There are 4 groups of forex traders. Namely scalper, day trader, swing trader and position trader.To begin you need to know your lifestyle, time available and risk appetite before starting to trade.
Scalper - In and out of his position within seconds. Use 1min or 5mins charts. Target profits from 5 pips to 10 pips. 1 pips = USD10 ( 1 standard lot). Good profits considering a couple of seconds earnings from USD50 to USD100.
Day trader - Open and close postions within the same day. Use 5mins, 15mins, 30 mins or 1 hour chart. Target profits from 20 pips to 50 pips.
Swing trader - Hold theirs positions for a few days. Uses 1 hour, 4 hour or daily chart. What to achieve 50pips to 100pips.
Position trader - Stay in the market from weeks, months to years. Uses daily, weekly or monthly chart. Target profits 100 pips to 1000 pips or even more. Warren Buffet loves to holds his trade even in forex trading.
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