Day trading mutual funds is generally not possible or advisable due to several key factors:

1. Trading frequency limitations: Mutual funds are designed for long-term investing, not short-term trading. Most mutual funds actively discourage frequent trading by implementing steep fees for early redemption or excessive trading4.

2. Single daily price: Mutual funds trade only once per day, after the market closes, at the fund's net asset value (NAV). Unlike stocks or ETFs, you cannot buy and sell mutual fund shares throughout the trading day13.

3. Settlement delays: While the trade date is recognized as the date you place your order, the trade isn't considered final until settlement, which typically takes a few business days2.

4. Early redemption fees: Many funds charge fees if you buy and sell shares within a short period, often 30 days. These fees can be up to 2% of the sale price2.

5. Trading restrictions: Excessive trading can lead to restrictions on your account. For example, Fidelity may block investors from making further trades for a set period if they execute multiple round-trip trades4.

6. Impact on other shareholders: Short-term trading in mutual funds can negatively affect long-term shareholders by increasing the fund's expenses and potentially triggering taxable distributions4.

Given these limitations, day trading mutual funds is not a viable strategy. If you're interested in more active trading, consider these alternatives:

1. Stocks and ETFs: These securities are much more suitable for active trading as they can be bought and sold throughout the trading day4.

2. Index ETFs: If you like the diversification of mutual funds but want more trading flexibility, index ETFs offer similar benefits with lower expenses and fewer trading regulations4.

Remember that while active trading can potentially yield profits, it also carries significant risks and requires substantial knowledge, experience, and capital. It's generally advisable for most investors to focus on long-term investment strategies rather than attempting to make a living through day trading.