Day trading is a popular investment strategy which is challenging yet rewarding. This strategy revolves around buying and selling financial instruments within the same 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 their 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 a range of skills from quick decision-making abilities to intense discipline. Furthermore, command over technical analysis, sound judgement, and a deep understanding of market trends can boost any individual's efforts in day trading.

Day trading also comes with its set of challenges. Market volatility and unpredicted 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.

The world of day trading offers a plethora of financial instruments. 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 to choose the right instrument for trading.

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 successful day trading. 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 trade the day before investing.