Can you be different types of trader all at once?

Helloooo! :blush: It’s me again. Haha. :smiley: And I was just reading through the forums and got curious. There are a lot of day traders and scalpers around. But would it be possible to be different types of traders all at once? :thinking: Like, you’re a day trader, but for some pairs, you’re a scalper. And for some pairs, you’re a long-term trader. :sweat_smile: Has anybody tried this before? :open_mouth: Thank youuuu. :smiley:

I’ve tried it. I’ve tried being a day-trader while London and New York are open and an EOD trader using D1 charts after the close. It would work really well - if I was any good at day-trading.

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Oooh! :open_mouth: That’s interesting. :thinking: Would you recommend it to others? Initially, I was thinking it might get too messy and busy so I didn’t really want to try it for myself. :sweat_smile:

I definitely recommend making the attempt. I’m OK at using EOD price action but my day-trading is poor - my belief is it takes a completely different character to be good at either and very few people can be equally good at both. But its worth the attempt. My EOD trades are managed while there is no opportunity for day-trading and all are set using pre-set entry orders and SL’s (and TP’s if required) so no management is required during the business day. In theory this leaves ample time free to watch live prices and trade off shorter time-frames. Its still an ambition of mine, but I have failed in multiple different ways when I have tried to do it. One thing I am certain of is that the EOD trading did not cause any losses in day-trading, nor vice versa, so my basic principle was correct.

But, I cannot trade in two different styles simultaneously in the middle of the day.

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Yeah, I trade any style throughout the day and overnight. Not that it makes any difference to my results.
What is clear, though, leaving a trade to run overnight with reasonable S/L &T/P positions is stress free because I’m not looking at the screen every few minutes.

On the other hand, facing a number of losers the next morning is not a pretty sight. Secret is to reduce lot size to provide more breathing space than intra day trades.

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Well, it’s possible. For me, It depends on the trade whether I’ll be a day trader or a swing trader that day/week. If the setup is on the H4, I’ll take it, if it’s on the M15, I’ll still get in as long as it’s valid as per my strategy. I never call myself a swing or day trader, most times I’ll be both at the same time. I manage risk instead. And I trade very few selected pairs (3) so I will enter on during both impulsive moves, and short term correctional moves.

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Why not? You can change in any business, you can try something new all the time and here too it is possible.

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Probably all of us have some strong traits that can be realised in different approaches.
So yes, it’s worth trying and accepting - it seems to me that we are different anyway at least at different stages of our careers.

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This is super interesting, and something I would now want to try out. :open_mouth: But I’m assuming this is easier said than done. :open_mouth: Because it already takes much time and experience before you become profitable in one type of trading. Trying out a different trading style could take up just as much time and effort. :thinking: This might be a stupid idea from me. :sweat_smile: So I’m sorry in advanced but I’m just curious. What do you think of just EOD trading for a week, and then just day-trading the next week. And then trading both the week after that. Would that make any difference?

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Interesting! :thinking: You mean you can be a day trader for one pair while scalping another pair? :open_mouth: I wonder how long it took you before you’re able to trade whichever style profitably. :open_mouth: What’s your advice for people who also want to try it out? :open_mouth:

Ahhhh. :thinking: That makes sense. :open_mouth: Maybe those who want to try it out could just focus on 1 pair per type so that it’s a bit easier to manage. If you would recommend pairs for this approach to trading, which pairs would it be? :thinking:

I stick to scalping DAX at London session breakout. I stick to day trading currency pairs.

Horses for courses.

That’s true. :sweat_smile: But also like in any business, it would take a lot of time and effort so a lot of us stick to the trading we know best. :thinking:

Hmmm. :thinking: Yeah. :thinking: We might get to discover more about ourselves if we try experimenting. :open_mouth: We can just go back to the one we know best if we ever decide it just wouldn’t work for us. :thinking:

I had to look up what “Horses for courses” means! :sweat_smile: Haha. :smiley: But yeah. Definitely different approaches for different people! :smiley:

:laughing::laughing::laughing:
You must be a bread winner trader to go in like that…
But, of course can be if it works for ye.