Day trading is a popular investment strategy which is both rewarding and challenging. This strategy revolves around trading various financial instruments within the same trading day. For success in day trading, an individual needs a clear understanding of the market and disciplined investment strategies.

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. Therefore, it requires a calculated and strategic approach.

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

Day trading also comes with its set of challenges. Volatilities and unpredicted market shifts can often lead to substantial 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.

Various financial instruments are available for day trading. From stocks and forex to futures and options, traders can choose what suits their trading style best. 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 of utmost importance importance to succeed in day trading. The plan should include details like the financial instruments one intends to trade, website 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 inevitable role in successful day trading. 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, 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.