Long-term investing is relatively easy, just buy and hold until the valuation is high, or the fundamentals of the firm change (it should be called buy and hope). But, short-term investing (taking advantage of market fluctuations) requires far more precise timing. It requires that the investor have an idea of the amplitude of the fluctuation, and that the investor commit to transactions at certain preconceived prices (and then it becomes a game of buy and wait). This regime of pre-ascertained transactions requires complete commitment.