Day trading, ordinarily known as trading of securities throughout a single day, has become a prolific method of generating income in the financial world. Day traders here often leverage the minute price movements in the financial markets to make gains.

Before starting off on the journey of day trading, one has to comprehend that it needs method. Without any strategy, it is just akin to gambling, and the winnings may not be sustainable. Effective day traders often employ various strategies, including arbitrage, swing trading, and scalping.

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

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.

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

Day traders also utilize different market analysis tools to forecast which way the price is going to move. Technical analysts study price patterns and chart indicators to predict 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 unpredictable nature. Share prices can go up or decrease rapidly, and it can be difficult to foresee 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 don't put all your eggs in one basket.

Lastly, just like any other career, the key to success in day trading lies in self-education. Study as much as possible and keep updated with market news. The more knowledge you have, the better your chances of making a lucrative trade.

To conclude, day trading is a profitable 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 profits grow.