Within the financial sector, day trading is a preferred investment strategy that can be both rewarding and challenging. It involves trading various financial instruments within the same trading day. To succeed in day trading, an investor requires disciplined strategies and a comprehensive understanding of the market.

In day trading, investors do not hold 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. Therefore, it requires a calculated and strategic approach.

A successful day trader must have 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 can boost any 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. 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.

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 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. The plan should include details like the financial instruments one intends to trade, the risk tolerance level, and the 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. Keeping a close watch on international news, economic events, macroeconomic indicators, trade the day 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 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.