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

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

The strategy of scalping involves profiting from small profits from a large number of trades. Scalpers generally 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 swing trading method, on the other hand, is suitable for those who can spend a portion of website their day observing the stock market. Swing traders capitalize of the swings in stock prices caused by news events and the general workings of the financial markets.

The arbitrage strategy is about purchasing in one market and trading in another, profiting from a temporary difference in prices. It is typically considered risk-free for the investor.

Day traders also utilize several types of market analysis tools to forecast which way the price is going to move. Technical analysts look at price patterns and chart indicators to anticipate 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 go up or decrease rapidly, and it can be challenging to foresee 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 job, the key to success in day trading lies in self-education. Study as much as possible and stay updated with market updates. The more data you have, the better your chances of making a profitable trade.

To sum up, day trading is a lucrative but risky initiative. It requires significant commitment, a good grasp of strategy. With these in place, anyone can succeed in this game of numbers. Make time to educate yourself and develop an effective strategy, and watch your returns grow.