Out of the around 8 billion people in the world, no one is the same as the other; even identical twins do not have similar fingerprints. Every person is unique in his or her own way.

Trading is not any different. Because of our unique personalities and different ways of doing things, our approach to the market also differs.

While one person can show preference to a more aggressive trading style, another person may like waiting for hours before targets are hit.

Here is a description of the four main trading styles that will assist you know the kind of trader you are.

Scalpers open and close positions in the market very quickly, normally lasting for about 3 to 5 minutes. Usually, traders who use this strategy accumulate profits as many times as possible over the course of the trading day.

The objective of scalpers is to make profits very fast before the market changes course. So, it’s regarded as a safe way of trading the forex market because the short period of time a trade is opened reduces the exposure to market risks.

If you are someone who is thrilled at getting quick returns and you are impatient glaring at your screen for a long time for a trade to materialize, then it implies you are meant to be a scalper.

Day traders, as the name suggests, trade only for the day; that is, taking trades during the day and exiting them when the day is over.

Typically, this type of traders will not hold their positions overnight and they’ll do their best to quit any open positions before the session closes.

If you have sufficient time during the day to analyze, execute and keep an eye on trades, then you should fall in love with day trading.

If you find scalping to be very swift and swing trading a bit slow, then day trading could be your best alternative.

Swing trading involves holding on to open trades for some days, even a few weeks. Since it’s a long term trading style, it’s suited for those who are not able to analyze the market over the course of the day but can allocate some hours each night looking for potential opportunities to enter trades.

If you want to profit from trading but you don’t have enough time to stay close to the market maybe because of work or school, you can adopt this trading style.

In swing trading, traders look for medium term trends in the market and open positions when there are high chances of making profits.

Position trading is a reserve for a few: only those who are extremely patient and can hold on to trades for some months, or even years.

It’s the longest term trading style and requires an elaborate understanding of the fundamentals before taking trades.

So, for you to be a position trader, you need to develop thick skin because trades may work against you even after holding on to them for a long time.