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

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

The method of scalping involves taking small profits from a large number of trades. Scalpers usually hold positions 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 observing 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.

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

Day traders also use various types of market analysis tools to forecast which way the price is likely to move. Technical analysts study price patterns and chart indicators to anticipate future price movement.

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

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

Lastly, just like any other job, the key to success in day trading lies in learning. Study as much as possible and keep updated with market developments. The more knowledge you have, the better your chances of making a lucrative trade.

In conclusion, day trading is a rewarding but risky venture. It requires serious commitment, strategy and understanding. With these in place, anyone can prosper in this game of numbers. Take the time to learn and build an effective strategy, and watch your profits grow.