I havent daytraded since college... Biggest problem that I remember was even if i have a decent year, $5+ grand in comissions (no volume trading disounts back then), and then taxes on top of that, makes this a questionable investmnent of not only money, but time, which was much better spent studying and hitting the bong. And imagine if you have a not so good year 
That said, it can be a fun way to gamble, and might even hit the jackpot occasionally that would make it all worthwhile..
I switched to short-term/intermediate term investing and did this for about 8 years with good success, but I moved most of that money over the last 6 months into principal on the house and savings accounts, which is going back into stocks only in the event of a serious double dip.
All I have left now is a couple of pretty tiny long-term investments in Citigroup anf Oilsands quest, which wouldn't kill me to lose.
"The trouble with socialism is that eventually you run out of other people's money" -Margaret Thatcher
