Most successful, I believe, are those who:
Have a proven track record of using their experience to find new ideas
Are willing to take risks in order to achieve their desired outcome
Are willing to take the hit (and the risk) of losing their existing position to gain a new one
are willing to take the hit (and the risk) of losing their existing positon to gain a new one Are able to adapt to changing market conditions, and are willing to risk more and more to achieve their desired outcome
What are some of your personal strengths and weaknesses as a swing trader?
I’m a perfectionist – and I think that’s something that separates the professional traders from the amateurs. The professional traders are usually on some sort of continuous learning curve, and as such can’t see a mistake before it has been made. They can only learn by doing, and I think that this trait is very key for successful swing trading.
I’m often tempted to buy low and hold – even though this can have the unintended consequence of having me sell too high and become oversold. I think that this “trend trading” mindset can have fatal consequences in the long run.
One of the biggest strengths I have is that I have a very strong sense of timing – and that’s because I know that any time I’m investing in a product or instrument, I have a strong feeling of time value.
This is not to say that I won’t do my best to find new ideas, or trade based on anything other than time value – but I think that when it comes to long-term money management, we have to look past our short-term emotions and focus on the fundamentals.
My personal biggest weakness is my fear of loss – if that happens I tend to buy low and sell high, and forget about my long-term future. I think that if I ever decide to trade in a swing strategy, I will have to make sure I take some sort of active part to protect my long-term money.
What are the pros and cons of making money off of a swing trade?
The biggest pros? It’s very rewarding to make a profit – and the thought of my portfolio growing over time is very exciting.
The cons? It is very difficult to keep track of your money – so being able to make profit each trade is very satisfying.
A small risk that I sometimes take as I trade is the fact that my
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