In real life people are different from each other and not the same as some people are tall, others are short "fat and thin" and so on.
People personalities are also different and varies from one to another, it's the same in Forex there are several types of Forex traders and trade orders.
Forex Traders Types
There are four types of Forex traders:
1- The Scalper
Scalpers are Forex traders who deal or trade for short periods per trade that lasts up to 2 - 3 min max and their main objective is to deal short timing trades with small amount of profit or loss for several times.
Lots of people consider this way as the best way for beginners or from the perspective of safety for the following reasons:
- Single trade takes seconds to 2-3 minutes max.
- you can trade for several times as long as you have time.
- Although its small profit but also a small loss and it's known you won't earn for good or loss for good.
2- Day Traders
Day traders are Forex traders who start their trades at the beginning of the day and finish at the end of the day with profit or loss.
these types of traders don't like to hold tradings overnight "day by day trades".
3- Swing Traders
Swing traders are Forex traders who like to hold their trades for several days.
This type will suits people who don't have time to decide on their trades through daylight so they make these decisions every night after analyzing the market.
4- Position Traders
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Position traders are Forex traders who have their trades for weeks, months or even years. these traders are considered experts traders who have large experience about trading and Forex.
That was the main types of traders but what are types of trading orders ??
Forex Trading orders Types
The word "order" means how you will enter or exit a trade.
1- Market Order
Market order means to take your action"buy or sell" according to the best available price
Foe example, the bid price for EUR-AUD is at (1.3140) at the moment and ask price is at (1.3145) so if you want to buy EUR-AUD then it will be sold to you at (1.3145).
If you click buy then the trading platform will execute buying order at that price.
then you can buy more or sell what you have according to increasing or decreasing of price"your decisions".
2- Limit Entry order
Limit entry is an order which you place to buy below market or sell above market at certain prices.
For example, EUR-AUD is trading at the moment at (1.3140) and you want to sell when it hits (1.3160) so you can wait and sit until it hits this price and sell or you can make sell limit at (1.3160) and leave.
The trading platform will auto make sell when the price reaches (1.3160), you can also make the same when buying.
3- Stop Entry order
Stop entry is an order which you place to buy above market or sell below market at certain prices.
For example, EUR-AUD is trading at the moment at (1.3140) and heading upward.
You think the price will continue to increase until it hits (1.3150) so you can wait, sit until it reaches this price or make stop entry at (1.3150) the trading platform will do it automatically.
4- Stop Loss order
Stop loss order is a type of order linked to a trade for preventing additional losses if the price goes against you.
A stop loss order remains in effect until the position is liquidated or you cancel the stop loss order.