Short term speculators and longer term investment managers

A trader is person or entity, in finance, who buys and sells financial instruments such as stocks, bonds, commodities, derivatives and mutual funds in the capacity of agent, hedger, arbitrageur or speculator.

The introductory paragraph uses material from the Wikipedia article "Trader (finance)" as of 01 Aug 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.