Types of Trade Styles
Types of Traders: Scalper Traders, Day Traders & Swing Traders
There are different types of traders depending on the amount of time that they hold their open gold trades.
These traders also use different chart timeframes to place their gold trades.
The various types of traders are:
- Scalpers
- Day traders
- Swing traders
- Position traders
Scalper Traders
XAUUSD scalpers are the traders that hold on to their open trades for only a few minutes. With objective of making little sums of pips as a profit, 10 to 20 pips.
XAUUSD scalpers make many trades in one day, trade during the busiest times of the day.
Scalpers are traders that can make quick xauusd decisions.
XAUUSD Scalpers use 1 minute charts & 5 minutes charts to place their trade transactions. They use 5 min chart to figure out trend, if it going up/down, then use 1 min chart to decide their entry & exit points.
Day Traders
XAUUSD Day Traders are the traders who hold on to their open trades for few hours but not more than a day. With aim of making quite a number of pips profit, 30 to 70 pips
Day traders make 1 or 3 trades in one day, xauusd trading during the busiest market hours of the day and they do not hold their open trades overnight.
Day traders use 15 min charts and 1 hour charts to lace their gold trades. They use 1 hour chart to figure out trend, if it going up/down, then use 15 min chart to decide their entry & exit points.
Swing Traders
These are traders that hold on to their open trades for few days to a week. With objective of making a large amount of pips, 100 to 300 pips
Swing traders make an average of 2 to 5 trades in one week, holding onto their open trades overnight. Swing requires traders who are patient.
Swing traders use 1 hour charts and 4 hour charts to place their gold trades. They use 4 hour charts to determine the market trend, if it going up or down, then use 1 hour chart to decide their entry and exit.
Position traders
These are the traders who hold onto their trades for weeks or months. With main aim of making a large amount of pips, 300 to 800 pips.
Position traders make an average of 2 to 5 trades in a year, Position requires traders who are patient, experienced & have huge account balances that can withstand huge draw downs.
Position traders use 1 day and weekly charts to put their trades. They use weekly charts to determine the market trend, if it going up or down, then use 1 day chart to decide their entry & exit.
What type of trader is the best?
Most popular type of trader is the day trader & swing trader. When starting its best to try day trading and with some experience try trade swing trading. These methods are most suitable for beginners.
Scalping xauusd is also popular among traders.
Position xauusd is not very popular because this type of trading requires a huge account balance & sometime it can result to huge xauusd trade draw downs.
What Are Different Types of Traders? - What are Different Types of Traders? - Types of Trade Styles - How Many Types of XAUUSD are There
