WHAT ARE THE DIFFERENT TYPES OF TRADERS?

DIFFERENT TYPES OF TRADERS

We have 6 different types of traders

SCALPER

Scalpers are short-term traders focusing on holding positions for timeframes as small as a few seconds to a few minutes like 1, 5 or 15 minutes timeframes, they involve trading frequently throughout the day and spend more time in front of a computer screen.

DAY TRADER

execute frequent trades on an intraday timeframe (Daily timeframe). While their routine will not be as fast-paced as a scalper’s, day traders ensure to close all positions before the end of the trading day, to prevent having to hold overnight. This means trades are not affected by negative news that can hit prices before the market opens or after it closes.

SWING TRADER

Swing traders hold onto trades for longer than a single day, and up to perhaps a couple of weeks. Swing traders will mostly utilize technical analysis, although they should still be aware of events or news that can trigger volatility.

POSITION TRADER

Position traders hold trades for longer periods of time, from several weeks to years. They are not concerned about the short movements within the market nor fluctuations but more concerned, naturally, with the performance over more sustained timeframes. Those are traders like you Warren Buffets.

EVENT DRIVEN TRADER

Event-driven traders look to fundamental analysis over technical charts to inform their decisions. They’ll seek to benefit from spikes caused by political or economic events, such the NFP data, GDP employment figures, and elections.

This type of trading will suit a person who likes to keep up with world news, and who will understand how events can impact markets.

ALGORYTHM TRADER

Algorithmic/Robot/Expert Advisor traders rely on computer programs to place trades for them at the best possible prices. Traders can use defined instructions, to either code the programs themselves, or purchase existing products.

This type of trading suits people who are comfortable with using technology and want to apply it in their forex career. Given the nature of the programs, algorithmic traders will also have a keen eye for the technical charts.

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