Trade Control: How to Cancel a Trade in Olymp Trade for Beginners

Are you new to trading on Olymp Trade and want to know how to cancel a trade? Or are you an experienced trader who wants to refresh your knowledge about the cancellation process? Either way, you’ve come to the right place. In this article, we’ll guide you through the entire process of cancelling a trade on Olymp Trade.

Table of Contents

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1. Introduction

Olymp Trade is an online trading platform that allows traders to invest in a variety of assets, including stocks, currencies, and commodities. Like any trading platform, Olymp Trade allows users to open and close trades at any time. However, sometimes a user may need to cancel a trade before it is closed. In this article, we’ll show you how to do just that.

2. Why would you need to cancel a trade?

There are several reasons why you might need to cancel a trade on Olymp Trade. For example, you may have accidentally opened a trade or changed your mind about the direction of the market. Alternatively, you may have opened a trade with the wrong amount or asset. Whatever the reason, cancelling a trade is a straightforward process on Olymp Trade.

3. When is it too late to cancel a trade?

It’s important to note that there is a limit to when you can cancel a trade on Olymp Trade. Specifically, you can only cancel a trade before it is closed. Once a trade has been closed, it cannot be cancelled. Additionally, if your trade is in the “pending” state, you can cancel it at any time before it is executed.

4. How to cancel a trade on Olymp Trade

There are two main ways to cancel a trade on Olymp Trade: through the mobile app or through the website. Here’s how to do it:

Cancel a trade on the Olymp Trade app

1. Open the Olymp Trade app on your mobile device
2. Click on the “Open Trades” tab at the bottom of the screen
3. Find the trade you want to cancel and click on it
4. Click on the red “Cancel” button at the bottom of the screen
5. Confirm that you want to cancel the trade

Cancel a trade on the Olymp Trade website

1. Log in to your Olymp Trade account on the website
2. Click on the “Trades” tab at the top of the screen
3. Find the trade you want to cancel and click on it
4. Click on the red “Cancel” button at the bottom of the screen
5. Confirm that you want to cancel the trade

5. What happens after you cancel a trade?

After you cancel a trade on Olymp Trade, the trade will be closed immediately. Any profit or loss that you would have earned from that trade will be cancelled as well. Additionally, any funds that were reserved for that trade will be released and made available for use in future trades.

6. Tips for avoiding the need to cancel a trade

While cancelling a trade on Olymp Trade is a simple process, it’s always better to avoid the need to cancel a trade in the first place. Here are a few tips for avoiding the need to cancel a trade:

Double-check all of your trade settings before opening a trade

Use stop-loss orders to limit potential losses

Use the demo account on Olymp Trade to practice trading before using real money

Stay up-to-date with market news and events that may impact your trades

By following these tips, you can minimize the chances of needing to cancel a trade on Olymp Trade.

7. Conclusion

In this article, we’ve covered everything you need to know about cancelling a trade on Olymp Trade. We’ve explained why you might need to cancel a trade, when it’s too late to do so, and how to cancel a trade on both the mobile app and website. We’ve also discussed what happens after you cancel a trade and provided tips for avoiding the need to cancel a trade in the first place. By following the steps outlined in this article, you can easily cancel a trade on Olymp Trade whenever you need to.

When cancelling a trade on Olymp Trade, it’s important to keep in mind that the process may vary slightly depending on the type of trade you have opened. For example, if you have opened a pending trade, you can cancel it at any time before it is executed. However, if you have opened a market trade, you can only cancel it before it is closed.

It’s also worth noting that cancelling a trade on Olymp Trade may result in some minor fees, such as a small percentage of the trade amount. These fees may vary depending on the asset being traded and the amount of the trade, so it’s important to check the fees section on the Olymp Trade website or app for more information.

In addition to using stop-loss orders and practicing with the demo account, another way to avoid the need to cancel a trade is to set up alerts and notifications for your trades. This way, you can stay informed about the status of your trades and make any necessary adjustments before it’s too late. Olymp Trade offers a variety of alerts and notifications options, including email, SMS, and push notifications, so you can choose the one that works best for you.

Lastly, it’s important to keep in mind that cancelling a trade should not be taken lightly. While it’s a useful tool to have in case of emergencies or mistakes, cancelling a trade too often can lead to missed opportunities and lost profits. As with any trading decision, it’s important to weigh the risks and benefits before taking action.

8. FAQs

1. Can I cancel a trade after it has been closed?
   No, once a trade has been closed, it cannot be cancelled.
2. Can I cancel a trade that is in the “pending” state?
   Yes, you can cancel a trade that is in the “pending” state at any time before it is executed.
3. Will I lose any money if I cancel a trade?
   No, any profit or loss that you would have earned from the cancelled trade will be cancelled as well.
4. Are there any fees for cancelling a trade on Olymp Trade?
   No, there are no fees associated with cancelling a trade on Olymp Trade.
5. How can I avoid the need to cancel a trade?
   By double-checking your trade settings before opening a trade, using stop-loss orders, practicing with the demo account, and staying up-to-date with market news.