Both rookie and pro traders find day trading, a high-speed, gripping aspect of the financial markets, alluring.

This approach, 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.

Mastering day trading necessitates an excellent grasp of market behavior and a well-devised trading plan. Moreover, risk management strategies and a strong psychological mindset are critical.

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

Decisiveness is paramount in day trading as prices can change rapidly, and missing the right opportunity could mean significant losses. Patience comes into play as it helps traders to wait for the right trade instead of jumping into poor ones.

When it comes to advantages, day trading can give high returns if here done correctly. Unlike long-term investments, day trading offers faster capital movement, allowing traders to more frequently reinvest their profits.

However, day trading also brings certain risks. The fast-paced 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 rigorous risk management plan that includes setting stop-loss orders to limit potential losses. Traders should also factor in transaction costs, as these can eat into profits if not scrupulously overseen and controlled.

In conclusion, day trading is a thrilling and potentially lucrative way of participating in the financial markets. It demands a blend of financial acumen, risk control and mental fortitude. However, with commitment and dedication, anyone can become highly skilled in day trading and attain economic stability.

Remember, the key to success in day trading isn't merely about prompt decision-making, but equally about making educated decisions. So make sure to stay updated with market trends and continuously educate yourself.