Day trading, typically known as trading of financial tools throughout a single day, has become a prolific method of generating income in the financial world. Day traders often leverage the minute price movements in the stock markets to make profits.

Before starting off on the read more journey of day trading, one has to grasp that it needs strategy. Without any strategy, it is just pretty much gambling, and the profits may not be sustainable. Victorious day traders often use various strategies, including swing trading, arbitrage, and scalping.

Scalping involves making small profits from a large number of trades. Scalpers usually hold securities for a few minutes or even seconds. The main aim is to acquire stocks at low prices and sell them when the price goes up.

The swing trading method, on the other hand, is for those who can spend a portion of their day monitoring the stock market. Swing traders take advantage of the swings in stock prices caused by market news and the general workings of the financial markets.

Arbitrage is about making a purchase in one market and trading in another, profiting from a temporary difference in prices. It is generally considered risk-free for the investor.

Day traders also employ several types of market analysis tools to forecast which way the price is likely to move. Technical analysts look at price patterns and chart indicators to anticipate future price movement.

While day trading holds the potential for substantial profits, it’s not without risks. Probably one of the most significant risks in day trading is its erratic nature. Share prices can increase or decrease rapidly, and it can be tough to predict which way they’ll go.

To mitigate such risks, all traders should develop an exit strategy. It's also vital to integrate variation your portfolio and not put all your eggs in one basket.

Lastly, just like any other profession, the key to success in day trading lies in self-education. Study as much as possible and keep updated with market updates. The more knowledge you have, the more effective your chances of making a lucrative trade.

In conclusion, day trading is a rewarding but risky endeavor. It requires serious commitment, knowledge, and strategy. With these in place, anyone can succeed in this game of numbers. Take the time to learn and build an effective strategy, and watch your profits grow.