You’re welcome and thank you for your kind words. I recommend learning price action techniques first. After that, go ahead and add indicators if you like.
It’s your second sentence I worry about. All losses are unacceptable, even though we know they are inevitable. Please don’t let yourself die from a thousand papercuts. We want you around for a while. 
I agree, one has to be psychologically equipped to deal with losses. It’s difficult, even if one is winning overall. That’s why they need to be tight and the trade executed after some confirmation, rather than recklessly. Cost me alot of money learning that.
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Trading using 5min time frame is a tricky one. A part from the daily chart, most 5 min pullback are not reliable entry signals. My option will be to only enter a trade when the higher Timeframe charts or candles are in agreement. I believe most traders who focus their trading careers using 5min charts are the majority of the 80% who fail with the first year of trading.
Wow, you aint kidding. Today, I forgot it was FOMC, and held a trade right up against it. I saw that the volatility was acting funny, and got out just in time with a small profit. I was fortunate. Typically, I stay out during US news events, especially FOMC and NFP.
I might respectfully disagree with that. Although I do concede that it typically takes several bars for a pull back to play out. I think it has to do more with the pair you are trading than the TF. Just my observation.
If you can do that, great. Kudos. But for me, I get confused easily, so I just trade the chart in front of me.
You have a lot of traders failing on the higher TFs as well, just to be fair. Anyway, it sounds like you have a set strategy, and I would NEVEr try to talk you out of using it.
All the best on the charts.
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Mistakes are an inevitable part of trading and it’s perfectly okay for every trader to commit mistakes. As a beginner, it is advised to practise in a demo account to avoid such mistakes in live accounts. If you make mistakes in a live account then you’ll face losses.
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Agreed these are very common mistakes that traders make. This is so important and helpful for beginners, thank you for sharing this knowledge with us!
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Very good explanation. Thanks
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Recommend anything?
Check Nial Fuller in google
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I’m a student of Al Brooks. You can probably tell, because I parrot a lot of what he says.
I heard his books are tough…
Yes, the books are difficult to follow. His video course is amazing though. I go back almost daily to get reinforcement from them.
His web site is free, though, and there is a lot of great info there.
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I like Nial. He’s a real go-getter!
Oh cool. I’ll check it out!