What do you think was the major factor that detracted from the results?
For kicks, a year ago I ran a channel (can’t remember what length exactly) on a five minute chart in a certain pair for a certain portion of the day for two whole weeks. I was profitable every single day, but not by much. The experiment showed me just how expensive it is to try to get returns from a market at that resolution.
Fees/spread costs: In a good trade I might bag 30 pips or perhaps even 50. But most of the time I would bag just 10 or perhaps less. With the spread and fees eating up 2.5 pips, a 10 pip winner was actually a 12.5 pip winner with 2.5 pips in costs. That puts costs at 20%. The more long term you trade, the lower that percentage gets. That alone should have us starting at the opposite end of the spectrum looking at the longest possible terms we can.
Screen time: Looking at the screen every five minutes to make adjustments is basically looking at the screen all day. Eight ours of that is a full time job. If you pay yourself just minimum wage or say $8 an hour you need to add $64 for an eight our session to your costs. If you want that $64 to be at least as small as your fees and spread costs, you need to be trading a 256,000 position in a currency quoted in USD to give 2.5 pips a cost of $64. If you did, you still need to bag 5 pips just to break even on the trade (and that is if you just do one trade that day, costs go up with each trade). If you are trading just 100,000 units, you need to win 6.4 pips a day just to make minimum wage. Now it becomes a no-brainer when you can trade longer term and put eight hours a day into another job that pays much more than minimum wage.
Headache: The emotional/mental stress and strain of trading that way is enough alone to simply go longer term. I personally found it too demanding to trade even daily charts and have simply gone to weekly data alone. If you miss entries because you had to pick up the kids at school or if you have to turn your girl down on some good fun while you adjust your positions, you may be making more trouble of this unnecessarily.
I have no doubt that someone can get their exits to be in the green on an intraday time frame, but at what price? It is very expensive.
What specifically put you off of the intraday stuff?