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

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

The method of scalping involves making small profits from a large number of trades. Scalpers usually hold positions for a few minutes or even seconds. The main goal is to purchase 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 their day observing 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 trading is about making a purchase in one market here and selling in another, profiting from a temporary difference in prices. It is usually considered risk-free for the investor.

Day traders also use different market analysis tools to predict which way the price is likely to move. Technical analysts study price patterns and chart indicators to predict future price movement.

While day trading has the potential for substantial profits, it’s not without risks. Probably one of the most significant risks in day trading is its volatile 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 diversify 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 learning. Study as much as possible and remain updated with market developments. The more knowledge you have, the more effective your chances of making a profitable trade.

To sum up, day trading is a profitable but risky venture. It requires significant commitment, strategy and understanding. With these in place, anyone can make a success in this game of numbers. Spend time learning and constructing an effective strategy, and watch your earnings grow.