Many traders are misinformed when they first enter the trading arena believing that trading is as easy as pressing the buy/sell button. Traders soon realize the time before pressing the buy/sell button and the time after are the most challenging mentally.
The waiting game….
All traders regardless of style or type are players to the waiting game. Waiting for their trade. Waiting for their trade to work in their favor. Waiting for their trade reward and/or waiting for their stop to get hit.
The boring Swing Trader
Swing trader wait times range from a couple days to weeks. These traders should and always be swinging for the fences seeking large home-run moves for a base reward. The time spent swing trading can feel like a slow burn as it could be a few days before you realize your trade either works or doesn’t. That means going to bed with an open trade not having any control of exiting a trade if the market gaps before the open. These traders should be sure the risk is worth the reward.
The trigger happy Day Trader
Day traders seek the same home run move but instead of the fence they structure the trade to only need to hit a double to receive the same base reward as the swing trader. For day traders time can be compared to dog years. 1 day can feel like 7. Why? Well, day traders are accustom to finding out if their trades are right or wrong quickly and moving on to the next. This wait time can be a few as 15 minutes up to a few hours.
There are advantages to both styles of trading. Take a long look in the mirror and self assess how much patience and discipline you are capable of. Both styles of trading require time. Preference comes down to how you decide to spend that time. Stay discipline friends and choose wisely.