Day trading, a fast-paced, exciting component of the financial markets , is attractive beginners and seasoned traders alike.

Day trading, which involves buying and selling financial instruments within a single day, allows traders to capitalize on small price fluctuations. The aim is to close out positions before the market closes so no risks are taken overnight.

Becoming proficient in day trading necessitates a comprehensive understanding of market behavior and a well-devised trading plan. Moreover, controls on risk and day trading a strong psychological mindset are equally important.

Successful day traders possess several characteristics: decisiveness, tolerance, flexibility, and a keen intuition for predicting market trends. Perfecting these traits is important for achieving success in the world of day trading.

Decisiveness is essential in day trading as prices can change rapidly, and missing the right opportunity could mean significant losses. Tolerance comes into play as it allows traders to hold off on suboptimal trades and wait for the right opportunity.

When it comes to advantages, day trading provides high potential earnings if done correctly. Unlike long-term investments, day trading offers faster capital movement, allowing traders to reinvest their gains more regularly.

However, day trading also brings certain risks. The rapid nature of transactions may lead to heavy losses if not handled wisely. This is where effective risk control mechanisms come in.

Successful day trading requires a strong risk management plan that includes setting stop-loss orders to limit potential losses. Traders should also factor in transaction costs, as these can erode earnings if not carefully monitored and managed.

In conclusion, day trading is a stimulating and potentially profitable method of participating in the financial markets. It demands a mix of technical knowledge, risk management, and psychological resilience. However, with steadfastness and diligence, anyone can become highly skilled in day trading and achieve financial success.

Remember, the key to success in day trading isn't merely about prompt decision-making, but equally about making educated decisions. Thus, ensure to keep abreast of market changes and constantly educate yourself.