals and cryptocurrencies, and there are 19 indicators for technical analysis.
Benefits of choosing Olymp Trade
There is a plenty of companies offering online trading services, and it makes newcomers wonder which one to choose. Despite tough competition, Olymp Trade provides a number of unquestionable benefits:
- Initial deposit starts from 10 dollars. This is a great opportunity to make your first orders, withdraw profits and make sure that the company is financially reliable.
- In any case, there is no need to doubt – all clients’ funds are insured by the International Financial Commission (which covers up to 20,000 dollars, if a claim is made).
- Olymp Trade always supports its clients. It is active in the social media (Facebook, Youtube), constantly running contests and promotions. Multilingual customer support works 24/7, and experts are always ready to help in a difficult situation.
- The company is interested in long-term cooperation with its customers and pays great attention to trader education. They provide a lot of useful learning content and hold regular webinars.
Olymp Trade belongs to Inlustris Ltd. (James Street, Kingstown, First Floor, First St Vincent Bank Ltd Building, Saint Vincent and the Grenadines, reg number 25161 IBC 2018). Since 2014, the company’s financial services have been chosen by 20,000 traders around the globe. You can become one of them and explore the opportunities available on Forex – the world’s biggest and most liquid financial market.