Can I do this regularly as long as I make enough to cover the fees and bring in a profit? Are there additional fees for buying/selling on the same day? Also, I heard these types of fast trades are taxed high. Are there differences between buying and selling on the same day versus buying to hold onto the stock for an extended period of time?
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If you buy and sell within a year, the profit you make is taxed as ordinary income – that is just like it appeared on your W-2. So if you are at a 25% tax bracket for federal and 5% for your state 30% will go to taxes.
Stock trades held longer than a year are treated as a capital gain and taxed at 15% federal and usually 5% state.
If you have a loss, short term (<1 year held) can offset short term gains, and can offset regular income up to $3,000.
Day trading is very difficult to do profitably because of the fees involved and the risks, and the amount you pay in taxes.
You can sell shares the next minute after you buy them as long as you make the transaction using "Settled Funds"
Settled Funds is the money that has already traveled from one account and it’s already settled in your account. For example if you make a money transfer from your checking account to your scottrade account, you will have to wait three days for the money to travel from your bank to Scottrade’s account.
Conversely if you sell a share, you will have to wait three days for the money to settle. After selling a share, you can immediately buy another share with the money waiting for settlement, but you won’t be able to sell that. If you try to sell a share that you purchased with unsettled funds, you will be doing a "free ride" which is not allowed by scottrade. I don’t know what the consequence is for free riding or if the system allows you to committ such transaction.
Good Luck on your daily trade.