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Chapter 30, Part II. What Type of Trader Are You?

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Mar 27, 2012.

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  1. Administrator

    Administrator Just Administrator :-)

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    Part II. What Type of Trader Are You? [​IMG]

    Commander in Pips: Since we have done all the preliminary discussion let’s pass right to today's topic. There are two major groups to classify you as a trader – based on time frame you intend to trade, and, second – based on way how you intend to trade mechanically or manually.

    Pipruit: What does it mean to trade “mechanically”?


    Commander in Pips:
    Well, it means that you develop some computer program that makes trades instead of you. Your task here to invent an algorithm and test the program to be sure that this system is profitable. We will discuss this approach in more detail a bit later. Here we will just give the advantages as disadvantages of this method.

    [​IMG]

    Time frame gradation


    Scalper

    Scalpers are those who trade on very short-term time frames. Usually they hold position from a few seconds to some minutes at the most. This type of trading demands extreme concentration, a fast mind and thinking, very detailed preparation, outstanding discipline and diligence. Price changes so fast, that if you will lose momentum – you could finish with significant losses. To become a scalper you need a lot of experience. Since scalpers’ profit in each trade is small and the amount of trades large – their primary task is to take these pips as quickly as they can. A scalper has to stick with the market and sit in front of the monitor without any break and no distractions at all. Among the other reasons this way of trading will be acceptable for those who can spend several hours right within the market, but can’t sit with it all day long.
     
    #1 Administrator, Mar 27, 2012
    Lasted edited by : Oct 9, 2016
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