What Kind of Forex Trader Do You Think You Are?

If you've already forgotten what trading style you use, it's time to refresh your memory!

Trading styles are divided into four categories:

• The Scalper is a person who makes money by exploiting

• The Trader of the Day

• Traders who trade in swings

• The Trader Who Takes Positions

Scalpers typically hold on for a few seconds to a few minutes. Their primary goal is to capture as many little sums of pips as possible during the busiest moments of the day.

Day traders typically pick a side at the start of the day, act on their bias, and then either profit or lose at the end of the day. These traders do not keep their trades open overnight.

Swing traders are those who like to hold on to transactions for a few days to a few weeks at a time. These traders are unable to monitor their charts throughout the day, so they spend a few hours every night evaluating the market in order to make solid trading selections.

Position traders are people who trade for numerous weeks, months, or even years at a time. These traders understand that while studying the markets, basic themes will be the most important component, thus they make their trading selections accordingly.

Whatever style you choose, make certain it is a good fit for your personality.

Changing your trading style on a regular basis can get you into difficulty and blow your money.

That said, if you try scalping and find that it's too fast or tiring after a week, be willing to swap things around.