Day trading is a popular investment strategy which is both rewarding and challenging. It involves trading various financial instruments in one single trading day. For success in day trading, an investor needs a read more clear understanding of the market and disciplined investment strategies.

Day traders do not hold their positions past the day's end. This type of strategy can yield substantial profits but also comes with a high level of risk. Therefore, it requires a calculated and strategic approach.

The ability to possess a range of skills which include strong discipline and quick decision-making. 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 result in significant losses. Additionally, it demands considerable resources and time. 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 to choose the right instrument for trading.

A solid trading plan holds paramount 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.

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.

Despite the initial challenges, with discipline, effective risk management, and patience, day trading could turn into a profitable 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. Hence, thorough analysis and careful deliberation are crucial before investing.