There are two different methods of trading in Olymp Trade?
The first one is rather an obvious technique.
It requires that you choose the asset you want to trade, your preferred trade time (1 minute to several hours), the amount you’d like to trade (minimum $1) then finally you can choose the direction of your trade.
While this first technique is an instant and easy way to start trading online, some trading strategies may not sync well with it.
Especially, trading strategies that require timing and are greatly fruitful as counter-trends.
The best way to enter the market while trading such strategies is to place pending orders.
But what are these trade orders and how do they work?
What is a trade order?
A trade order is an analog of pending order in Forex.
To use a trade order to trade in Olymp Trade, you will need to select the type of order “at the strike price” or “at the fixed time” and then select the necessary conditions.
Your trade will open automatically if the preconditions specified by you are met.
When the price limit order is placed, the trade opens only when the chart reaches the specified price if other conditions are also met i.e (the yield on the asset, the availability of the necessary amount on the trading account).
When you place the time limit order, the trade opens at the selected time if other conditions are also met i.e (the yield on the asset, the availability of the necessary amount on the trading account).
How to set pending orders on Olymp Trade.
Here is the thing:
The order button isn’t a default tab in Olymp Trade. As such, you may not see it on a default Olymp trade platform.
Nevertheless, you can add it manually if you want it displayed on your trading chart.
But where do you find the option to add the order feature in Olymp Trade?
On your chart, locate the settings feature.
Click on it and you will see a number of buttons for enabling different functions. Scroll down and click on the Pending Order tab to turn it on.
The box should have a small blue square inside when activated.
Once you have turned it on, you will see some changes in the trade management section i.e., the Order button has been added between the buy button and trade amount tab.
When you click on the Order button, a window will open where you have to choose between two options to act as the trigger for your trade orders.
The first method is using asset prices to trigger pending orders. Here, you specify the asset price you wish to open a trade position at, set the duration of the trade, the amount you wish to stake then choose the direction of the trade. UP or Down.
A good way to implement this option is using the resistance and support levels to trigger the pending order tool.
The second method is triggering pending order using at a certain specific time.
Here, instead of specifying the asset price, the pending order will automatically open a position at a specific time.
Again, select preferred asset>>specify the time to open the position>>select trade duration>>investment amount and then your prediction.
But there is one problem:
It is almost impossible to predict the asset’s price at a certain time in the future. As such, I recommend you stick with the first option: using asset price to open trade order on Olymp Trade.
Why should you use a pending order feature on Olymp Trade?
Pending order feature allows you to automate some of your trades. As a result, you get free time you can use to further scrutinize the deal and make changes to your liking.
Additionally, using the pending order feature reduces the chances of decision-paralysis. Here, you do not have to follow the price action and risk contracting emotional trading ‘disease.’
But more importantly, this gives you the independence you crave for: making money without having to be physically there. This is what you wanted when you decided to try an online business, right?
If you combine pending order with stop loss and take profit, and get your predictions right most of the time, then you can consider being a professional trader – full time.
What to keep in mind when using pending order on Olymp Trade.
So you had placed the pending order tool to be triggered at a certain price? And now you have decided otherwise, what do you do?
Well, Olymp Trade has made it possible to cancel the process.
Also, if you have combined the feature with stop loss and take profit, you can easily adjust the parameters without any challenges even once the order has been filled. You can do all that in the Trades section.
Trade orders are a revolutionary feature that can save you time by opening trades automatically.
Try using it on your free demo account now.