There are four main styles of forex trading, categorised by how long you keep your positions open:
- The shortest is scalping, where you hold trades for minutes or even seconds at a time. The moment a position turns against you by even a couple of pips, you close it
- In day trading, you aim to close all your positions by the end of the session. That means keeping them open for minutes or hours at a time
- Next up is swing trading, where you hold positions for days or weeks, aiming to capture profits from the smaller trends within wider moves
Finally, position traders keep their trades open for weeks or months at a time, looking to take advantage of major trends
In general, shorter-term styles are more favoured by FX traders, but all are valid if you have the right conditions. You might want to try a few out and see what fits your plan best.