By Forex News Now
Have you thought about the type of trading plans you want to get into? Not all traders on the forex market are ever truly alike. You should think about the trading habits you want to get into when figuring out how you’re going to go about getting trades out on the market. Let’s look at the four basic types of traders defined by Forex News Now.
A scalper is a trader who is fast and quick to act. This person will be focused on charts for hours upon hours.
Scalpers work real fast and don’t like to wait. They want to make trades and get them going right now.
Day traders are people who tend to start and end trades in one day. They don’t want to keep their pairs for too long.
A day trader will consistently review a trade during the day and watch for any possible reversals or other changes that might occur during the trading day.
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The key goal is for a trader to make more money over the course of the day. It’s all about making sure the deal one has is easier to follow through on.
A swing trader will hold onto a trade for days upon days. A trader like this can hold onto a pair for a week in some cases.
Large stop losses are also used by swing traders. These traders will also take fewer trades and will be very cautious when handling them. They are traders who are rather cautious and careful when making deals.
Position traders are long-term traders that will hold onto their pairs for long periods of time. Sometimes a trader like this will hold onto a position for months or even years. This is all with the belief that a currency pair is going through a very long trend and that the biggest payouts will come to those who wait.
These people are willing to go after massive gains but they will have to wait a long time to get the rewards off of them. It can take a good period of time to get a sizable payout but it can really be worthwhile to anyone who tries real hard to get a good deal on a trade.
Think about your planned trading habits and what you want to get out of a trade when getting into the forex field. You will certainly qualify as one of these particular traders but it is up to you to figure out which one you are the most comfortable with.
By Forex News Now