The pros of swing trading include it tends to be easier to manage trades than day trading as well as more traders are profitable as swing traders. The spread has less of an impact than it does on intraday trading therefore traders do not waste money on broker commissions.
The downside or cons of swing trading is that traders can get emotional attached to their trades and expected outcome allowing trades to spiral out of control and turn what should had been a small loss into a large loser.
Otherwise known as the buy and hold method, position trading is known as a trend trading style where traders build themselves into large positions over days, weeks and even months trying to profit when the market is trending. Often traders are able to get themselves into a snowball situation when the markets is running with them.
Some forex traders tell of the position trading style to be the easiest and most profitable. Fitting into any active lifestyles as often traded on the daily time frame it is also the most desirable! One signal period a day makes it very easy to manage and adjust new and open trade orders.
The biggest fear of any trend trader needs to be getting a losing position and holding it too long hoping it would come back. Often position traders can wipe out their entire trading accounts when they not only hold a position too long but actually average into losing positions.
Knowing what time frame is going to fit you best is very important when it comes to your success. Spend some time really thinking about how active you want to be as a trader, what feels the best for you and then try to build a forex strategy around that. Once you are comfortable trading one time you will have the experience to actually be able to trade the other times frame even better which will help your trading grow.