There are many different views, for lots of good reasons, as to what defines a trade period. But let’s try this:

Day trading, as the word suggests, is a trade that is entered and exited on the same day. Mostly this will be technical trading but could be news or event based.

Short-term trading is again primarily technical; but could include fundamental, news and event-based criteria. Usually one day out to several months.

Medium-term could be nine months (as defined by Peter Lynch as the period beyond which fundamental information provides all the influence) out to several years.

Between medium-term and long-term we see a gap. A sort of no man’s (or women’s) land.

A massive correction, substantial pull-back or crash (call it what you will) happens between 7 and 15 years. Historically not before seven years, but could be more than 15 years.

So, let’s take 15 years as a guide. For our ‘long-term’ investments to survive, to grow, they may have to outlast a couple of crashes. That takes the extended term to 30 years, or thereabouts, depending on the date of purchase of the investment relative to a previous crash.

It makes sense therefore that investment money needed for a pension ought not to be invested over the medium term some 7 to 15 years from a previous crash.

2008 was our last crash, so between 2015 and 2023, or until the next one, it might be prudent only to invest short-term or long term.

And, we would say long-term only with excellent value equities probably purchased before 2015.