Day trading is a popular investment strategy which is challenging yet rewarding. This strategy revolves around buying and selling financial read more instruments within the same trading day. For success in day trading, an individual requires disciplined strategies and a comprehensive understanding of the market.

Day traders typically don't keep positions overnight. This type of strategy has the potential to generate significant 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. 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 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. From stocks and forex to futures and options, traders can choose what suits their trading style best. 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.

A solid trading plan holds 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. Also, it helps to have risk management strategies like stop-loss orders incorporated into the trading plan.

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