Within the financial sector, day trading is a preferred investment strategy that can be challenging yet rewarding. This strategy revolves around buying and selling financial instruments in one single trading day. For success in day trading, an individual requires a clear day trading understanding of the market and disciplined investment strategies.

Day traders 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. Therefore, it requires a calculated and strategic approach.

A successful day trader must have multifarious skills which include strong discipline and quick decision-making. Moreover, command over technical analysis, sound judgement, and a deep understanding of market trends can boost any individual's efforts in day trading.

Risks and challenges are synonymous with day trading. 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, 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, 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. Incorporating risk management strategies such as stop-loss orders into the plan is also beneficial.

Constant Market observation plays an inevitable 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.

While day trading might seem daunting initially, with perseverance, discipline, and effective risk management, it can act as a lucrative 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.