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

Day traders do not hold their positions past the day's end. This type of strategy can yield substantial profits but also comes with a high level of risk. Therefore, it requires a calculated and strategic approach.

The ability more info to possess a range of skills from quick decision-making abilities to intense discipline. Moreover, command over technical analysis, sound judgement, and a deep understanding of market trends are essential for success as individual's efforts in day trading.

Risks and challenges are synonymous with day trading. Volatilities and unpredicted market shifts can often lead to substantial losses. Additionally, it demands considerable resources and time. 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 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 to choose the right instrument for trading.

Having a concrete trading plan is of utmost importance 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 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.

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. Hence, thorough analysis and careful deliberation are crucial before investing.