Trading Discussion What Kind of Trader Are You?

[moonchild]

Forex is an international market with a trillion dollar cap, each day different traders all over the world have their own methods of taking their own share out of it.

1) Scalpers: This is my favorite trading style, it involves going in and out of the financial market very fast to catch an impulse wave or a quick retracement, this style doesn't involve much technical analysis, because the whole trade span around 1m to 5m, most traders using this style trade on the lower time frame.

2) Trend Trader: This style involves following the direction of the market, if the trend is going up, they buy and if it's going down they sell, traders using this style majorly trade on the higher time frame like 1hour to 4hour.

3) Position traders: Traders using this style are mostly market makers, because position traders can hold a position for a month, even up to a year, because they trade based on sentiments and fundamentals, retail traders hardly trade with this style.

What kind of trader are you?

 

[btaliat]

I am not really good at froex trading but if I were to choose, I will prefer scalping to minimize my loss.

 

[Nite]

Scalping can be successful, if you have the skill and experience. Typically, longer the position is open, it's better to let the position mature and develop. I think, the best forex strategy would be to hold trades open for a longer period of time. Short term trades are good when you understand the market better and you have time to practice. Patience is actually the key to forex trading.

 

[rextee]

Right! Scalping can be highly risky if you don’t have the right skills. You need to have a good exit strategy, along with the proficiency in reading charts. There is also a lot of stress during short-term trading.

 

[Mary Frederick]

Taking high risk to gain more profit isn’t called success rather you should focus on cutting risks as much as possible. It is one of the core criteria for trading. Risk is inherent to every business, so in Forex. With FXOpulence broker, you are flexible to increase and decrease trading risk.