Michael Burnbaum :Day trading, either listed or penny stocks, involves quickly buying and selling stocks to take advantage of small price movements. Like any other trading strategy, day trading has many variations and styles. Some day traders literally buy and sell stocks in a matter of seconds or minutes to take advantage of small price moves quickly. Other day traders will initiate day trading positions in the hot stocks of the day and try to ride the day’s momentum higher by holding for hours during the trading day. The one thing all day traders have in common is that by the end of the trading day they have sold their positions in the stocks that they are day trading. A major advantage to the day trading approach is that day traders avoid drops in stocks that occur from news that is released after regular trading hours.
At the very least, a penny stock day trader needs Level II Quotes ....

http://thesecretlaws.com/Home_Page.html