Why do you say they’re more reliable? All I see is that they allow you to sit at your screen less, but I don’t see them as more reliable than a 5 minute chart. I trade all timeframes depending on which pair it is. Lower volatility pairs go to higher timeframes and higher volatility to lower timeframes. It’s about making money and as I stated before, the patterns are the same.
And no, you make more than cents. My minimum profit is 15 pips and that is definitely above a dollar per micro lot for every pair I trade on the 5 minute. The clue is to see the dollars grow. It’s a problem and a danger when you only want to see high dollar amounts only. That’s what all gamblers want. You need process over outcome. If you’ve done 100 15 pip profit trades with a value of .1, you’ve made $150 dollars in profit already and you can double your lot size without being afraid of losing a lot more because you now have the experience to know that your setup has a high probability of panning out.
This I didn’t suck out of my thumb. I learned it from a training given by a psychiatrist who saw good opportunity in helping day traders. After I’ve read enough anecdotes of people who opened accounts from 40K up to 1Mln and then proceeded to blow it, I will believe what the good doctor said.
I don’t know what you mean with commonly known because I’ve never heard of newbies starting with a lot of money day trading and not blowing the money up eventually. We’re not talking about an experienced trader here, but someone who clearly doesn’t even know how to put a strategy together. I’ve been doing this for a while now and that common knowledge you referred to, never got on my radar.
I’m talking about a prudent, conservative approach to the market, not a gambling approach. I approach every instrument I dabble into, the same way. I use the smallest amount possible that will make my R/R to work and then work it up from there.
Isn’t impatience the foundation of most blown accounts, small or large? You should read up more about trader psychology. Too big a trade size, which inevitably has a big S/L size, causes a lot of anxiety.
I’ve been trading since 2008, I’ve been through all of it and I know how hard it is to deal with large losses. I never took the “don’t risk more than 1% on anyone trade” rule seriously until this very thing that you’re dismissing happened to me. Perhaps you’re fairly new to the game and haven’t been bitten psychologically yet, but in time, the market will teach you what kind of cruel master he is.
But they all find out the hard way - except those that lose their money down the toilet, which is most of you. But no one is going to take any notice of what anyone says here anyway! 