Single 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 take advantage of the minute price movements in the stock markets to make profits.

Before jumping on on the journey of day trading, one has to understand that it needs strategy. Lacking strategy, it is just like gambling, and the winnings may not be sustainable. Victorious day traders often use various strategies, including scalping, swing trading, and arbitrage.

Scalping involves profiting from 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.

Swing trading, on the other hand, is suitable for those who can spend a portion of their day watching 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.

The arbitrage strategy is about making a purchase in one market and making a sell in another, profiting from a temporary difference in prices. It is typically considered risk-free for the investor.

Day traders also use different market analysis tools to forecast which way the price will move. Technical analysts look at price patterns and chart indicators to foresee future price movement.

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

To mitigate such risks, all traders should set up an exit strategy. It's equally vital to spread out your portfolio and not put all your eggs in one basket.

Lastly, just like any other career, the key to success in day trading lies in learning. Peruse as much as possible and remain updated with market updates. The more data you have, the better your chances of making a profitable trade.

To sum up, day trading is a rewarding but risky venture. It requires serious commitment, check here a good grasp of strategy. With these in place, anyone can prosper in this game of numbers. Make time to educate yourself and develop an effective strategy, and watch your earnings grow.