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5M can produce many false signals, however I did some manual trading on an ECN broker with 5M charts and I actually did surprisingly well. To make a sweeping statement that scalping on 5M is dead is a bit presumptuous.
For someone to come out and state that a timeframe is responsible for losing strategies is absolute bunk. Makes me lose confidence in the person's credibility, not the timeframe.
Overall, how true is the original statement? I've been trading on M5 for few month without problem but will be glad if someone enlighten on the concept since I'm new to forex.
I have seen people trade with 5Minute system, and I personally think it works, not that I am doing it but for some people, they have a proven method that works for them.
So I think the statement that says it doesn't work is not true. Some people even trade at lower timeframe such as 1 minute or even 5 seconds!
There are people who use THV system, and even the creator of this system uses 1-Minute timeframe for scalping and it seems to work well for him.
But the smaller the time frame,the higher the skill level is required however the bigger the time frame the more buffer you need to have in your capital account.
Most successful traders will trade off the daily chart but that's because they have a lot of money and they can afford to just ride on the daily. But most small retailers resort to trading 5 min because they want fast profit.
1 advice that i can give to people is when you are trading on 5 minute you should look at the 30min chart as well,if they are both showing the same buy signal,it gives a greater credibility to taking the trade.
End of the day what you should be trying to do is not trading super frequently but only trading when the odds are lined up for you to make profit.
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