Within the financial sector, day trading is a preferred tactic which is both rewarding and challenging. This strategy revolves around trading various financial instruments within the same trading day. For success in day trading, an investor needs a clear understanding of the market and disciplined investment strategies.

Day traders typically don't keep positions past the day's end. This type of strategy has the potential to generate significant profits but also comes with a high level of risk. Hence, a strategic and well-calculated approach is crucial.

A successful day trader must have multifarious skills from quick decision-making abilities to intense discipline. Moreover, command over technical analysis, sound judgement, and a deep understanding of market trends can boost any individual's efforts in day trading.

Risks and challenges are synonymous with day trading. Volatilities and unpredicted market shifts can result in significant losses. Additionally, day trading requires a significant investment of time and resources. Thus, assessing your risk tolerance, financial goals, and available resources is critical before you venture into day trading.

The world of day trading offers a plethora of financial instruments. These read more include stocks, forex, futures, and options. Each instrument comes with its own set of benefits and drawbacks, thus having clear investment goals and understanding one's risk tolerance is fundamental for picking the suitable trading instrument.

Having a concrete trading plan is paramount in achieving success in day trading. It should contain specifics like the chosen financial instruments to trade, the risk tolerance level, and set profit targets. Incorporating risk management strategies such as stop-loss orders into the plan is also beneficial.

Continuously monitoring the markets plays an inevitable role in day trading success. Day traders need to keep a close track of international news, economic events, market trends, and macroeconomic indicators. This constant vigilance can provide valuable insights into potential trading opportunities and risk elements.

While day trading might seem daunting initially, with perseverance, discipline, and effective risk management, it can act as a lucrative investment strategy. However, it is important to remember that like any investment strategy, day trading does not guarantee profits and is subjected to market risks. Therefore, it requires careful analysis and vigilant consideration before investing.