[1.7.10] [1.8.9] Run 1.7.10 mods and 1.8.9 mods in separate instances?

[bigyihsuan]

I want to play in both 1.7.10 and 1.8.9, but I don't know how to get Minecraft to load a specific folder's mods.

 

Do I have to swap out the mods and configs every time I run a different version, or is there an easier way?

[bigyihsuan]

 

Is this directory where the mods and configs and such are stored, or is it the directory of the actual JAR?