Well, i see day trading as a sort of zero sum game, with thousands of in and out traders trying to guess entry and exit points - it seems tough to try to figure out what's going through the minds of the people on the other side of the trades. For every thousand day traders there should be roughly 500 up and 500 down in any given day.
But using fundamentals one can often discern inefficient markets. The opportunities last year and late 2002 were abundant. And in the post-bankruptcy area especially - for instance, you had the largest sugar producer in America (IPSU - Imperial Sugar) selling for a 10 million market cap at one point, with a billion in sales and turning around. A trade like that was a no-brainer. A co. like CPST had 2.00 in cash, no debt, and traded under .50. Those were the earmarks of multi-baggers to be had.
Unfortunately, right now opportunities like that don't exist ... but i'm saving up for the next bear market.
I think the big money is made from the bottom. Load the wagon at the bottom and wait.
Conversely, we all know it was just a matter of time in 2000 for companies like XLA to crash - those valuations were simply impossible to sustain. Maybe some chartists could have called it on the way down but fundamentalists knew it all along.
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