Within the financial sector, day trading is a preferred investment strategy which is challenging yet rewarding. This strategy revolves around trading various financial instruments in one single trading day. To succeed in day trading, an individual requires disciplined strategies and a comprehensive understanding of the market.

In day trading, investors typically don't keep positions overnight. This speculative trading strategy has the potential to generate significant profits but also comes with a high level of risk. Hence, a strategic and well-calculated approach is crucial.

The ability to possess multifarious skills which include strong discipline and quick decision-making. Moreover, command over technical analysis, sound judgement, and a deep understanding of market trends are essential for success as individual's efforts in day trading.

Risks and challenges are synonymous with day trading. Volatilities and unpredicted market shifts can often lead to substantial losses. Moreover, 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. From stocks and forex to futures and options, traders can choose what suits their trading style best. Each of these instruments has specific advantages and pitfalls, thus having clear investment goals and understanding one's risk tolerance is fundamental to choose the right instrument for trading.

A solid trading plan holds paramount in achieving success in day trading. It should contain specifics like the chosen financial instruments to trade, the risk here tolerance level, and set 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 inevitable 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, 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.