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