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The trader must be highly focused on the charts during normal trading hours, and they must be able to control their emotions in each trade. The reason: These pairs have the lowest spreads. Scalping is not all great though. One disadvantage of this that during periods of high volatility, say following a major news announcement, the markets can respond quickly.
And quickly knock out the scalpers small profits. Instead, day traders open 1 or a couple of different trades throughout the day with the goal of scoring up to 50 pips of profit off of each trade. Some days, the trader may adjust their pip-profit goals if the trend is strong, and others, they may have to take smaller profits to avoid bigger losses. Day traders combine fundamental and technical analysis to quickly spot micro- and macro- trends, and they enter trades based on this analysis.
Swing Trading Swing trading occurs on a longer timeframe compared to day trading. In the Forex market, currency pairs tend to fall into fairly specific ranges, between high and low points. Swing traders follow these trends closely, and when they determine an entry point, they typically stay in a trade for up to a week, and in some cases, even longer. To be a successful swing trader, you must be patient. Sometimes, it can look like the markets are turning against you, but in many cases, the trend continues.
Swing traders cannot let these slight fluctuations deter their longer-term goals. Or do you consider yourself a scalper? There are many different types of Forex styles, but in general, they fall into four basic categories. Traders can consider themselves scalpers, day traders, swing traders, or position traders. Each of these styles will help Forex traders reach specific goals, and each style has a different time commitment.
So which one suits your needs best? For example, scalpers tend to open about 5 to 15 trades per day. And their goal is to score 5 to 10 pips of profit off of each trade. This trading style requires a significant investment of time. The trader must be highly focused on the charts during normal trading hours, and they must be able to control their emotions in each trade.
The reason: These pairs have the lowest spreads. Scalping is not all great though. One disadvantage of this that during periods of high volatility, say following a major news announcement, the markets can respond quickly. And quickly knock out the scalpers small profits. Instead, day traders open 1 or a couple of different trades throughout the day with the goal of scoring up to 50 pips of profit off of each trade.
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