The biggest, age-old and common misconception about online trading is that the entire venture is a huge, widespread fraud created by stock promoters and brokers with an aim to drive up stock prices.
Trading is not just a skill, but also a practice of maintaining certain habits. There are many misconceptions and rumours about online trading but so many different opinions and voices make it difficult to separate trading misconceptions from reality.
These misconceptions about forex and options trading come from many places and people. However, while one might call a podcast day trading a way to make millions, or a YouTuber might call the entire enterprise a fraud, neither of these is necessarily entirely true.
It is important to note that there are many risks involved in investing. Risks can be tackled with education, practice, and strategy. On what budding traders need to be successful, here we look at some of the habits that some of the world's most experienced traders follow.
These tips and tricks will help you increase the percentage of profitable trades, whether you are trading stocks, forex, or options. Being able to understand charts and indicators is a quiver for a profitable trader.
Is Online Olymp Trading Fraud in India?
The biggest, age-old and common misconception about online trading is that the entire venture is a huge, widespread fraud devised by stock promoters and brokers with an aim to drive up stock prices.
In order to make a select few rich by taking advantage of the naivety of new traders like a ponzi scheme.
It is not that it never happens, but by taking proper steps, people can easily avoid these frauds. The key is to make sure that the broker you choose to work with is held accountable by a trusted organization.
For example, Olymp Trade is a member of the International Finance Commission (FinaCom), which protects its traders in the event of any wrongdoing by the broker.
If a trader feels that they have been dishonest or fraudulent by the Olymp Trade platform, FinaCom acts as an external intermediary between the trader and Olymp Trade.
In case Olymp Trade defrauds its traders, each trader will be eligible to receive 20,000 Euros from the Finance Commission. Several monitoring organizations exist and they control different brokers.
Research about the broker and their regulatory organizations, once you find a trustworthy trader, the following tips will help you in investing.
Economic Calendar of Olymp Trade
New traders often ignore the economic calendar. It is a unique means of tracking economic events affecting the stock markets and currencies.
With all the economic events in one place, it becomes easy for investors to know what the market they trade in will be affected.
Olymp Trade calendar explained in Simple Language
These events vary, which can include speeches from central bank officials, employment reports, a country's GDP to elections. Olymp Trade's calendar explains the impact of an event or report in simple language.
With the knowledge of local and global events affecting the primary and secondary markets in which you trade, you are able to trade with a better understanding.
Rather than simply following the trends shown by the market and charts, the calendar can make it easier to forecast the direction of activity of financial assets.
Trading Strategies in Olymp Trade
Don't let your profits hide you by using a trading plan designed for long-term success. These pre-defined investment methods give you signals to buy, sell or hold long or short positions, thus helping you complete the trading session.
Each strategy has its own indicators, patterns, or oscillators to help you figure out when to trade a financial instrument.
There are many strategies to choose from in the learning section of Olymp Trade whose number is increasing day by day.
There are different strategies that may appeal to you, depending on your investment method and goals. The website's built-in assistant easily explains the strategies to use.
A demo account is the perfect place where you can try out these strategies to find the one that best suits you and your goals. Olymp Trade offers a $10,000 (Demo Dollars) demo trading account where users can master their chosen strategy
before risking their money.
Money Management and Risk Management in Olymp Trade
Making the right investments at the right time is not enough for successful trading. Money Management (MM) is a set of rules that help in making decisions that help make trading more effective. These rules help in planning and monitoring of trades for short term and long term.
These strategies help ensure that traders do not lose a lot of money in a single session. Investing is a psychological act, and these strategies help remove emotions from the trader's thinking process.
Risk Management (RM) helps to protect the trader's original investment even in the event of bad investments.
Unsuccessful trades happen, and the goal is to prevent losses from eroding your account balance. It is designed to keep the number of losses less than the number of successful trades.
Risk management minimizes losses and increases total revenue and with a money management system in place, trades are made according to strategy and not casually.
These systems of course partially reduce the human error from trading. By following these plans, you will reduce your chances of losing money. These free webinars talk more closely about both these types of management.
Olymp Trade an excellent platform:
It takes time and knowledge to consistently be a successful trader. With time and education you can become the investor you wanted to be.
Using trading, money management, and risk management strategies and monitoring the economic calendar, anyone can make profitable trades. Success depends on whether you follow these strategies till it becomes your habit.
Olymp Trade is an excellent platform to build these habits. All the necessary information is readily available, as well as an all-featured demo account that operates in the live market.
Take your time and work towards achieving the goals you have set for yourself. Take the tools available here, use them and change your life.