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  Opening your first chartBaisic principles of trading  

Different types of traders

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In last classes we talked about timeframes

Different traders use different values.

The scalper

They use the lowest ranges possible, from 1 to 5 minutes!
They have to stick glued to their screen to see the action happening live in front of their eyes. Worst than hardcore gamers!
No time to use the bathroom if they opened a position!

They get small gains, but open a lot of trades, and it can accumulate... up or down!

They have to be cautious about trading fees: they need to be really low.

The day trader

They trade over the day and close their position when the sun goes down.
They usually trade with the hourly intervals, but can sometimes use the 15 and 30 mins chart.

The swing trader

They hold their trade for a few days or a week.
They use mainly the 1h, 4h, 1D timeframes

The position trader/investor

The most patient ones! They keep their positions for weeks or months. This doesn't mean they don't have to check the chart at least once or twice a day. And neither it's a reason to become careless.
They use the 4h, 1D, W periods.

Which one should you be?

You can be whatever you want, dear!
At first you will have to try a bit everything to see what's the best for you.

As you are learning you are probably inclined to go the scalper/day trader way: to practice as soon as possible.

Do not forget about the other types.
Scalpers usually chase gains the same way crackheads chase their highs.
Day traders miss big profits because they fear what could happen while they sleep.

Having a long-termed mind, patience, and a carefully planned strategy, may be one of the best ways.


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  Opening your first chartBaisic principles of trading