Single day trading, ordinarily known as trading of financial tools throughout a single day, has become a considerable method of generating income in the financial world. Day traders often take advantage of the minute price movements in the financial markets to make gains.

Before embarking on on the journey of day trading, one has to grasp that it needs plan. Absent a strategy, it is just akin to gambling, and the winnings may not be sustainable. Victorious day traders often utilize various strategies, including website scalping, swing trading, and arbitrage.

The method of scalping involves taking small profits from a large number of trades. Scalpers often hold securities for a few minutes or even seconds. The main objective is to buy stocks at low prices and sell them when the price goes up.

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

Arbitrage trading is about buying 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 several types of market analysis tools to anticipate which way the price is likely to move. Technical analysts study price patterns and chart indicators to predict 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 unpredictable nature. Share prices can go up or decrease rapidly, and it can be difficult to predict which way they’ll go.

To mitigate such risks, all traders should develop an exit strategy. It's additionally vital to spread out 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 self-education. Peruse as much as possible and remain updated with market news. The more knowledge you have, the more effective your chances of making a profitable trade.

To conclude, day trading is a lucrative but risky venture. It requires significant commitment, knowledge, and strategy. With these in place, anyone can make a success in this game of numbers. Take the time to learn and build an effective strategy, and watch your returns grow.