This is what I would do, I would open up an IRA with the minimum required, at Vanguard. With the rest of the money I would set aside in a high interest online savings account that you wouldn't touch unless there is an emergency in the next couple of years. Then when you graduate, you would be in a very good situation.
Are you taking out loans for school? You should think of getting a credit card that you pay off each month (I'd suggest making only 1 purchase each month that you can pay off in full). This would allow you to start building credit so that when you graduate, you would be in a better position to get a mortgage down the road.
Oh, and don't do the daytrading!!!
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