Gradually I managed to increase my deposit to $156. Of course, you will not probably find this amount impressive. Nevertheless, it motivates me to continue with my chaotic attempts to earn money trading Forex instruments on this platform. I told “chaotic” because is not as organized as it should be. I’m still struggling to be persistent and patient and I’m overwhelmed with a strong desire to try as many assets as possible. Unfortunately, I don’t have enough margin for this. This growing curiosity often blocks my capability to trade. I like to learn but this enormous desire to learn everything suspends me, although this feeling is quite pleasant because I’m looking forward to changing my life for the better.
All novice traders are overloaded with information and struggle to act rationally. You will have to undergo this stage. Sooner or later you will come down and focus on several assets that fit your individual psychology.
Yeah, some people forget that only certain financial instruments are psychologically compatible with them. Others can bring them nothing except for losses. It’s not about their trading skills. We are all just different. Some trade EUR/USD well, others benefit from gold.
I already see that gold is compatible with me. At least, I increased my depo trading mostly this yellow metal. However, I also took an opportunity to try silver as soon as I had enough funds for it.
Silver met my expectations as a financial asset that follows gold. Of course, their moves are a bit different but not so much. You can spot some differences on smaller timeframes, but on higher ones they are “brothers”.
I also want to try my hand at crypto trading. I will do this once I increase my depo more. I don’t have extra money, so I prefer to be cautious. That’s the only way I can compensate for my lack of knowledge. But in general I’m optimistic about my trading with this broker.
If you ask me, I have read some good things and some bad ones. But I have never used it ever. I can’t say whether it is a good broker to go with or not. You must test that yourself and try to make an informed decision instead of following the herd.
I recently intended to start trading cryptos but had to change my mind. I heard that there’s a long lasting uncertainty about cryptos. So, I decided not to try that stuff. My depo is not so big to sacrifice it.
I think I should try my hand at currency trading. I’m in the process of choosing currency pairs.
I don’t think that everything is so bad with cryptos. I guess that’s just another correction.
Currency trading is more complicated than crypto trading because you are expected to take into account a number of fundamental factors, not to mention technical analysis. However, currencies are far more reliable assets than cryptos. If cryptos are just another market bubble, currencies will survive anyway because they are regulated and backed by governments.
What’s better for trading:EUR/USD or USD/CHF?
I think that you should stick with USD/CHF. It’s much easier to trade than EUR/USD. The latter can be very cunning and bite you painfully. What’s more, USD/CHF is more liquid. Therefore, it’s more profitable. Of course, it increases potential loses, but it’s compensated by better predictability of this currency pair. USD/CHF and EUR/USD go in the opposite direction. So, it’s possible to trade them both - you sell one and buy another or vice versa, but since you are a beginner, I advise you to trade USD/CHF.
Your advice about USD/CHF was right. I tried EUR/USD last week and was lucky to exit my trade with a minimal loss. Once I shifted to USD/CHF with Olymp Trade, I managed to earn $50 for a week. It feels like it’s much easier to trade this pair than EUR/USD. I see that these pairs go in the opposite direction but I don’t have a desire to trade them both, although it seems so easy to open two opposite trades. EUR/USD simply gave me a negative impression, so as of now I would like to stay away from this currency pair. I think that I should try NZD/USD and AUD/USD. In general, I like currency trading with Olymp but I feel that I should be very cautious when exploring this field.
It feels like you have a sort of phobia about EUR/USD. Of course, this currency pair is not very predictable compared to other financial instruments, but it’s very liquid and one of the most popular assets in the world. Of course, you have the right to reject it and shift to something else, but I strongly advise you to explore EUR/USD and try to understand its behavior. You can do it on a demo account. In this case, you will lose nothing, while gain some useful knowledge having to do with currency trading. Sometimes there’s only one asset on the market where there’s a suitable entry point and this may be EUR/USD that you don’t like. Why not?
I think that it makes sense to get back to EUR/USD at least on a demo account, but now I’m still under a negative emotion after this pair.
Over time, once you gain enough experience, you will acquire a capability to take your losing trades easier. A certain percentage of losing trades is what every professional trader has and you told that you managed to avoid big losses and even earned on USD/CHF. Keep it up and you will perform even better.
I have recently opened an account here. My greatest passion is cross currency pairs. This week I was trading them. To be exact, I was trading NZD/JPY, AUD/JPY, EUR/CAD, AUD/NZD, NZD/CHF, GBP/NZD, and so on.
I like the execution here and the web platform. Earlier I traded on Metatraders only and I was prone to underestimating other platforms. However, once I tried this web platform I changed my mind. However, I wish they could offer a richer choice of multipliers, but in general I’m satisfied.
For the last time I have become more interested in cryptos. I have never crypted them. What strategies do you use for them?
I don’t know. I have recently intended to trade cryptos but then changed my mind. I heard that technical indicators don’t work on cryptos.
I have never tried cross pairs. Perhaps, it makes sense for me to try them. I’m tired by pairs with USD. I would like to try something different. It’s a good thing that you reminded me of their existence.
Of course, you should try cross pairs. I also came to them because I wasn’t satisfied with trading pairs with USD. I can’t say that it’s so much easier than trading USD pairs. It’s different but I like it.
I don’t trade these pairs only because they are less liquid than majors, although it also seems to me that they are easier to trade.
I don’t think that there are assets incompatible with technical indicators. I will test cryptos on a demo account. I hope at least Stochastic will work.
olymp trade I have never used their services, I also know they are options trading but I think it would be better to trade at forex broker