Style is important. We hear it every day, every moment, from magazines, from TV, radio… Style is the integral part of personality, and we all want to be personalities. Well, business is where we really stand tall, where we show our personality in full-size and style is important in business. However, style cannot be expressed in clothes only. What is your Forex trading style?
Styles of trading can tell much about you like a person. Do you know what scalping, swing, position, day or long term Fx trading styles are? Well, if you do and one of them is your style, you can skip this article. But if not – well, you are on YOUR track to be a stylish person in all the ways with your own Forex trading style!
Scalping
If you want to make profits fast and like action, scalping is for you. Scalping is about getting a little profit on little trades. Many small trades a day gets a big profit at the end of the day. Be a careful pro. Scalping is the FX trading style for currency traders who want to make profits on a daily base. 1-2% profit every day, sounds good? That’s what professional scalper makes.
Advantages from scalping:
- High win rate
- You can make high profits faster than with any other trading styles
Disadvantages:
- Only for experienced trader with deep knowledge about currency trading
- Time intensive when done manual
Day Trading
Well, and what do you have to do if you are afraid of losses and not risky by yourself? Then you should definitely try Day Trading FX trading style. Day Trading means buying and selling the currencies in the one day. If this tactic fits you – you have already found your Forex trading style and it is Day Trading.
Advantages from day trading, also known as intraday trading:
- Low number of trades lowers execution costs
- No overnight trades
Disadvantages:
- Trader needs to have deep knowledge about technical analysis, access to real time news service and level 2 data
Swing Trading
Swing trading is for those who are mainly trading from home and day-traders. It’s based on short-time movements of currencies. If you’re a day trader, you can surely choose Swing Forex trading style. Swing trading is for those who don’t want to spend the whole day with trading and are not ready to take to large risks.
Advantages from swing trading:
- Good trading style for traders who are new to currency trading
- Not very time intensive
Disadvantages:
- Some trades need to be hold overnight
- Returns lower profit then scalping and intraday trading
Long Term Trading
Long term trading’s name talks for itself. Long term is Forex trading style that is based on operations that are not fitting to one or two days. Long term trading is calmer than speedy Scalping, Swing or Day trading style, and surely will fit you if you’re not from those who want to “get rich in a day”. Position trading is fx trading style that is very popular. It is based on long-termed trading, long timeframe charts (like monthly, weekly and daily ones).
Advantages from long term trading:
- Very low transaction costs
- Not very time consuming. It is enough when you check your position once a day.
Well, whatever Forex trading style you are going into – it should be based on the strategy that is highly recommended to use. A solid strategy will guide you through the trading process, and I am sure you will be happier if your strategy will be based on simple rules that are easy to follow. ProFx strategy will work ok for you. I know for sure! It returns a constant profit and guarantees low drawdowns. Isn’t it great? You’re Scalping? Or using Intraday Forex trading style? Alternatively, maybe long term Forex trading style is good for you? No matter what, ProFx will make it easy for you to archive constant and stable profits.
