Within the financial sector, day trading is a preferred tactic that can be challenging yet rewarding. This strategy revolves around buying and selling financial instruments within the same trading day. For success in day trading, an investor needs a clear understanding of the market and disciplined investment strategies.

Day traders do not hold 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.

The ability to possess a range of skills which include strong discipline and quick decision-making. Furthermore, 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.

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 of trade the day these instruments has specific advantages and pitfalls, thus having clear investment goals and understanding one's risk tolerance is fundamental for picking the suitable trading instrument.

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.

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.

Despite the initial challenges, with discipline, effective risk management, and patience, day trading could turn into a profitable 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.