My issue with trading higher time frames isn’t the amount of time one has to invest. I am currently unemployed and am treating trading like a full-time job at the moment (even though I’m only trading on a demo account.) When I was trading 1H and 4H setups, I was reading news for hours a day, getting a good idea of the fundamentals behind both economies that I was trading AND doing a lot of technical analysis on the charts as well, on top of studying patterns, triangles, wedges, etc. in much more depth.
Despite this, I still had a breakeven month trading with below 50% accuracy. I am not attracted to scalping because I don’t have the time/energy/motivation to read news, determine longer-term trends, am a “gambler” and need instant gratification, etc., I am attracted to it because (based on the limit statistics that I have), I am more profitable trading price action on 5M charts using moving averages than I am when I trade 1H/4H/1D setups using trendines, Fib retracements, and a mess of other technical indicators.
It has nothing to do with time or effort. In fact, trading 1H/4H/1D setups actually took less sitting in front of the computer actively trading and more time reading news, whereas when I’m trading the 5M charts, I’m staring at them for hours at a time.
Just my experiences so far after two months of trading “full-time” (meaning I do it all day, every day 5-6 days a week) and a few months before that of reading/studying. Maybe I’ll do another few months of scalping on a demo account and come to the conclusion that it’s not profitable wither, and give trading the 1H/4H/1D charts a try again with a slightly-tweaked strategy. We’ll see what happens.