To recap, the main difference between the four trading styles is the length of time that trades are held for.
Scalpers hold their trades for a few seconds, or at most a couple minutes.
Day traders hold their trades anywhere from a few seconds to a couple of hours.
Swing traders usually hold their trades for a couple of days.
Position traders hold their trades anywhere from a couple of days to several years.
Have you thought about what type of trader you could be?
It is important to note that not one trading style is better than the other.
All four trading styles have their pros and cons and it is completely up to you to decide which one to apply in your trading.
They’re all just as good as YOU find them.
With that said, choosing the trading style that fits YOU best can be a difficult task, especially if you are just starting up, but it is a crucial step for your long-term success as a trader.
So how do you go on about choosing one?
Don’t rush things. Take your time making this decision. Find a style that matches your life and personality.
Be open-minded when choosing your trading style. Even if it doesn’t sound like something that you would like, there is no harm in trying it and who knows, you might end up enjoying it!
Be flexible when exploring the different trading styles. It’s not all black and white. Explore them all before you settle for one.
Stick to your trading style. One of the biggest mistakes that new traders make is to change trading styles at the first sign of trouble. Don’t do that. Instead, stick to your trading plan and watch it reward you for your loyalty in the long run.
If you follow these steps, you are more likely to find yourself as a trader and get on the right path to a consistent trading career.
If you don’t, you might end up being a grumpy trader that doesn’t make any consistent profits and cries in the shower at the end of their day.
And trust me, that’s not a good look.
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