Day trading is a popular investment strategy which is both rewarding and challenging. This strategy revolves around buying and selling financial instruments within the same trading day. To succeed in day trading, an individual requires disciplined strategies and a comprehensive understanding of the market.

Day traders typically don't keep positions overnight. This type of strategy can yield substantial profits but also carries a high degree of risk. Hence, a strategic and well-calculated approach is crucial.

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 day trader.

Risks and challenges are synonymous with day trading. Market volatility and unpredicted shifts can result in significant losses. Additionally, it demands considerable resources and time. 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, forex, futures, and options. 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.

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.

Constant Market observation plays an inevitable role in day trading success. Keeping a day trading 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, it is important to remember that like any investment strategy, day trading does not guarantee profits and is subjected to market risks. Hence, thorough analysis and careful deliberation are crucial before investing.