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 leverage the minute price movements in the stock markets to make gains.

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

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 goal is to acquire stocks at low prices and sell them when the price goes up.

The strategy of swing trading, on the other hand, is suitable for those website who can spend a portion of their day monitoring the stock market. Swing traders make use of the swings in stock prices caused by news events and the general workings of the financial markets.

Arbitrage is about making a purchase 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 use several types of market analysis tools to predict which way the price is going 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 risk. Probably one of the most significant risks in day trading is its erratic nature. Share prices can go up or decrease rapidly, and it can be challenging to predict which way they’ll go.

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

Lastly, just like any other career, the key to success in day trading lies in educating oneself. Study as much as possible and stay updated with market developments. The more data you have, the better your chances of making a successful trade.

In conclusion, day trading is a lucrative but risky venture. It requires serious commitment, a good grasp of strategy. 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.