I have found a nice article here. Is about price action trading benefits and taking the higher time frame benefits. Has some explanations on the link in the left side.
There are advantages and disadvantages in the 5 min chart and daily chart:
The 5 min chart is like "going to work to make money", almost each day you can find 2-10 trade. A TP of 10 pip is the danger there because of the spread, but you can close position at night and sleep well.
The daily chart trading need more patience, I can read on forum: the trader is payed to wait. Like a sniper: take a position and let the price come to you, if is not coming than you don't run after price.
The beginner traders ( like me?!) want to earn money in Forex, the experienced ones want to make good trades. - it is a post in this site. The rich people think in long term, Not sure what of this 2 is a long term benefit, because, making good trades and using the 1-2% risk is personal satisfaction, not the way to get rich. Wanting to earn money maybe leads to lose the control of greediness and use over leverage, but this should be the reason why are in this business: to make money.
I have explored Oanda's site to see if they answer for a technical / product use question ( bot they don't have at priority list ) and I have found a statistics page: Top 100 Forex Traders Statistics. 24 and 1 week option.
24h EUR/USD
Average Trade Duration: 0.8h - that is the 1-5 min chart
Realized PL Per Unit: 7.5 PIP , can't believe....
7 days:
Average Trade Duration: 3.9h (15 min-1h chart)
Realized PL Per Unit : 11.8 PIP
-maybe it use the week-en data, I should look inside the week at this tool once more.
There are advantages and disadvantages in the 5 min chart and daily chart:
The 5 min chart is like "going to work to make money", almost each day you can find 2-10 trade. A TP of 10 pip is the danger there because of the spread, but you can close position at night and sleep well.
The daily chart trading need more patience, I can read on forum: the trader is payed to wait. Like a sniper: take a position and let the price come to you, if is not coming than you don't run after price.
The beginner traders ( like me?!) want to earn money in Forex, the experienced ones want to make good trades. - it is a post in this site. The rich people think in long term, Not sure what of this 2 is a long term benefit, because, making good trades and using the 1-2% risk is personal satisfaction, not the way to get rich. Wanting to earn money maybe leads to lose the control of greediness and use over leverage, but this should be the reason why are in this business: to make money.
I have explored Oanda's site to see if they answer for a technical / product use question ( bot they don't have at priority list ) and I have found a statistics page: Top 100 Forex Traders Statistics. 24 and 1 week option.
24h EUR/USD
Average Trade Duration: 0.8h - that is the 1-5 min chart
Realized PL Per Unit: 7.5 PIP , can't believe....
7 days:
Average Trade Duration: 3.9h (15 min-1h chart)
Realized PL Per Unit : 11.8 PIP
-maybe it use the week-en data, I should look inside the week at this tool once more.
I want to buy PATIENCE