To make a Forex trade on Olymptrade, you first need to be in Forex mode. To do this, press the asset name at the top of the price chart, then press the Forex tab in the Asset list that appears, and pick an asset to trade on. You can trade on a wide range of assets in Forex mode, from currency pairs to stocks and indices. Here are the basics for opening a Forex trade:
1. Make your forecast on what the asset’s price will be. For that, you can use Olymptrade’s trading strategies and chart analysis tools. Ideally, you should decide at which price and in which direction you want to open your trade, and where you plan to exit.
2. Choose the amount you want to invest in opening your trade. You can do this from the panel for opening a trade to the right of the trading terminal.
3. Choose a multiplier to increase the amount of your trade. The multiplier increases the potential profit from every pip that the price moves in favor of your trade. However, the multiplier will also increase your loss if the price goes against you.
4. Press the Buy or Sell button to open your trade. This is the direction of your trade, and whichever one you press depends on your forecast. If you think the asset price will go up, press Buy to open your trade. If you think it will go down, press Sell.
If you want your trade to close automatically at a certain profit, enter a Take Profit level.
You can also limit the trade’s maximum loss by indicating a Stop Loss level. This will automatically close your trade if the price level you entered is reached.
You can also close a trade and get its current result at any time.