1. Scalpers

The “Scalpers” hold on trades for a few seconds to a few minutes aiming to capture very small amounts of pips as many times as they can during the busiest times of the day. They make small profit from each rapid trade and prefer to examine charts of 1 minute to 15 minutes time frames.

They are quite observant, have high instincts, are quick-witted but normally under a lot of pressure.

2.Day Traders

Day traders are the type of traders that tend to pick a side (either buy or sell) in the market for a given currency pair at the start of the day, and end up closing the trade before the day ends having earned either a profit or a loss.

Day traders do not hold overnight trades.

3. Swing Traders

swing-tradersThey hold positions from several hours to several days and analyze charts of 1 hour to 4 hours time frame. A swing trader makes an average of 3 to 6 trades in a week and aims to make large number of pips in profit, 100 to 300 pips.
Swing traders, on the other hand, tend to hold their trades longer compared to scalpers and day traders.

Swing traders, on the other hand, tend to hold their trades longer compared to scalpers and day traders.

4. Position Traders

position-tradersThis is the longest time frame trading compared to the other three groups. These traders may have trades that last for several weeks to several months. The main goal is to make large number of pips per trade, 300 to 1000 pips. These traders use mostly fundamental analysis based on economic models and governmental decisions

They earn profits from key price moves or major trends in the market.

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The only way to improve and get close to success is to make sure that if you lose in your trades today, you can get back on the trading scene tomorrow.

Make sure you manage your risk well!‌‌

When you are in a deal, the three-headed dragon of "Hope, Fear and Greed" is inside you to eat you alive. Do not try to cut their heads, they will grow infinitely. It is better to tame him so that he becomes your slave and not your executioner.‌‌

@Karenwilsonfx

Today Economic Calendar GMT
High volatility expected on USD pairs
Crude oil inventories news

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