What Type of Trader is Best?

What Type of Gold Style is Best for You?

Various types of styles require different techniques - choosing the best style for your strategy will increase your chances of being successful.

Different gold style methods will generally be categorized into the following categories:

Scalper

Gold scalpers are short term traders that open and hold open trade positions for a few minutes & these scalper traders trade using short chart timeframes.

Gold scalping involves opening many trades throughout the day with main objective of achieving small profits oftenly throughout the day.

Scalper must make fast paced decisions of when to open and close trades, Scalpers must be very quick to execute their trades.

Gold scalpers must be able to process changes in the prices quickly in order to make quick and rapid decisions.

Day Traders

Day traders are also short term traders that open and hold open trade positions for a few hours and these day traders trade using short term chart timeframes.

Day trading involves opening a number of trades throughout the day with objective of achieving small to medium profits from these trades during the day.

Day traders will open trades & trade frequently during the day. Day traders will open and close all trades during the day & day traders will not leave overnight positions open.

Day traders are also required to make quick decisions when trading the intraday market short term trends.

Day traders will mainly trade with short term chart timeframes such as the 5 minutes charts and the 15 minutes charts.

Swing Traders

Swing traders are medium term traders that open and hold open trade positions for a few days & these swing traders trade using medium term chart timeframes.

Gold swing involves opening a number of trades during the week with main aim of achieving medium profits from these trades during the tutorial of several days.

Swing traders will open a few trades within the week and swing traders will not trade frequently. Swing traders will open & leave their trades open for few days in order to catch the medium term trend move.

Swing traders are not required to make quick decisions like the scalpers or the day traders when trading the medium term market trends.

Swing traders will mainly trade with medium term chart timeframes such as the 4 hour charts and the daily charts.

Position Traders

Position traders are long term traders that open and hold open trade positions for a few weeks to a few months & these position traders trade using long term chart timeframes.

Gold position involves opening a few number of trades during the year with objective of achieving a big amount profit from these trades during the course of several weeks or months.

Position traders will open a few trades within the year & position traders will not trade frequently. Position traders will open & leave their trades open for a few weeks or months in order to catch the long term trend move.

Position traders are not required to make quick decisions like the scalpers or the day traders when trading the long term market trends.

Position traders will mainly trade with long term chart time frames such as the weekly charts & the monthly charts.

What Type of Trader is the Best Type?