Day trading is a popular tactic that can be both rewarding and challenging. It involves buying and selling financial instruments in one single trading day. For success in day trading, an individual needs disciplined strategies and a comprehensive understanding of the market.

In day trading, investors do not hold their positions past the day's end. This speculative trading strategy can yield substantial profits but also carries a high degree of risk. Hence, a strategic and well-calculated approach is crucial.

A successful day trader must have a range of skills which include strong discipline and quick decision-making. read more Moreover, a deep market understanding, technical analysis skills, and sound judgement are essential for success as individual's efforts in day trading.

Risks and challenges are synonymous with day trading. Market volatility and unpredicted shifts can often lead to substantial losses. Moreover, day trading requires a significant investment of time and resources. Hence, before delving into day trading, it's pivotal to assess your financial goals, risk tolerance, and investment resources.

The world of day trading offers a plethora of financial instruments. These 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.

Despite the initial challenges, with discipline, effective risk management, and patience, day trading could turn into a profitable 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.