Types of Trade Styles
Types of Traders: Scalper Traders, Day Traders and Swing Traders
There are different types of traders depending on the amount of time that they hold their open xauusd trades.
These traders also use different chart time frames to place their xauusd trades.
The different types of gold traders are:
- Scalpers
- Day traders
- Swing traders
- Position Gold traders
Scalper Traders
Scalpers are traders that hold on to their open xauusd trades for only a few minutes. With aim of making small amounts of pips as profit, 10 to 20 pips.
Scalpers make many trades in one day, trading gold during the busiest times of the day.
Scalpers are traders that can make quick trading decisions.
Gold Scalpers use 1 min charts and 5 minutes charts to place their trades. They use 5 min chart to determine the gold trend, if it going up or down, then use 1 min chart to decide their entry and exit points.
Day Traders
XAUUSD Day Traders are traders who hold on to their open trades for few hours but not for more than a day. With main aim of making quite a number of pips, 30 to 70 pips
Day traders make 1 or 3 trades in one day, trading gold during the busiest times of the day and they do not hold their open xauusd trades overnight.
Day traders use 15 min charts and 1H charts to lace their xauusd trades. They use 1H chart to determine the gold trend, if it going up or down, then use 15 min chart to decide their entry and exit points.
Swing Traders
These are the traders that hold on to their open xauusd trades for few days to a week. With main aim of making a big amount of pips, 100 to 300 pips
Swing traders make an average of 2 to 5 trades in one week, holding onto their open xauusd trades overnight. Gold swing trading requires traders who are patient.
Swing traders use 1H charts and 4H charts to place their xauusd trades. They use 4H charts to determine the trend, if it going up or down, then use 1H chart to decide their entry and exit.
Position Gold traders
These are the traders who hold on to their trades for weeks or months. With main objective of making a big amount of pips, 300 to 800 pips.
Position traders make an average of 2 to 5 trades in a year, Position trading requires traders who are patient, experienced & have huge account balances which can withstand huge drawdowns.
Position traders use 1 day and weekly charts to put their trades. They use weekly charts to determine the gold trend, if it going up or down, then use Daily chart to decide their entry and exit.
What type of XAUUSD trader is the best?
The most popular type of trader is the gold day trader and gold swing trader. When starting its best to try gold day trading & with some experience try gold swing trading. These trading methods are most suitable for novice traders.
Scalping trading is also popular among traders.
Position trading isn't very popular because this type of trading requires a huge gold trading account balance & sometime it can result to huge gold draw downs.
What Are Different Types of Traders? - Different Types of Trading - Types of Trade Styles - How Many Types of Trading are There
