If your brokerage agency offers the option to buy individual stocks and mutual funds, you can freely choose the stocks you want. If your forecasts don't work, you can change them as often as you deem necessary. The key constraint to actively trading in your IRA is your ability to use leverage. However, with an IRA margin account, you can use the liquidation margin, allowing you to trade unliquidated funds as much as you want.
The main attraction of taking advantage of more sophisticated strategies in an IRA is the possibility of allowing profitable transactions to remain in the account with deferred taxes (standard IRA tax rules apply).