Types of Gold Traders: Scalpers, Day Traders, Swing Traders & Position Trading
Types of XAUUSD Traders
There are different types of Gold traders. The type of a trader one is depends on the amount of time that they hold their gold trade transactions.
The different types of xauusd 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
Each type of Gold trader is explained below and as a beginner trader you can decide which type of Gold trader you want to be based on your trading personality and the xauusd chart time frame that you would want to be trading with.
Types of XAUUSD Traders - Scalping XAUUSD Trading
The Gold traders who are scalpers hold on to their xauusd trades for only a few minutes. With the objective of making a small amount of pips in profit, 5 to 10 to 20 pips.
Scalpers are the type of Gold traders that make many gold trading transactions in one day and participate in gold trading during the busiest market hours of the gold trading market. A scalper gold trader can open anywhere between 30 to 50 xauusd trades per day.
Scalpers are Gold traders who can make quick decisions.
Scalpers use 1 min charts to put their gold orders. They use 5 minutes Gold chart time frame to determine the gold trend, if the gold trend is going up or down and to decide their entry and exit.
Scalper 5 minutes xauusd trading time frame xauusd trading strategy
A Scalper using 1 min chart time frame wants to go long, checks 5 minute chart, looks like the xauusd trading examples illustrated and described below, since it shows the gold trend is going up, the scalper will then decide it's okay to buy gold.
Types of Gold Traders - Scalpers - Scalping Gold Trading - Scalper Gold Trader
Day Trading XAUUSD
Gold Day Trader - This type of Gold trader holds on to their xauusd trades for a few hours but not more than a day. With the aim of making quite a number of pips profit, 30 to 70 pips.
The gold day trader makes 2 or 5 gold trading transactions in one day, participating during the busiest times of the xauusd market & they do not hold their xauusd trade orders overnight.
These Gold traders use the 15 min Gold charts to put their gold orders. They use 1H gold chart to determine the xauusd market trend, if it going up or down & to decide their entry & exit.
XAUUSD Day Trader 1 Hour time frame xauusd trading strategy
A Gold day trader using 15 min chart wants to go long, checks 1 hour xauusd chart time frame, it looks like the xauusd trading examples illustrated and described below, since it shows the xauusd market trend is going up, the gold day trader will then decide it's okay to buy gold.
Types of Gold Market Traders - Gold Day Traders - XAUUSD Day Trading - Types of Gold Traders
XAUUSD Swing Trading
Gold Swing Traders - This type of gold trader holds on to their Gold trades for a few days to a week - with the objective of making a large number of pips in profit, 100 to 400 pips.
This type of xauusd trader makes an average of 2 to 5 gold trading transactions in one week, holding onto their trades overnight. Swing gold trading method requires gold traders who are patient.
This type of gold trader uses the 1 hour Gold charts to put their gold orders. Swing traders use the 4H gold chart to determine the Gold trend, if it is going up or down and to decide their entry and exit.
XAUUSD Swing Trader 4 Hour chart time frame xauusd trading strategy
A gold swing trader using 1 hour gold candlesticks charts wants to go short, checks 4 hour gold candlesticks chart, it looks like the xauusd trading examples illustrated and described below, since it shows the gold trend is going down, the swing gold trader will then decide it's okay to Sell/Go Short gold.
Types of Gold Traders - Swing Traders - Swing Gold Trading - Swing Traders
Position XAUUSD Trading
Position Traders - This type of gold trader holds on to their gold trade for weeks or months. With main aim of making a large amount of pips profit, 300 to 1000 pips.
Position Traders place an average of 2 to 5 orders in a year, position gold trading method requires those who are patient, experienced and have huge account balances that can withstand huge draw-downs.
Position gold traders use 1 day or weekly gold charts to put their gold orders. They use weekly gold chart to determine the trend, if it going up or down and to decide their entry and exit.
XAUUSD Position Trader Weekly xauusd chart time frame xauusd trading strategy
Position gold trader using the daily gold candlesticks charts wants to go short, checks weekly xauusd chart time frame, it looks like the xauusd trading example illustrated and explained below, since weekly xauusd chart time frame shows the gold trend is going down, the position gold trader will then decide it is okay to sell - Go short.
Types of Gold Traders - Position Traders - Position Gold Trading - Position Traders
Types of Gold Traders
The most popular type of Gold trader or the best Gold trader type is the day trader & scalper gold trader depending on the method of gold trading of each trader, but these two gold trading methods are the most widely chosen gold trading methods. Scalping xauusd trading requires those that can make quick decisions while gold day trading is for those who want their xauusd trades to run for longer and have more time when making gold trading decisions. When starting it is best to try gold trading scalping or gold day trading. This gold trading methods are the best because you do not leave gold orders open for too long. At the same time you do not leave xauusd trades open overnight and you can trade when you have time to watch the xauusd market movements. In XAUUSD it is best keep gold orders open for as long as the gold trend setup is in your direction and exit immediately once the gold trend direction starts to reverse.
When it comes to the question about which type of gold trading style is used by the best Gold traders or by the top Gold traders the two gold trading methods above are the most commonly used gold trading techniques. Traders can also automate these scalping or day trading styles by implementing their gold trading strategies using automated xauusd robots.
For gold swing traders, leaving gold trade transactions too long can also take up your profit & this gold trading method also requires a lot of skills so it is best to stick to the short term gold trading methods for most beginner Gold traders.
Position gold trading is not good as it requires a huge account balance and sometime it can result to huge draw-downs.
For gold trading swing trading & position gold trading methods, leaving a gold trade transaction open for too long, may mean these trades can reverse and move against you with a lot of pip movements and can even wipe your xauusd trading account, for this reason swing and position gold trading methods are not very popular. It is best to stick to gold trading scalping and gold day trading so as to better manage the funds in your xauusd trading account.
It is not recommended for the Gold trader who is a beginner trader to leave orders open overnight, it is best to always close open gold orders at the end of the day.
XAUUSD News Traders - Types of Gold Traders - XAUUSD News Trading - this gold trading news trader places gold orders during economic news release time, either guessing the news will be positive/negative or placing pending gold orders above and below xauusd market xauusd price. XAUUSD News trading technique is risky as volatility is massive, whilst liquidity may be non-existent. You may not get filled or, worse, your stop loss might not be honored! XAUUSD News Trading technique can be very profitable for some gold traders but requires some skills.
Gold Robot Traders - Types of Gold Traders - Automated Gold Traders - the xauusd trading robot trader - automated gold trader is the type of gold trader that uses automated gold trading programs known as xauusd trading robots - EA Robots Expert Advisors Robots to trade the online gold market. This automated gold trader will install an Automated Gold Robot on their gold trading platform and the automated robot will then open & close trades on behalf of the trader based on the strategy that has been used to program this automated xauusd robot. If you are new to automated xauusd trading & would like to find a trader using automated trading robots to help you come up with an automated robot, then you can find out more about automated trading on the XAUUSD Expert Advisors Article - MQL5 Gold EA Robots Forum.
