Within the financial sector, day trading is a preferred tactic which is both rewarding and challenging. This strategy revolves around trading various financial instruments in one single trading day. To succeed in day trading, an individual requires 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 type of strategy has the potential to generate significant profits but also comes with a high level of risk. Therefore, it requires a calculated and strategic approach.

The ability to possess multifarious skills from quick decision-making abilities to intense discipline. Moreover, a deep market understanding, technical analysis skills, and sound judgement can boost any individual's efforts in day trading.

Risks and challenges are synonymous with day trading. Market volatility and unpredicted shifts can result in significant 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. These include stocks, forex, futures, and options. Each website instrument comes with its own set of benefits and drawbacks, thus having clear investment goals and understanding one's risk tolerance is fundamental for picking the suitable trading instrument.

A solid trading plan holds of utmost importance 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. Also, it helps to have risk management strategies like stop-loss orders incorporated into the trading plan.

Continuously monitoring the markets plays an undeniable role in successful day trading. 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.

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.