You can imitate a variety of forex trading style to get multiple benefits. Trading is a business activity that allows anyone to join it as a way of investing, including in forex trading.

One of the goals of someone choosing this business, of course, is to get extra profits even beyond passive income and time freedom that makes it easier for someone to run this business.

But to get big profits in this trading, of course, you need to have the right analysis and strategy so that the profit target you want to achieve can be achieved properly.

Many traders use various strategies and precise analysis to determine the best entry and exit positions and the right time to open trading positions in the forex and commodity markets.

Forex Trading Style based on Their Strategies

You can understand a person's trading style by looking at the strategies used. So what trading styles can you imitate? Check out the following reviews:

1. Scalper

Scalper is a forex trading style that uses a scalping strategy and focuses on taking positions on low time frames (M1-M5).

A scalper must know about world currency market exchanges that update at certain minutes and respond as quickly as possible to any opportunities or market changes.

A scalper also doesn't need to stay up late or stay up late because transactions tend to be fast.

However, it should be noted, scalping strategies require a high level of concentration and reaction speed in the face of price fluctuations.

Not only that, but fast price changes in low time frames also have the potential to make trading psychology unsettled and easier to provoke emotions.

That is why, not all traders will be suitable to apply scalping strategies, especially those who are still learning forex trading.

At least, you must have patience, thoroughness, high flying hours and join the best forex broker to use this technique.

2. Swing Trader

Swing trading is a forex trading style that tries to make a profit on a stock (or other financial instruments) in the short term.

This type of trader usually holds positions for more than 1 day, even a week and traders usually prefer to use technical analysis rather than fundamental analysis, even though they are aware that news or events can cause price volatility.

3. Day Trader

Day trading is trading or trading (buying and selling) in 1 day where a position opened on that day will not be transferred to the next day or to the next trading session. Traders of this type will usually focus on taking positions on the intraday time frame (M15-H1).

Usually, day traders will close their positions before the day changes to avoid positions overnight so that trading is not affected by negative news that can impact price movements.

4. Position Trader

Position trader is a forex trading style that makes transactions with medium to long term. Usually, this trader will make transactions in a daily, weekly, or monthly period and has the longest trading period when compared to the other three types of traders.

Therefore, you will rarely encounter this type of trader, because a position trader holds his trading position from several weeks to several years.

Therefore, this type of trader is not suitable for people who are impatient and do not want to take big risks.

Apart from your trading style, you should also join a trusted broker to keep your trading safe. Didimax forex broker is a regulated broker in Indonesia so you will be safe trading with us.

After knowing the trading styles above, you can adapt the strategies that you have learned. Remember to use a forex trading style that suits you to make a profit.