Day trading is a popular investment strategy which is both rewarding and challenging. It involves buying and selling financial instruments in one single trading day. To succeed in day trading, an individual requires disciplined strategies and a comprehensive understanding of the market.

Day traders do not hold their positions overnight. This type of 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 multifarious skills which include strong discipline and quick decision-making. Furthermore, 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 result in significant 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 of these instruments has specific advantages and pitfalls, so understanding your investment goals and risk tolerance is critical to choose the right instrument for trading.

Having a concrete trading plan is paramount importance to succeed in day trading. The plan should include details like the financial instruments one intends to trade, the risk tolerance level, and the profit targets. Also, it helps to have risk management strategies like stop-loss orders incorporated into the trading plan.

Constant Market observation plays an undeniable role in day trading success. Day traders need to keep a close track of international news, economic events, market trends, and macroeconomic indicators. Such monitoring equips traders with insights into potential trading opportunities and risk factors.

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 click here profits and is subjected to market risks. Therefore, it requires careful analysis and vigilant consideration before investing.