Single day trading, typically 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 stock exchange to make gains.

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

Scalping involves click here making small profits from a large number of trades. Scalpers generally hold positions for a few minutes or even seconds. The main aim is to purchase 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 market news and the general workings of the financial markets.

Arbitrage trading is about buying 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 employ several types of market analysis tools to predict which way the price will move. Technical analysts look at 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 erratic nature. Share prices can increase or decrease rapidly, and it can be difficult 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 not put all your eggs in one basket.

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

To conclude, day trading is a lucrative but risky venture. It requires significant 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 returns grow.