Works for some people. Some can only get a handle with one and get flustered with more than that. But more experienced traders can usually capitalize on moves for a bigger basket of stocks especially for daytraders. Some daytraders can capture nice moves in whatever is active that day due to news.
Depends on your style, and also your choice of stock. Personally, I think it is a good way to trade. All this intraday scanning is distracting and generally produces lengthy lists of stocks that you know little or nothing about. Often there is a news release on them that day, and you are also faced with interpreting the market's reaction to the news. Some stocks do seem to have their own trading rhythm, and I like to get a feel for that before trading them.
it is a good idea. i traded MSFT exclusively for several years and it was a great experience. sur fer
When I stopped chasing all these 'opportunities' which I saw every day and instead concentrated on just one single stock, from that moment on daytrading became profitable for me.
It worked for me for awhile, but the problem is that many people get married to a stock even when it's stopped having meaningful moves. They end up churning themselves in commissions because of a stubborn belief that they can continue to milk the same stock for profits. You can't keep taking the horse to the same well every day. Pretty soon, stocks dry up or the moves become too erratic and you have to move on.
I guess a good compromise between being married to 2-3 stocks and milking it too much past churning vs. scannig 100 and being distracted is to keep 2-3 but be good enough to realize that it is time to change the 2-3 set.