Within the financial sector, day trading is a preferred tactic that can be challenging yet rewarding. This strategy revolves around trading various financial instruments within the same trading day. To succeed in day trading, an individual needs disciplined strategies and a comprehensive understanding of the market.

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.

A successful day trader must have a range of skills which include strong discipline and quick decision-making. Moreover, command over technical analysis, sound website 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.

Having a concrete trading plan is paramount importance to succeed in day trading. It should contain specifics like the chosen financial instruments to trade, the risk tolerance level, and set profit targets. Also, it helps to have risk management strategies like stop-loss orders incorporated into the trading plan.

Constant Market observation 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.

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. Hence, thorough analysis and careful deliberation are crucial before investing.