One more important detail. Stay away from James Cramer. Do not trust what he says. Other stocks I lost a lot of money on, include EP, JNPR, NT all stocks that at one time or another were or still are his favourites. When daytrading, be nimble and take quick profits. End of story.
BTW...you've crushed my dreams on becoming a day-trader (well not really...but was a disheartning story). I'm waiting until later this year to quit my job as an engineer, and becoming a day trader. Once I get my my working capital to 100k (no margin!), I'm going to shoot for a .5% to 1% per day average return, without holding ANYTHING overnight. I think your theroy about daytrading momentum is a solid one...watch the open, jump in on the risers, get out after my .5% to 1% return. On a 100k investment, that would equate to $2,500 to $5,000 return per week. Works for me. Anybody heard of or use WizeTrade software? I'm thinking of purchasing. Thanks.
Never holding overnight is a good idea. There will also be days that you will loose 1-2% a day, so you need days that will yield you more than 1%. Also, if you can not afford to loose your money, don't do it. In theory it seems very sensible but in reality, it is harder done than said. Also, when you have an outstanding week, take some time off to gain back your humility. Stocks market knows how to humble the very best. Recognize that huge gains in very short periods are more of an anomoly and not the norm. Good luck!