Day trading, a thrilling, dynamic element of the stock market, is attractive both novice and experienced investors alike.

Day trading, which involves buying and selling financial instruments within a single day, enables investors to reap profits from minor price changes. The intention is to finalize all positions before the end of the day to avoid any overnight risks.

Becoming proficient in day trading requires a comprehensive understanding of market behavior and a well-devised trading plan. Furthermore, risk management strategies and a strong psychological mindset are critical.

Profitable day traders have multiple characteristics: decisiveness, tolerance, adaptability, and a keen intuition for predicting market trends. Honing these traits is crucial for achieving success in the day trading sphere.

Prompt decision-making 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 day trading off on suboptimal trades and wait for the right opportunity.

When it comes to advantages, day trading can give high returns if done correctly. Unlike long-term investments, day trading offers faster capital movement, which means 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 risk management strategies come in.

Successful day trading requires rigorous risk management plan that implies enforcing stop-loss orders to restrict possible 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 stimulating and potentially lucrative way of participating in the financial markets. It demands a blend of financial acumen, risk control and mental fortitude. However, with steadfastness and diligence, anyone can master the art of day trading and achieve financial success.

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 keep abreast of market changes and constantly educate yourself.