A recent dialogue on my Facebook about the definition and merits of “swing trading”:
Friend 1: Swing trade – what the [blank] is that?
Friend 1: I’ve seen it in late night [infomercials] like seminar offers.
Friend 2: Just a term to describe length of trades…usually a few weeks to a few months. Don’t daytrade and in this environment can’t put on long term positions. or postional trading…
Michael Covel: I have never seen a pro track record defined as swing trade … just saying. It’s a term with no universal meaning.
Friend 2: C’mon guy’s you can’t be serious. Here is the defintion from Wikpedia.
Michael Covel: How about (1) audited track record from one pro trader that shows ‘swing trading’? Let’s say you want to write book titled ‘Swing Trading’ and you want the foundation to be performance track records of pro traders who practice it … where are they? My book ‘Trend Following’ only exists because of those track records.
Friend 1: Swing trading sounds like Wade Cook.
Friend 2: Really don’t care about “pro traders” or if you have written a book….in order to make money now have to be nimble enough to trade “the swings” in the market. Especially when using 3X leverage…call it what ever you want don’t care. Stupid issue to even be discussing. You both know can’t buy and hold in this market have to trade it. Whether you trade intraday or try to time short term “swings” in the market that is where it is at right now. I’m out see yah…
Friend 1: Well. Pout pout…hrumff.
Friend 2: Not impressed with either of you guys. Seen your type before. Think you know it all and unwilling to learn from others. Have a saying “pride goeth before the fall.” Don’t like people with an ego. Last time I am going to post here.
Michael Covel: …are you serious? I put you on the spot and you bail? I am more than willing to consider strategies … it’s just that little thing called “trust, but verify!”