Long term trader He is a trader who invests in a currency with the expectation of taking profits in the long run The trader will not perform day-to-day actions but will look at the big picture.
Long term can be months or even years, it all depends on the goal he has set for himself.
This type of trade is so-called "set it and forget it"
There is no problem to continue to check the market daily, but the trader is not affected by fluctuations that occur daily on the currency
Of course, it is desirable to use a stop loss order so as not to end up in a situation that you have lost a lot of money, but the order will be more flexible than usual
This method also requires self-discipline and mental fortitude in order not to be alarmed by sharp ups and downs in the market
As soon as you come to an assessment that a certain currency will rise high in the long term, you invest in it and let the money work.
There are advantages and disadvantages to this method On the one hand, you can invest in the currency for years and it will not give you the returns you expected.
But on the other hand, think about all the people who sold Bitcoin when it reached a few dollars compared to those who believed in it until today, what huge differences there are in their profits..
There is a good way of working in the long-term trading method called Dollar Cost Average where you deposit a fixed amount of money at a fixed time regardless of the currency rate I will detail it in the next post Have a nice day everyone