Position Trader ~ forex market hours monitor software
The position tradert is playing fundamental direction and is seeking very large moves of 150 to 300 pips. This trader doesn’t want to sit and watch the screen but play the longer moves and forces behind forex. This requires trading daily, and even weekly charts and setting with risk control to target a 3-to-1 ratio of pip profits over losses.
Position traders are usually sophisticated investors with two distinct characteristics: Their astute reading of the fi nancial markets makes them totally unconcerned with the short-term or even the medium-term move- ments of the currency market, and they own a large trading account. This
size is necessary because capital is needed to withstand large floating losses should trades go against the trader for an extended period of time.
Position trading offers these top three advantages:
Lower transaction costs. Brokers charge a spread for every position executed in the forex market. Thus, scalpers incur the highest costs by virtue of their trading frequency. Position traders are on the opposite end of the pole.
One disadvantage is psychological. Set-and-forget trades are slow and take a long time to complete. In contrast, an advantage is that all it takes is three out of seven wins to be profitable.
The trader wants to enter on the side of the predominant trend, put on the trade with proper limits and targets. Channel and patterns fit this style.
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