Absolutely - "...investing is more economically efficient and beneficial than is trading" and my returns strongly support that supposition. Also, I couldn't agree more on your statement: "One must read the winds, and check one’s biases at the door." When i was hitting on my swing trades, they were done by first feeling what my gut really wanted me to do (i.e.: jump aboard when things were running way up or sell after a drop), realize that the bulk of investors were feeling the exact same thing, and then calculating on how to monopolize on that sentiment.
That's the way i think when i get in a groove on swing trades. Long term moves in the market are a different story, and the hardest part is differentiating a swing trade opportunity from a longer term direction.
Right now, i am tending towards the b&h with relatively little cash on the sidelines with which to try any swing trades.
You know, today's downturn could have been a lot bigger given how far we have risen. That is not such a bad sign.