When choosing financial trading assets there are thousands of different options such as Company Stocks, Virtual Currency, Currency Pairs, Commodity. Among these assets, unofficial statistics show that up to 90% of players choose the currency pairs to trade on Olymp Trade.
There are hundreds of currency pairs to choose from, so which right currency pair trading is the safest option on Olymp Trade? This article will guide you on how to choose the safest currency pair asset.
How to choose the safest currency pair on Olymp Trade
What is the safe currency pair?
This means when trading on a safe currency pair, you will get a stable profit with the least risk. To choose a currency pair that is considered to be the safest, based on the following criteria. Besides, You also have to rely on your own senses.
Assets are affected by the news
Indeed, every time an important article is published, market volatility will immediately go in one direction. And there are thousands of news published every hour so you don’t know when the prices fluctuate by the news.
The only thing you know is that the news depends on the country of currency and usually in the morning of that country. So for each currency pair involved, you can avoid country-specific time zones. Use GMT or UTC time to determine which trading time is the most appropriate for each currency pair. If you’re trading any currency pair, avoid that country’s mornings. Techniques and indicators now correct when analyzing without unexpected data.
Single currency pair
The correct way to choose a right currency pair is you should trade and research only one currency pair to get the best effect. You can choose up to 2 but no more than 3 currency pairs, the less of the channel in use, the more time you have for understanding important things as time points of the day where prices show signs of repeating day after day. Trade too much only makes you forget what you learned today.
Later, you will develop a habit of trading with your favorite currency pair, better feeling the trend of the market. In addition, it also increases your patience and concentration, reducing your ability to continuously trade, leading to complete loss. Fewer orders, but all are qualified orders.
Always choose a high profitable currency
Being safe also means avoiding losses, making sure to choose a currency pair on Olymp Trade with high profits (Maximum of 92%) will minimize the risks. In order to maximize your profits, you need to upgrade your account to VIP.
Guide to upgrade VIP (Expert) Olymp Trade: https://traderrr.com/vip-olymp-trade-upgrade-your-account-status-olymptrade/
The chart of the currency pair should be stable over the long term (More than 6 months). Or belong to your own sense that this pair has a chart that does not have too many strong fluctuations. Much better if it shows many signals from indicators, tactics for data in the past data.