Olymp Trade - reviews and tips

[Dictorsto]

I tried the demo account. I liked everything very much, namely the ability to work in two modes and automation of risk management at the stage of orders opening. You have a little left to do, namely, to find your own trading strategy. Any advice is welcome.

 

[Onanak]

Look for the Olymp Trade page on facebook. There, the administration often posts strategies. The most valuable thing is that some strategies are proposed that are suitable for certain economic events, for example, for nonfarm payroll.

 

[Uaredaty]

I checked it out, looked for strategies, but haven't found anything particularly valuable. I was surprised by the fact that not so many materials are posted, but still it has half a million subscribers. Memes lovers)

 

[Onanak]

If there is little information in the group, more can be found at Olymp.media. There are daily published articles with economic analytics. Moreover, you'll find a bunch of extra useful stuff.

 

[Dictorsto]

I noticed that Olymp also offers to trade Forex besides options. What is easier to learn, Forex or options?

 

[Uaredaty]

Options are rarely engaged. Major investors stick to stock exchanges and Forex. I think there's less competition on options. I'm all for options))

 

[Onanak]

There is no competition Options are less engaged, this is true, and the reason is the risk. I think it is wrong for a beginner to start with options, because then it will be more difficult to switch to the classic Forex, where the yield is lower. On the other hand, the transition from Forex to options is much easier. Forex platform reduces risks and gives more opportunities. If you manage to trade and profit in Forex, then with options there will be more chances.

 

[Dictorsto]

Everyone says that it's easy to trade on Olymp. So, if I start trading on Olymp, even on the forex platform, I will have no problems at all, will I? If it’s not difficult for you, can you suggest the order of actions for the absolute profane on forex?

 

[Onanak]

It all depends on the strategy. The simplest strategy is trading by levels or within a price corridor. You monitor the chart from 5 minutes and up, connect the minimums of prices with a line of one color, then connect the maximums of prices with a line of a different color. If you have more or less straight lines, then continue to the right. Then wait for the chart to reach one of the drawn lines and open an order in the opposite direction, hoping for a rebound. That's all.

 

[Uaredaty]

Oh, yes this is technical analysis! And what if the chart goes below the drawn line?

 

[Onanak]

The price might break the level if there is some news or some important event occurs, opening or closing the exchange, for example. In a relatively quiet time, the levels are always maintained. The reason is that the price always tends to average values for the last period of time. This is an axiom.

 

[37riched]

You are right, to have a stable income, you need something more serious than just a simple well-known system. I think, Onanak just used it as an example, as an option of system trading – it doesn’t mean, that it will be profitable 100%. I’ve been testing different strategies on a demo account for some time already, and something is coming out. I can say with the confidence only one thing – the systems should be improved. Actually, any standard system should be adjusted to the market. Only after it, it makes sense to check its efficiency, because the market is changing, something that used to wok a year ago, probably won’t work today.

 

[Helloyees]

I think that the problem with most of the technical analysis strategies is that there are different timeframes. One of them - lets say 1 minute bars chart - would show that the price is in a certain range. You draw these lines, wait for price to reach the top line and bet on the hypothesis that the price will reach the other side of the range sooner or later. The problem is that on 15 minutes bars chart at the same time there is a strong uptrend. So this is definitely a bad idea to bet on a downward movement, because the market situation generally assumes you should be doing long trades. Moreover, when you look at 1 hour bars chart at the same time, you might see that the price is quite near to the strong resistance level. This means that within 10 minutes it might break out up from 1 minutes bars range, continue the uptrend of 15 minutes bars chart, bounce on the 1 hour resistance level and drop quite fast below the initial entry point. I know it sounds quite complicated, but this is how technical analysis works.