What Type of Forex Trader Are You?

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What Type of Forex Trader Are You?

There are many types of Forex traders, and each requiring a different approach.There are many types of Forex traders, each requiring a different approach. Whether you choose fast-paced sprint day trading or long position trading, choosing the right style will maximize your chances of success.Read on to find out more about the types of Forex traders operating in the world’s largest markets.

Type of Forex Trader

Day trader

A day trader is someone who trades for the day. Day traders close all positions before the end of the trading day and usually avoid holding anything after the session close.

To be a successful day trader, you must be willing to adapt to sudden price changes and be aware of techniques that are important to this style of trading, such as fading the gap.

Position trader

Position traders mainly have a different view of the market. These traders hold trades for longer periods and focus on long-term plans instead of monitoring short-term market movements such as daily and swing style.

Swing trader

Taking advantage of a longer timeframes, the swing trader may hold positions for couple of hours, days or longer, in order to call turn in the market.

Algorithmic trader

Algorithmic traders rely on computer programs to place trades for them at the best possible prices. This kind of trading is suitable for people that are comfortable with using technology and want to apply it in their Forex career. They also, check on the technical charts.

Event-driven trader

Event-driven traders look to fundamental analysis over technical chats to inform their decisions. They seek to benefit from spikes caused by political or economic events such as elections, employment figures etc.

Scalper trader

Scalpers are short-term traders focusing on holding positions for timeframes as small as few seconds to a few minutes. They continuously faced with processions new information and react to rapid market changes.

 

types of traders

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