Within the financial sector, day trading is a preferred tactic that can be both rewarding and challenging. It involves buying and selling financial instruments in one single trading day. To succeed in day trading, an investor requires 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. Hence, a strategic and well-calculated approach is crucial.

A successful day trader must have multifarious skills which include strong discipline and quick decision-making. Furthermore, a deep market understanding, technical analysis skills, and sound judgement are essential for success as 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. Additionally, day trading requires a significant investment of time and resources. Thus, assessing your risk tolerance, financial goals, and available resources is here 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 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 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. Also, it helps to have risk management strategies like stop-loss orders incorporated into the trading plan.

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. 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, 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.