Day trading, a fast-paced, exciting component of the financial markets , intrigues both novice and experienced investors alike.

Day trading, which involves buying and selling financial instruments within a single day, allows traders to capitalize on small price fluctuations. The intention is to finalize all positions before the end of the day to avoid any overnight risks.

Mastering day trading requires an excellent grasp of market behavior along with a strategic trading plan. Moreover, controls on risk and great emotional resilience are critical.

Profitable day traders possess several characteristics: decisiveness, tolerance, flexibility, and a keen intuition for predicting market trends. Honing these traits is crucial for attaining success in the day trading sphere.

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 allows traders to hold off on suboptimal trades and wait for the right opportunity.

When it comes to benefits, day trading provides high potential earnings if done correctly. Unlike long-term investments, day trading offers faster capital movement, which means traders to reinvest their gains more regularly.

However, day trading also brings its own set of challenges. The rapid 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 erode earnings if not scrupulously overseen and controlled.

In conclusion, day trading is a stimulating and potentially profitable method of participating in 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 achieve economic stability.

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