Your Forex Trading Style
Written by Sarah Martin
Your style of currency trading in the foreign exchange market may say a lot about you as a person. But what does it actually say?
Scalping
You like fast action and fast profits. You do not make a lot of profit per trade, but you make a lot of trades per day, which can really add up.
Advantage: 1-2% profit per day.
Disadvantage: Extensive experience and knowledge required.
Day Trading
You buy and sell currency all in the same day. Risk shy, you never leave a position open ove
ight for fear of making losses.
Advantage: Fewer trades keeps execution costs down.
Disadvantage: Knowledge of technical analysis is a must.
Swing Trading
This is not your day job. You like part-time hours and working from the comfort of your own home. As with the day trader, you are risk averse.
Advantage: Less time consuming and suitable for newcomers to forex.
Disadvantage: Profit returns less than either scalping or day trading.
Long-term Trading
You can wait. Like a patient farmer, you remain calm, make your investments, check your charts, carefully calculate your trades and reap your rewards when the time is just right.
Advantages: Execution costs are very low, taking very little away from your profits.
Disadvantages: Hardly time consuming; you will not have a good reason to give up your day job, unless you find you are great at this game, in which case, quit the day job and take up golf.
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