Day trading is a popular tactic that can be both rewarding and challenging. This strategy revolves around buying and selling financial instruments in one single trading day. For success in day trading, an investor requires a clear understanding of the market and disciplined investment strategies.

In day trading, investors typically don't keep positions overnight. This speculative trading strategy can yield substantial profits but also carries a high degree of risk. Therefore, it requires a calculated and strategic approach.

A successful day trader must have a range of skills which include strong discipline and quick decision-making. Moreover, a deep market understanding, technical analysis skills, and sound judgement can boost any day trader.

Risks and challenges are synonymous with day trading. Market volatility and unpredicted shifts can result in significant losses. Moreover, it demands considerable resources and time. 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, thus having clear investment goals and understanding one's read more risk tolerance is fundamental for picking the suitable trading instrument.

Having a concrete trading plan is paramount in achieving success in day trading. The plan should include details like the financial instruments one intends to trade, the risk tolerance level, and the 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, remember that day trading, like any investment strategy, does not assure profits and is subject to market risks. Therefore, it requires careful analysis and vigilant consideration before investing.