Single day trading, ordinarily known as trading of financial tools throughout a single day, has become a significant method of generating income in the financial world. Day traders often exploit the minute price movements in the stock exchange to make profits.

Before starting off on the journey of day trading, one has to grasp that it needs plan. Lacking strategy, it is just like gambling, and the profits may not be sustainable. Victorious day traders often employ various strategies, including swing trading, arbitrage, and scalping.

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 increases.

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

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

Day traders also employ several types of market analysis tools to forecast which way the price is likely to move. Technical analysts analyze price patterns and chart indicators to foresee future price movement.

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

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

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

To conclude, day trading is a read more profitable but risky endeavor. It requires significant commitment, strategy and understanding. With these in place, anyone can prosper in this game of numbers. Make time to educate yourself and develop an effective strategy, and watch your profits grow.