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

This approach, which involves here 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.

Mastering day trading requires a comprehensive understanding of market behavior along with a strategic trading plan. Moreover, risk management strategies and great emotional resilience are critical.

Successful day traders have multiple characteristics: prompt decision-making, tolerance, flexibility, and a keen intuition for predicting market trends. Perfecting these traits is important for attaining success in the day trading sphere.

Prompt decision-making is essential in day trading as price fluctuations happen quickly, 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 offers faster capital movement, allowing traders to more frequently reinvest their profits.

However, day trading does come with certain risks. The rapid nature of transactions required swift decisions that might lead to substantial losses if made recklessly. This is where risk management strategies come in.

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

In conclusion, day trading is a thrilling and potentially profitable method 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 master the art of day trading and attain 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.