Can anyone tell me a good indicator for 5m charts?

I am a newbie to the forex world, but in the short time i have been doing it, i found that i like the short term trading. If anyone else out there is like me, and has had any sucess please relay to me what has worked for you.


Thanks

for a newbie, i suggest you not trade anything less than an hour. It's not good for your health...

What do long term trading have over the short term. price still moves the same or does it?

The shorter term you trade the more the spread kills you. On a 5 minute chart the spread will easily eat up 40+ % of your equity.

The best 5 minute indicator might be to change the time frame to something higher.

Trading longer term charts, such as daily, has lower cost, less stress, less screen time and less noise and false signals. Average monthly pips comes out about the same.

Read and Heed:

http://www.forexfactory.com/forexfor...ead.php?t=9156

Dial

Trade 5 minute charts with micropips until you could vomit from spending so much time at the computer and get the excitement thing/fun element of trading out of your system.

When its no longer fun and you are sick of being a slave to the computer-see how much money you have made or lost. You will almost certainly have lost money or at best broken even. Working for free sucks and paying to work sucks even more. Then, you will be dying to switch to 3 hour or daily charts if you still want to be a trader.

good luck. i think its out of my system, but it can come back because of the addiction to random rewards aspect of this biz.

All of you peoples info is really help me. but I still think i like the 5min charts, yea the spead is kind of tough, and i do sit in front of the pc alot but still the thrill is in the 5min for me rather that the long term.
Keep the info comming, I find it to be very useful

I think if you are trading for the thrill you're missing the point. Trading is the most boring job I've ever had.

Yeah, but weren't you an exotic dancer before you turned trader? Not much of a comparision in my opinion.

I am sure that in the whole big world there has been someone make a profit using a 5min chart.
I"m not asking for the whole family secret but maybe someout there could give me insite into the matter. I am thinking about opening a live account,
not anytime soon, but maybe4 or 5 months. My profit on the demos have been steadily incresing, and risking 2% of my equity and using the same method with no devation has really been paying off.

Let me know your thought

Good Trading

Guys, different types and methods of trading suits different people so if a123we wants to trade short term and he finds that he prefers that, it's better to let him stay that way. he'll discover himself through his own path in forex trading the pros and cons of everything he does.

a123we, you can try the FX10 strategy, or bunnygirl crossover system. I'm a huge believer in price action so even if i were to trade in a 5 min chart, I would use patterns and breakout strategies to make my trades.

Thanks JodyOng.

I do like the five min charts, and i ahve tried the 1 and 4 hour too
and i have done better in the long run by sticking to 5min.days that i can't be home or on the pc, i do use the 4 hour charts. and i am starting to see the MA's alot better all the info is very helpful There has to be other people out there that like the 5 min charts too, so write me and let me know.

Thanks alot
Good Trading