Olymp trade forex reviews? Any ideas about trading platforms?

Discussion in 'Forex Brokers' started by 37riched, Oct 15, 2019.

  1. 37riched

    37riched Trader

    117
    21
    24
    I’ve been working on some trading strategies for options, but I’m getting a bit tired here and feel I’m stuck. The problem is that options only allow getting a fixed amount of profit when the price movement starts. So looking at most of the instruments I find that the levels for support and resistance that I’ve discovered work actually better and deserve more profit than options trading reward philosophy can provide. So I’m thinking of switching to forex, where I can “let the profits run” according to the good old saying. But I can’t make up my mind about the platform.
    Olymp trade forex reviews look nice (regarding the platform at least) but in my opinion it can turn out to be oversimplified. Anyone tried using it? What’s your opinion?
     
  2. Enivid

    Enivid Administrator Staff Member

    11,946
    453
    114
    Why would you go with a generic unregulated Forex broker with a so-so reputation when you could be trading with some regulated broker or, if you really need some features that only offshore brokers offer, some reputable company that is online since 2008-2009 and has a longer track record and experience than Olymp Trade?

    Also, when you are talking about options having limited profit potential, this is true only in respect to the binary options, normal (vanilla) options have unlimited profit potential with limited risk. Perhaps, your trading strategy could be better adapted to traditional options than spot trading if it comes from binary options?
     
  3. Helloyees

    Helloyees Trader

    98
    7
    14
    I think that the main reason that people get stuck with binary options is the entry threshold. In order to trade vanilla options you ideally need at least a thousand dollars to start with.
    Why CFDs are so popular? Cause you can start trading them with a couple hundred bucks in your pocket. There are very few people ready to comply with NYSE 25K requirement to daytrade stocks.
    Binaries are ok to get started and get acquainted with the markets. Once you learn some chart-reading, you shouldn't have a problem with switching to forex and CFDs as they really do offer some extended opportunities along with a relatively low entry threshold.
     
  4. DT77

    DT77 Trader

    207
    23
    24
    You can trade CFD's with $10 with some brokers
     
  5. 37riched

    37riched Trader

    117
    21
    24
    To my regret I really am very limited with initial deposit. To tell the truth I do have doubts that I'm that profound in TA and that sure my strategy will work out fine to risk even one thousand. Couple hundred bucks would be my absolute limit to start with. The point is that I seem to be able to recognize the turning points on the market. These are the points where I expect the price to stop and turn around with a relatively big potential of the move. Correct me if I'm wrong, but spot/forex seems to be more suitable for this approach.
     
  6. Helloyees

    Helloyees Trader

    98
    7
    14
    Sounds like a good idea. Whether you choose Olymp or any other forex brokerage, good luck and trade smart!
     
  7. fxliner

    fxliner Trader

    44
    0
    22
    To be honest, i did not like the idea of options trading at first because it is one of the financial trading types that got some mixed reviews on the internet.



     

Share This Page