Single day trading, ordinarily known as trading of securities throughout a single day, has become a prolific method of generating income in the financial world. Day traders often exploit the minute price movements in the financial markets to make revenues.

Before embarking on on the journey of day trading, one has to comprehend that it needs plan. Lacking strategy, it is just like gambling, and the profits may not be sustainable. Successful day traders often utilize various strategies, including swing trading, arbitrage, and scalping.

Scalping involves profiting from small profits from a large number of trades. Scalpers often hold securities for a few minutes or even seconds. The main goal is to purchase 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 monitoring the stock market. Swing traders capitalize of the swings in stock prices caused by economic reports and the general workings of the financial markets.

The arbitrage strategy is about purchasing in one market and selling 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 anticipate which way the price is likely to read more move. Technical analysts look at price patterns and chart indicators to foresee future price movement.

While day trading has the potential for substantial profits, it’s not without risk. Probably one of the most significant risks in day trading is its volatile nature. Share prices can increase or decrease rapidly, and it can be tough to foresee 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 don't put all your eggs in one basket.

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

To conclude, day trading is a lucrative but risky endeavor. It requires serious commitment, strategy and understanding. 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 profits grow.