Swing trading involves holding open positions for periods of several hours to several days in order to profit from price fluctuations while minimizing transactions. It requires patience, experience with financial transactions, technical analysis skills, risk management abilities, and flexibility. Some advantages include lower stress, minimal time and cost commitments, and potential for larger profits relative to risks. However, it also carries risks of sudden trend reversals and is not suitable for beginners. Successful swing trading strategies include entering positions when immediate profit is indicated, using stop losses, and closing losing positions each day while letting winning trades continue.