This sounds like a good introductory way to play around and get familiarized with the markets, but just let me throw out there that for real investing, I think I'll always shy away from trying to get immediate returns, especially day trading. My philosophy for investing is slow and steady. Lower risk, long track record mutual funds and such.
And on a similar note, I heard an interesting comparison relating to the worthlessness of the U.S. Social Security system. For argument's sake, a person makes minimum wage ($5.15/hr.), works 40 hours a week, and never gets a raise. Working till they're 65 they become eligible for a measly monthly government check of a few hundred dollars, and upon death, all is lost. Yet, let's say the same amount (about $60-$70) that is automatically deducted from every check is instead put in a mutual/index fund that averages 10-13%, which is fairly easy to come across. Upon reaching retirement age, that person will have over $3 million. Amazing what a little personal responsiblity, discipline, and determination can do...obviously someone just in middle income levels could become much more wealthy, or retire sooner.