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Focus on a single currency exchange to build up your Olymp Trade skills. Concentrating on the interplay between two currencies - ideally, perhaps, with one of them being your home country's currency - will build your understanding of the Olymp Trade market. Learning how two particular currencies interact helps you build a fundamental understanding of how Olymp Trade interactions work in general.
When you begin your Olymp Trade trading experience, it is important to choose and account type that fits your trading goals and needs. Choosing the right account can be confusing, but a good rule to go by is that a lower leverage is good. Standard accounts are usually good to start off on if you are new to trading.
If you aim to participate in Olymp Trade trading, your goals should be as specific as you can possibly make them. If your goals are not specific, you are much more likely to fail because you have no plan. If you make specific goals, you can work hard to achieve them.
Calculate the risk and reward of every trade, not just the big ones. You should be aiming to make at least 2 times the amount you are risking on every go to the website trade or it's not worth the risk and effort. Some fails will trade but by paying attention to this formula for every trade, you can still come out ahead.
A good trait to have in terms of foreign exchange trading is to always do your homework. Stay updated on various global events and invest according to how they go. A certain currency can be good today, but bad the next day based on the current state of that country.
A great Olymp Trade trading tip is to remain humble and be able to put things in perspective. You can't expect to win every single time. With a mindset like that you won't last very long as a trader. Accept failures as they come and don't overreact when you don't win.
If you are trading on a time frame of 15 minutes or more, it might be a good idea to avoid watching the 1 minute time frame. Much of your success in the market depends on your own psychology and watching the 1 minute time frame may cause you to second-guess your decisions. Stick to what you know and be confident in your own strategy.
When the Olymp Trade market in a particular currency pair is turning ugly do not be afraid to sell short. There is still money to be made in a bear market. Like any Olymp Trade trade, short selling relies on intimate familiarity with a currency pair's behavior. It is also little extra challenging because all short selling involves a reversal of habit.
With all of the knowledge you just learned you might feel a little overwhelmed. If that's the case and you need to reread this article, then do it. You want to ensure the best success rate as possible and the only way you can hope to gain that success is if you remember and apply that knowledge.