Day trading is a popular investment strategy that can be both rewarding and challenging. It involves trading various financial instruments within the same trading day. For success in day trading, an individual needs a clear understanding of the market and disciplined investment strategies.

In day trading, investors 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.

A successful day trader must have a range of skills from quick decision-making abilities to intense discipline. Moreover, a deep market understanding, technical analysis skills, and sound judgement can read more boost any day trader.

Day trading also comes with its set of challenges. Volatilities and unpredicted market shifts can result in significant losses. Additionally, it demands considerable resources and time. Hence, before delving into day trading, it's pivotal to assess your financial goals, risk tolerance, and investment resources.

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 instrument comes with its own set of benefits and drawbacks, so understanding your investment goals and risk tolerance is critical for picking the suitable trading instrument.

Having a concrete trading plan is paramount 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. 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, and market trends is essential for day traders. This constant vigilance can provide valuable insights into potential trading opportunities and risk elements.

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. Hence, thorough analysis and careful deliberation are crucial before investing.