Day trading is a popular tactic which is both rewarding and challenging. It involves buying and selling financial instruments in one single trading day. To succeed in day trading, an individual needs disciplined strategies and a comprehensive understanding of the market.

Day traders do not hold their positions past the day's end. This speculative trading strategy has the potential to generate significant profits but also carries a high degree of risk. Therefore, it requires a calculated and strategic approach.

The ability to possess multifarious skills which include strong discipline and quick decision-making. Moreover, a deep market understanding, technical analysis skills, and sound judgement are essential for success as individual's efforts in day trading.

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, thus having clear investment goals and understanding one's risk tolerance is fundamental for picking the suitable trading instrument.

A solid trading plan holds 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. 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 successful day trading. Day traders need to keep a close track of international click here 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. Hence, thorough analysis and careful deliberation are crucial before investing.