One of the best ways to succeed in forex trading is to trade a time frame that fits your personality. There are three major time frames categorized as day trading, swing trading and position trading. Now let's take a look at each time frame style to help you decide which is best for you to trade.
Day trading or intraday trading are quick trades that often last anywhere from minutes to hours and take place within the same trading day. Day trading is also known as scalping and trades are very rapid, usually small in size and many trades are taken each day.
The pros of day trading or scalping include smaller risk per trade through smaller stops losses and take profits. You can make money quicker although it takes deep focus in order to day trade.
There is always risk in trading and while there are upsides to day trading there are also down sides. Cons of intraday trading include traders due to frequent trading pay a high amount of fees through spreads or broker commissions. Also small mistakes can turn into large losses if a position gets away from a trader and their account can loss a lot of money in a very short amount of time.
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