Day trading, typically 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 stock markets to make revenues.

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

Scalping involves profiting from small profits from a large number of trades. Scalpers often hold their trades for a few minutes or even seconds. The main goal is to acquire stocks at low prices and sell them when the price increases.

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 take advantage of the swings in stock prices caused by market news and the general workings of the financial markets.

The arbitrage strategy 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 various types of market analysis tools to forecast which way the price will move. Technical analysts analyze 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 erratic nature. Share prices can increase or decrease rapidly, and it can be challenging to know which way they’ll go.

To mitigate such risks, all traders should create an exit strategy. It's also vital to spread out here your portfolio and not put all your eggs in one basket.

Lastly, just like any other profession, the key to success in day trading lies in learning. Read as much as possible and remain updated with market updates. The more data you have, the better your chances of making a successful trade.

In conclusion, day trading is a rewarding but risky initiative. It requires serious commitment, strategy and understanding. With these in place, anyone can prosper in this game of numbers. Spend time learning and constructing an effective strategy, and watch your returns grow.