Day trading is a popular investment strategy which is both rewarding and challenging. It involves buying and selling 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.

Day traders do not hold positions past the day's end. This speculative trading strategy has the potential to generate significant profits but also carries a high degree of risk. Therefore, it requires a calculated and strategic approach.

The ability to possess multifarious skills which include strong discipline and quick decision-making. Furthermore, a deep market understanding, technical analysis skills, and sound judgement can boost any day trader.

Day trading also comes with its set of challenges. Volatilities and unpredicted market shifts can result in significant losses. Moreover, it demands considerable resources and time. Hence, before delving into day trading, it's pivotal to assess your financial goals, risk tolerance, trade the day and investment resources.

The world of day trading offers a plethora of financial instruments. These include stocks, forex, futures, and options. 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 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 day trading success. Day traders need to keep a close track of international news, economic events, market trends, and macroeconomic indicators. This constant vigilance can provide valuable insights into potential trading opportunities and risk elements.

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. Therefore, it requires careful analysis and vigilant consideration before investing.