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