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 exploit the minute price movements in the stock exchange to make profits.

Before embarking on on the journey of day trading, one has to grasp that it needs plan. Absent a strategy, it is just pretty much gambling, and the profits may not be sustainable. Successful day traders often use various strategies, including swing trading, arbitrage, and scalping.

Scalping involves making small profits from a large number of trades. Scalpers generally hold their trades for a few minutes or even seconds. The main objective 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 capitalize of the swings in stock prices caused by economic reports and the general workings of the financial markets.

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

Day traders also employ different market analysis tools to predict 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 potential risks. Probably one of the most significant risks in day trading is its volatile nature. Share prices can go up or decrease rapidly, and it can be difficult to predict which way they’ll go.

To mitigate here such risks, all traders should create 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 educating oneself. Peruse as much as possible and stay updated with market news. The more data you have, the better your chances of making a lucrative trade.

To conclude, day trading is a lucrative but risky initiative. It requires significant commitment, strategy and understanding. 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.