Day trading, or the process of buying and selling stocks and shares within a single trading day, has become a controversial topic these days. Some have touted it as a get-rich scheme that works, while others, thanks mainly to scammers who promise huge returns in a short time and the greater degree of risk involved, don't believe that any substantial profit can be made from it.

Whether the potential for profit is big or small, the fact is that many day traders are earning decent incomes. They are well-educated and well-funded individuals who use great amounts of leverage and cutting-edge trading strategies to profit from the minute price changes in very liquid stocks or currencies.

Because of the high degree of risk associated with day trading, it is best to leave it to those who know what it's all about. However, the advent of the Internet has spawned the rise of first-time day traders. If you belong to this category, here are a few day trading strategies you might want to learn about:

1. Choose stocks that are liquid and volatile. Because of the short time frame for day trading, highly liquid stocks give you the advantage of buying the stock when it's at its low and selling it at its high. Volatility is a measure of the stock's daily price range. Highly volatile stocks give you a chance of harnessing greater profits, but it also has the potential for massive losses. Whatever stocks you choose, be they in commodities or currency, be wise about it.

2. Be prepared. This entails a lot of research. Most day traders are educated and highly intelligent people. If you simply want to gamble your money away, then day trading is a sure way for you to lose. Since it's a highly-fluid, fast-changing market, you have to be prepared at all times. Knowledge of past trends as well as present events is essential. You must also have technical knowledge of how day trading works. Majority of investors who go into day trading fail because they lack the necessary knowledge and skill. In short, they didn't go to battle prepared.

3. Use the right strategy. One of the best day trading strategies to use for those starting out is momentum. This is done by following news stories or market analyst trends so you buy stocks when the review is generally positive and sell it when it starts to turn sour. Another strategy is known as the daily pivot. Here, investors simply buy stocks when they are at its lowest and sell them at its high. Scalping is another good strategy for beginners as well. In scalping, you simply sell your stocks at their most profitable point. This minimizes your risk of losing money.

There are other strategies that seasoned investors utilize when they do day trading. Some of these include range trading, contrarian day trading and price action trading. However, these more advanced techniques are best for those who already know the ins-and-outs of this fast-changing world. As a beginner, it's best for you to get the feel for it first before you become more aggressive with your money.