Day trading, ordinarily known as trading of securities throughout a single day, has become a significant method of generating income in the financial world. Day traders often take advantage of the minute price movements in the financial markets to make profits.

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

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

Swing trading, on the other hand, is for those who can spend a portion of their day watching 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 making a sell 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 forecast which way the price will move. Technical analysts study price patterns and chart indicators to foresee future price movement.

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

To mitigate such risks, all traders should develop an exit strategy. It's equally vital to spread out 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 self-education. Read as much as possible and stay updated with market updates. The more information you have, the more effective your chances of making a lucrative trade.

To conclude, day trading is a profitable but risky endeavor. It requires considerable commitment, strategy and understanding. With these in place, anyone can succeed in this game of numbers. Spend time learning and constructing an effective strategy, and watch your earnings grow.