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

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 finalize all positions before the end of the day to avoid any overnight risks.

Becoming proficient in day trading necessitates an excellent grasp of market behavior and a well-devised trading plan. Furthermore, controls on risk and great emotional resilience are equally important.

Successful day traders have multiple characteristics: prompt decision-making, patience, flexibility, and a keen intuition for predicting market trends. Honing these traits is crucial 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 incurs hefty 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 allows for quick capital turnover, which means traders to more frequently reinvest their profits.

However, day trading also brings its own set of challenges. 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 requires a strong risk management plan that implies enforcing stop-loss orders to restrict possible 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 day trading the financial markets. It requires a blend of financial acumen, risk control and mental fortitude. However, with commitment and dedication, anyone can master the art of day trading and attain financial success.

Remember, the key to success in day trading is not just about making quick decisions, but equally about making informed ones. Thus, ensure to keep abreast of market changes and constantly educate yourself.