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

Day traders typically don't keep their positions past the day's end. This type of strategy has the potential to generate significant profits but also comes with a high level of risk. Hence, a strategic and well-calculated approach is crucial.

The ability to possess a range of 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 day trader.

Day trading also comes with its set of challenges. Market volatility and unpredicted shifts can result in significant losses. Moreover, day trading requires a significant investment of time and resources. Thus, assessing your risk tolerance, financial goals, and available resources is critical before you venture into day trading.

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 for picking the suitable trading instrument.

A solid trading plan holds of utmost importance importance to succeed in day trading. It should contain specifics like the chosen financial instruments to trade, the risk tolerance level, and set 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 inevitable role in day trading success. Keeping a close watch on international news, economic events, macroeconomic indicators, and market trends is essential for day traders. 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 more info act as a lucrative 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. Therefore, it requires careful analysis and vigilant consideration before investing.