Being a day trader requires not only a deep understanding of market mechanics, but also a disciplined and steady mindset.

The key element of day trading is that traders buy and sell securities within a single trading day. The process can be exhilarating and nerve-racking at the same time, based on one's trading abilities and market familiarity.

In day trading, an effective strategy is indispensable. Without a clear-cut strategy, traders are prone to making rash decisions that might lead to hefty losses.

Traders have a variety of strategies to choose from- scalping, swing trading, and arbitrage are a few examples. The selection of tactics should directly correlate with the traders' aims, style of trading, here and the level of risk they are willing to assume.

Being successful in day trading calls for constant monitoring of market indicators and staying abreast of news that might influence one's trading decisions.

Another critical factor in successful day trading is understanding trading psychology, which helps navigate through the emotional hurdles brought on by market volatility.

Summing up, day trading can yield significant financial advantages if underpinned by a robust strategy and strict discipline. However, it's not suitable for everyone- it calls for unbroken learning and capabilities to cope with financial risks.