How about something in between? Something for the non-daytrader which provides some downside protection but allows you to capture as much upside as possible.
For example, let's say an investor has 5000 shares of NOT with an average cost of $4.50 per share.
Why not put "stop losses" on five 1000 share trades at $3.99, $3.98, $3.97, $3.96, and $3.95 . (I suggest 5 stops in order to try and reduce the risk of somebody "cherry picking". )
At BMO Investorline, I can put stop losses on my equities. For any equitity over $5, I can put on trailing stops with a minimum of 10%.
This strategy is far from fool-proof. I've been cherry picked a couple of times, which needless to say, has p***ed me off.
Snug
