10 Types of Forex Traders, Which Type of Trader Are You?
1. Scalper Forex Trader
2. Forex Traders Type Day Trading
3. Forex Traders Swing Trading Type
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.