Excess Returns · Thursday, July 16, 2026
Jack Schwager observes that many traders who start as day traders in the current ecosystem eventually transition to longer-term strategies, holding positions for weeks or months. He notes this trend is a significant shift from earlier "Market Wizards" books, which featured virtually no day traders.
“So, um, you know, there were quite a few. Although, uh, I think in just about every case, they transitioned.”
“Uh, they, uh, they started out as day traders, but then sometime along, they all seem to figured out that, hey, I'm doing really well at day trading, but I could do even so much better if I would, you know, swing trading trading for few weeks.”
“And eventually, some of them say, well, Gee, maybe some of my positions I want to hold longer than that.”
“So, you do see this transition. Even if they start from day trading, they don't stay in day trading. They expand their horizon to longer periods. Which could be weeks, or some cases months.”