As a newbie,explain to me the different types of traders
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A day-trader aims to close all trades within the same day.
A scalper aims to close a trade as soon as it shows any profit. Technically this means 1 pip of profit but in reality these days its often more.
Long-term traders use longer time-frame charts and will hold overnight and across weekends, sometimes for many weeks if the chart remains favourable for them.
Within each time-related style traders make one of two choices - either buy because price has been rising and they think it will continue, or buy because price has ben falling and they think it will reverse.
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Have you completed Pipsology?
No.im in highschool in Pipsology
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Ok. No worries. Pipsology will explain about different trader types. To be honest, Pipsology contains pretty much all the basics you need to get started. Almost all beginner questions you have can be answered in Pipsology, or even in the search bar in the forum.
True, initially it helped me a lot in understanding the concepts for forex trading.
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Did you start trading without a mentor
There are typically four types of trader: scalper, day trader, swing trader, and the position trader. You can read about them here:
We get to know about different types of traders from their trading style.In general, forex traders fall into one of six categories: scalpers, day traders, swing traders, position traders, algorithmic traders, or event-driven traders. We can analyse the trading styles by studying the pattern of trade. Usually I like scalpers who trade by entering the market to buy short positions and take quick exits.
Yes, I am a self-taught successful trader. Many traders start off without a mentor.
Please read through the babypips’ free course to learn about forex trading, so that you do not have to spend time asking simple questions on the forum.
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I think that section also has some form of personality quiz. You can take that too to help figure out what kind of trader you want to be.