Actually you brought to my attention an interesting point. As a silver trader I was still relatively new - and to a point quite disciplined.
It was not until I became ‘more experienced’ that I started really shooting from the hip, Grail searching and checking out the lower timeframes. All of which made things worse.
I was for a few solid years in the grip of a trading (gambling addiction).
Two questions here -
Thanks in advance !
I would be delighted to give it a shot.
The precious metals have a dual role.
There are more uses found for silver every year than all other metals combined. It is the best conductor of electricity, is used massively in alternative energy and has a consumer aspect too.
Silver has also been used as money throughout history. Where I reside in Thailand the word for money and silver are the same word as I believe in many other languages.
Gold has less industrial demand but is viewed an out and out store of wealth and insurance policy against counter party risk
Both are quoted in US dollars so of course they have these currency characteristics.
From what I’m led to believe in the London bullion market for every ounce of gold in storage a 100 or more are traded OTC - this means that physical demand doesnt set price discovery at all.
This will make it more a financial asset ie currency.
To be honest though I’m far from expert.
In normal times gold will rise along with the euro, gbp, oil etc
But currently we are not in normal times which is why we are seeing a rise in USD and gold.
When we are in a risk on environment silver will tend to outperform gold, in risk off silver will usually fall faster.
Keeping an eye out for the Gold/silver ratio and seeing if it’s trending higher or lower is a good indicator of the current environment
As for which style of trading is better - I’m sorry to disappoint many but I would whole heartedly say daily is better.
At least for the vast majority of us. There will always be the gamer types who can do well intra day but they are few and far between.
I’m a pretty adept end of day trader - a lousy day trader - so maybe I am biased. The biggest issue with day trading for me personally is losing money so quickly.
I don’t mind losing money at all if it happens overnight - but to lose it in an hour sends me full tilt.
And at the end of the day (pun intended) we need to protect ourselves from our own adverse psychology.
Its just too easy to get off balance intra day.
Huge thanks for such a detailed reply! 
Lastly, I am trying to be a swing trader and rely on price action only, do u have any tips for me or any additions that I should make?
Funny you should say that, I am also a price action swing trader. Here are some links to my blog and three of the strategies I regularly use.
Buying Harami Inside Bar Breakouts
The blog is still a work in progress and these strategies might not be right for you, but at least it gets you thinking what can be done.
My biggest tip really is for you to recognise your own psychology is going to be the biggest obstacle not strategies which come a dime a dozen.
I agree on that. Even I faced a lot of problem getting it right!
@Johnscott31 thanks for such an informative post and subsequent conversations on this topic. I have since read through your Harami Pin Bar strategy and it makes a lot of sense in whittling out the lower probability setups.
I too am practicing EoD swing training on the D1, H8 and H4 using price action alone.
You mentioned monitoring multiple markets as setups can occur infrequently. Can I ask which markets you currently monitor? I’m trading FX and I watch about 27 pairs, all major currencies, but I am considering monitoring exotic pairs too to increase trade setup frequency.
I would really appreciate your (or anyone’s) advice on this subject.
All the best,
Tom
Exactly. Thats the best advice i guess.
If you were to solely trade the Harami Pin Bar you’d probably need a lot of markets. Like I said this isn’t one that comes up all that much, but I am sure on 27 pairs you can find a few.
I personally don’t need so many because I also trade the Harami Inside Bar - which occur much more frequently.
The markets I trade are Gold, Oil, GBP/USD, USD/CHF, Bitcoin (just started), China 50. I also trade NDX on the 8 hour charts.
My preference is for not so many markets. What I have is easy enough for me.
Harami Pins can have some stunning downside moves too - I’m not the biggest fan of shorting but this technique can pick out some great market tops.
You could actually look at weekly charts - the great thing about weeklies is you can solely use the first entry technique (as discussed on my blog) - the chance of being whipsawed out on a weekly is much lower.
At some point I will write something on my blog about using these techniques on weekly charts.
I will say go easy though, test the water first. Don’t take on too much at once.
As for H4 - my impression is the lower timeframes don’t work so well - but maybe I’m filtering that through my own biases.
If you are going to venture into the exotic pairs I would personally only go for the more conservative entry (the high of the previous bar). The first entry is prone to whipsaw and better only for more liquid markets I would say.
Finally bear in my mind the techniques I use are no holy grail - you will have losers. Its your psychology that makes the big difference in trading not a few weird looking price patterns.
We all face similar problems it’s good we have to share our experiences and learn more, joining this site is the best thing
Yes.it is better to share the experiences.
Applaud you for been so open ,people probably dip their toe in retail trading for different reasons .Usually to be successful at anything takes hard work and certain ability.The nature of trading dose nt always reward the trader for his efforts and endeavour maybe one reason the turnover of traders who fail is high,
i wouldn’t recommend this to any youngster unless they had clear goals ect
You’re amazing… good advice. Hope you crossed over into stable steady net profit. Thanks for sharing.
Thanks for the kind words - not sure amazing though. Just a sincere desire to do it and completely stubborn too.
Thanks Johnscott
Did you find variable spreads to be a major hurdle to overcome when trying to go for short “in/out” positions (scalping)?
To be honest scalping has never been mind thing.
Some good advice here.
I remember the times when I’d straddle the NFP and then get taken out in both positions in seconds. Takes a long time to learn 
I was listening to a trading coach one day–she said if you have issues once your account equity levels up to where you get emotional, withdraw the profits and revert back to where your original starting balance was. You can also add just a little to your starting balance so you slowly get used to a larger balance.
Anyway, just thought I’d mention that.