Day trading is a popular tactic which is both rewarding and challenging. It involves trading various financial instruments within the same trading day. To succeed in day trading, an investor needs disciplined strategies and a comprehensive understanding of the market.

Day traders do not hold their positions overnight. This speculative trading 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 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 day trader.

Risks and challenges are synonymous with day trading. Market volatility and unpredicted shifts can often lead to substantial losses. Additionally, day trading requires a significant investment of time and resources. Hence, before delving into day trading, it's pivotal to assess your financial goals, risk tolerance, and investment resources.

The world of day trading offers a plethora of financial instruments. These include stocks, website forex, futures, and options. Each of these instruments has specific advantages and pitfalls, so understanding your investment goals and risk tolerance is critical for picking the suitable trading instrument.

A solid trading plan holds of utmost importance 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.

Constant Market observation plays an inevitable role in day trading success. Keeping a close watch on international news, economic events, macroeconomic indicators, and market trends is essential for day traders. 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.