Both rookie and pro traders find day trading, an intense, compelling part of the stock exchange, 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 a comprehensive understanding of market behavior along with a strategic trading plan. Furthermore, controls on risk and a strong psychological mindset are equally important.

Profitable day traders have multiple characteristics: decisiveness, patience, flexibility, and a sharp intuition for forecasting market trends. Perfecting 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 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 rapid nature of transactions required swift decisions that might lead to substantial losses if made recklessly. This is where effective risk control mechanisms come in.

Successful day trading demands a strong risk management plan that includes setting stop-loss orders to limit potential losses. Traders should also consider transaction costs, as these can eat into profits if not scrupulously overseen and controlled.

In conclusion, day trading is a stimulating and potentially lucrative way of participating in the financial markets. It requires a mix of technical knowledge, risk management, and psychological resilience. However, with steadfastness and diligence, anyone can become highly skilled in day trading and attain economic stability.

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