Whether trading stocks, forex, or options these tips and tricks will help you increase the percentage of winning trades.
Trading is not only a skill but, rather a practice of maintaining certain habits. Understanding how to read a chart and indicators are a large part of a successful veteran trader’s tool belt. However, there are Olymp Trade hacks that if used correctly are just as important than the basics of trading. Here we will look at some of the habits held by the world’s most profitable veteran traders as keys to being a great trader.
Newer traders often overlook the economic calendar. It is an unrivaled tool to stay up-to-date with economic events that will affect stock markets and currencies. With every economic event laid out in one place, it is easier for investors to know what will affect the markets they trade in.
Different calendars have different methods of displaying the importance of an event. Olymp Trade’s calendar uses bull’s heads to show how likely an event is to have an impact. One bull’s head signifies it is not too important whereas three indicates it is likely to influence trading.
These events vary, from speeches by central bank officials, reports of employment, a country’s GDP, and elections. Olymp Trade’s calendar helps explain in simple language impact the outcome of the event or report may have. Awareness of what will affect the markets you trade in, locally and globally, allows you to trade from a better-informed position. Rather than only following what the market and charts are showing, the calendar can help make predicting market movements easier.
Trading is a skill like no other, there are many moving parts to keep in mind especially as a day trader. Learning to understand charts and indicators is a crucial part of any trader’s education, though it does not end there. Chart patterns, indicators, and oscillators will continue to be important to traders. However, when paired with the correct strategies they take traders to the next level.
Take the mystery out of making trades by using a trading plan designed for long term success. These predesigned methods of investing help guide you through a trading session indicating when to buy and sell or to short or take a long position. Each style uses its own indicators, patterns, or oscillators to determine when to make a trade.
Olymp Trade’s educational suite has an ever-growing number of different strategies to choose from. Depending on your method of investing and goals there are different styles you may be more attracted to. The site’s built-in assistant helps explain how to execute the strategies simply.
A demo account is a perfect place to practice using these strategies to determine which best suits you and your goals. Olymp Trade provides a free demo trading account with $10,000 (demo dollars) to help investors master their chosen strategy before risking their own money.
Successful trading involves more than making the right investments at the right time. Money management (MM) is a set of rules for making decisions to increase trade efficiency. These rules help with planning and monitoring trades.
These strategies help ensure traders do not risk losing too much money during a single session. Investing is psychological in nature, and these strategies help remove the emotion from a trader’s thought process.
Risk management (RM) helps protect traders’ original investments even in the event of bad predictions. Unsuccessful trades happen, and the goal is to stop losses from depleting your account balance. They are created to keep the number of losses lower than the number of successful trades.
RM reduces losses and increases total revenue and with an MM system in place, trades are made in accordance with a strategy instead of spontaneously. These systems essentially remove a portion of human error from trading. Following these plans will reduce your chances of losing money. These free webinars explain the finer points of both types of management.
Becoming a consistently successful trader requires time and knowledge. With time and education, you can become the investor you have wanted to be. By combining trading, money management, and risk management strategies with monitoring the economic calendar anyone can bring their trading to the next level. Success depends on continuing to follow these strategies until the point at which they are simply habit.
Olymp Trade is the perfect platform to create these habits. All of the necessary information is readily available with a fully functional demo account that operates in live markets. Take the time and put in the work to achieve the goals you have set for yourself. The tools are out there, take them, use them, and change your life. Start trading like a veteran.