Long term investor or a short term speculator - Whats your style?

I started thinking seriously at investing Indian Stock Market late last year. The market was already at its peak. I made a decision to allocate a sum of money which can I do away with even if wiped out completely. I took a conscious choice to be in the market as an investor something what Warren Buffet suggests.

As fate would have it the Indian Markets started to decline just as I started investing and they have gone lower and lower since then. I was, and still am, not worried or perturbed with this development. I see investing or speculating during tough times as a valuable learning for the future. I added on capital during these months and bought more stocks and I tried to be in the long term and stick to that philosophy.

But I learnt slowly that going long term just for the sake of it in a declining market makes no sense and one needs to take advantage of the price fluctuations if they can. I had my portfolio swing between green and red and also I had seen individual stocks up 20% and then down 20% during these periods. If I had sold some of them when they were up I could have re-invested the money buying the same or another stock at a lower price but I let the opportunity go.

But now, as I mature I am trying to mold the philosophies and thinkings from famous investors to suit my own style, I also have the urge like many to do something in the market - just sitting idle is boring isn't it ;). So, now I allocated a part of my capital to speculate and make use of the market fluctuations. I am still invested in quality stocks on long term basis and would not sell for marginal profits. I am picking stocks which I can hold for a month or two and make 10-20% out of it.

Thats going to my way till I learn some more... How about your style when you started out and how it changed over the time?

RK
http://yourmitra.wordpress.com