Are they any successful day trader 5min chart?

Short-term day trader here, but here's my advice: If you're inexperienced stay away from low time frames/scalping. Why?

1) Price moves fast relatively to your trade in those time frames, your discipline will be tested harder under those conditions.

2) In such high frequency environment, you are at a higher risk of over-trading, and over-trading is the quickest way to deplete an account.

3) Higher trading costs (spread) to overcome. i.e. you are less likely to succeed.

But will all newbies ever listen? No they won't because they have no patience. They want to click a button and then in five minutes be in profit and make a great living that way.

I use scalp the 15min charts but was always frustrated when my TP didnt materialize I have moved to 1hr and trade only in volatile sessions (i.e when my pivots are well spaced). Trades have turned out very well since then.

But as i said it all depends on your system, your TP and Exit.

Hi Stu Effex,

Thanks for the pointer to Make Money Everyday - A Guide to Short-Term Trading.

Very well written by mongolian.

You have gotten some very good input here so far. Can it be done profitably? Certainly. Does it require some serious work to get to that point? Absolutely, as it does for really any time frame. 2 things that I had to decide for myself -

1) I needed to learn how to read PA.

I tried every kind of indicator, every kind of time frame, every kind of ridiculous set of rules. What I found was that I didn't know jack$hit. Now this is what worked for me, but when I started keeping it as simple as possible, I eliminated all of the indicators and oscillators and whatever, that I started really seeing Price Action and how it behaves. It's already been said here, but I'll say it again - different formations that the candles make, they make on all the time frames. The difference is the potential impact to your P/L. The shorter time frame you use, in my opinion - the smaller PIP's you will be dealing with. The danger that shorter term trading gives you is the amount of 'false' signals you will get.

2) Learning how to lose. This is probably one of the most important things that a trader will learn. There is an excellent thread in the Trading Journals titled 'Fail Better' http://www.forexfactory.com/showthread.php?t=287794.

Once a trader can learn to master him or herself in regards to taking losses and in my opinion, learn to read PA, they will start to truly differentiate themselves from the pack.

Just my 2 cents.

Mongolian

you can ,every move in a smaller time frame is a bounce on a bigger time frame , those that don't think they can are fooling them selves , with that said you have to be focused and don't be greedy and watch support and resistance areas . MY 2 CENTS

During scalping I select my entry point based on M5; but it’s not my best choice for day trading or intraday trading.