you seem to have the idea..... Flipping stocks is really a personal decision. Some play everyday and switch a stock everytime it turns. Some like to sit on a stock and don't touch it. When to sell a stock is really up to you and what your goals are.
If you are looking to grow a port fast than playing hot stocks swings is a quick way to do it. Remember that you are charged commission everytime you do tho, so think if buying a stock 2 or 3 times in a day, plus commission, is it worth it? A 2 or 3 point movement might not be worth it for a exspensive stock but would for a cheap stock. But if you miss the turn of the stock you could lose $ and sitting and holding might be the way to go.
So think what you want to do wit your port and trade that way. Swings are fun but I have been on the wrong end MANY times and when you have a smaller port it seems like the end is coming. Openers and BIG name IPO's are usually active stocks and can payoff big when you're first starting.