In school the first thing our investment profossor told us was that day trading is a death trap unless you have insider information.
So thats why he recommended a long term strategy. We did go through the motions of learning day trading and doing math to calculate correlation coefficients, intrinsic values, etc, but he warned us about the dangers of day trading.
I'm not saying you guys shouldn't day trade. At the end of the day its your money, but keep in mind that the whole market is simply a ZERO SUM Game...meaning, no wealth is generated in totality. In order for one to win, the other must lose and most banks, hedge funds, insititution that handle assets are typically the winners as they have more resources to beat the little guys out.
Just something to think about.