Within the financial sector, day trading is a preferred tactic which is both rewarding and challenging. It involves buying and selling financial instruments within the same trading day. To succeed in day trading, an individual needs a clear understanding of the market and disciplined investment strategies.

Day traders typically don't keep positions past the day's end. This speculative trading strategy can yield substantial profits but also carries a high degree of risk. Therefore, it requires a calculated and strategic approach.

The ability to possess a range of skills from quick decision-making abilities to intense discipline. Moreover, a deep market understanding, technical analysis skills, and sound judgement can boost any individual's efforts in day trading.

Day trading also comes with its set of challenges. Volatilities and unpredicted market shifts can result in significant losses. Additionally, 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. These include stocks, forex, futures, and options. 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.

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, the risk tolerance level, and the profit targets. Incorporating risk management strategies such as stop-loss orders into here the plan is also beneficial.

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. 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.