Hi Luc! I have already posted two questions but here comes the third! I have some experience in binary options trading and I was wondering if I could use the 5 min chart for day trading? How reliable is the 5 min chart? I mean I am really interested in day trading till I get those nice positional trades.
It would be great if you could share your views on this.
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I daytrade very often, but its not the same risk to reward, and its very very easy to have the price run away from you.. So if your drawing safe circles on those 5 min bars you will mostly win your trades, but every so often you wont, and the big price move can really hurt you. So you have to be quick on taking profits, and you cant put in too much size on those quick day trades. Thats why I encourage new traders to just take those regular 1hour candle position trades.. or if your looking for action than take some of the "Small Account Building" trades discussed in my earlier videos.. You cant lose much taking those in small size but you can still make good money...
I was wondering if the same strategy can apply to forex trading too?
Hi @quickfingersluc,
Thank you for videos on trading. It's very easy to follow and without all the jargons terminologies.
I have been practicing your methods in looking for a baseline and setup alerts in Coinigy. I another some successful trades and would love if I can post you a picture of where I draw my baseline and see if I am hitting the correct baselines?
oh absolutly.. feel free to post your pictures.. either me or others will comment pretty quick and let you know if you are calling your bases correctly