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

In day trading, investors typically don't keep 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.

A successful day trader must have 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 day trader.

Day trading also comes with its set of challenges. Volatilities and unpredicted market 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.

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, day trading so understanding your investment goals and risk tolerance is critical to choose the right instrument for trading.

A solid trading plan holds paramount in achieving success 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 inevitable 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, 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.