10 Types of Forex Traders, Which Type of Trader Are You?

10 Types of Forex Traders, Which Type of Trader Are You?

The type of forex trader, which type of trader are you? please note that when we run a forex trading business, we will certainly find various types of forex traders who do Open-Close based on certain factors. Even though the names of these determinants are diverse, each type of forex trader has a common ground, both of them want to make a profit and avoid losses. Based on determinants when going to do Open-Close position, a forex trader can be grouped into several types. What type of trader are you? who can answer questions like this is your own. You don’t have to force yourself to be a particular type of forex trader because everyone has their own style.
Remember, yes, you don’t have to force which type of forex trader. Adjust your forex trading style with the style you have, choose a forex trading style that you think is effective and capable of printing profits and not losses even though other people consider the style that you have is difficult or less cool. Remember! do not be influenced by the style or talk of others, just do what you have to do to make a profit. Well, if you can’t wait to know what type of forex trader we are, please check the list below,

1. Scalper Forex Trader

This type of forex trader is a type of forex trader who performs Open-Close positions in a very short span of time (seconds – minutes) with quite a lot of forex trading frequency. This type of forex trader only targets a few pips (1 – 15 pips) for every forex trading position he does. But even though the profits are only a few pips, but if done in large amounts, then there are many benefits.Scalper type forex traders will usually be in front of the computer for a long time so that if you are a forex trader who wants to pursue this forex trading business as the main income (full time trader) then you can try this scalper technique. But if you are someone who still makes forex trading not as the main livelihood (part time trader) then you should not do this scalper technique.

2. Forex Traders Type Day Trading

This type of forex trader is a type of forex trader who performs Open-Close positions in a fairly longer time span (minutes – hours) by utilizing daily fluctuations in changes in the prices of currency pairs. To get the benefit of a day trading type forex trader will usually open several positions and actually this day trading type forex trader is almost similar to a scalper type forex trader but it’s just that the time frame used is a bit longer. Well, if you are a part time trader, then forex trading type day trading like this is likely to suit you because you do not have to monitor the screen for a long time so you can do your main job well without being disturbed.

3. Forex Traders Swing Trading Type

This type of forex trader is a type of forex trader who performs Open-Close forex trading positions over a long period of time (hours – days). This type of forex trader I think is perfect for those of you who are part time traders because your time does not need to be spent staring at a computer screen to monitor currency price movements so that you can do other activities. But to be able to do swing trading techniques it is highly recommended that you always be disciplined in carrying out the trading plan that you have made, including when applying risk management.

4. Forex Trader Type Carry Trading

This type of forex trader is a type of forex trader that utilizes the difference in interest rates between the traded currency pairs. If you are still unfamiliar with this term, then please open the page about what is a carry trade that we have discussed before. To benefit from interest rate differences, a forex trader must buy a currency that has a higher interest rate and sell a currency that has a lower interest rate. And if you want to be a forex trader with the type of carry trading then you have to be diligent in reading the news or seeing data about the interest rates of each country whose currency is traded on the forex market.

5. Forex Traders Type News Trading

This type of Forex trader is a type of forex trader who opens an Open-Close forex trading position based on the sentiment of the news that will come out that can significantly affect the price movements of the currency pair (rising high or falling sharply). This type of forex trader usually only wants to get a profit in a short period of time because the news sentiment or data that comes out is usually only able to affect for a moment only if it turns out the news or data can fundamentally change a country’s economy. To become a forex trader, type of news trading, you must be diligent in seeing forex news, one of which you can do through a forex calendar or a trusted forex news provider site.

6. Forex Traders Position Trading Type

This type of forex trader is a type of forex trader who opens an Open-Close forex trading position with a long time span (weeks – months). If I am a private forex trader, this type of trading position is more suitable as a forex market investor. And I think if you want to become a forex trader, type of trading position, you have to learn fundamentally and technically well and have quite a lot of capital too. Why do I say you have to have enough capital? because if your capital is mediocre it is feared that it is not enough to be able to withstand the fluctuation of currency movements. And if your capital is unable to withstand this turmoil it is feared that you will definitely be exposed to a margin call.

7. Forex Trader Type Trading Range

This type of forex trader is a type of forex trader who opens an Open-Close forex trading position by utilizing a price range formed between the support and resistance lines. For the price range that is formed between the support and resistance lines can use a short, medium, or long time frame depending on the target price to be achieved. If you want to trade forex using a range trading technique then you must understand the support and resistance lines first and of course learn also about the bound market range that has been discussed on this blog page.

8. Forex Traders Type of Trading Trend

This type of forex trader is a type of forex trader who opens an Open-Close forex trading position by utilizing the price movement trend of a currency pair whether it’s a short, medium, or long term trend. So, if you want to become a forex trader, type of trading trend, you must be able to see the forex market trend conditions, whether in a bullish or bearish trend. So that when the forex market trend is bullish, please open a Buy position and if the forex market trend is bearish, then please open a Sell position. And so you can be proficient in forex trading in the style of a forex trader, the type of trading trend, you have to practice a lot.

9. Forex Traders Type of Automated Trading

This type of forex trader is a type of forex trader who opens an Open-Close forex trading position by using an automated tool that we know as a trading robot. This trading robot is actually a software programmed to execute a forex trading position based on certain conditions in the forex market. So, actually this trading robot is the same as us which means that to open or close a trading position it must be based on a certain factor (based on technical analysis) it’s just that the trading robot can do it tirelessly. If you want to become an automated forex trading type, then you have to be careful because if the trading robot that you use is incorrectly entering data in the program, then only the loss you will get.

10. Forex Traders Type Discretionary Trading

This type of forex trader is a type of forex trader who opens an Open-Close forex trading position using his personal judgment. Forex traders type discretionary trading are usually those who have been involved in the forex trading business so much that they are more flexible with trading rules and quickly adapt to changes in forex market conditions. If you want to be a type forex trader like this then you have to learn a lot, practice, and of course you have to practice so that later you can easily determine when you have to open a Buy or Sell position.

As you have read above, there are many types of forex traders that can be formed on the forex market either because of the techniques used or based on their psychological conditions. But even though only you know which type of forex trader you are. Yes! only you know, so don’t ask where it is just to know which type of forex trader is right for you which one.

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