Originally Posted by
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Hello Daveadbds,
Welcome to the forum, and thank you for sharing your thoughts and ideas.
While I do agree with a lot of what you stated, including, You will need patience to be really successful in trading, and, After some losing trades that they abandon their system and look for another, but I do not agree this, Anything less than 4H charts are for adrenalin junkies.
To believe that you may only always make money from your 4H chart or higher is, quite frankly, ignorant, and also to say that only professional traders (those individuals whose primary income is from trading year after year) utilize longer time frames entirely is simply untrue. Personally, I know scalpers using the 5 and 1 minute charts (althoughthey are aware of longer timeframes), and they earn a respectable living.
Over the years I have seen many trading fads come and go, and this issue of timeframe appears to repeatedly emerge every so often. When day trading and trading become popular, traders flock to smaller period compressions, and after many traders attempt to fail with this method, the tide turns and then everybody is praising the effectiveness of their larger time compressions (generally 4H and larger ).
Being a good trader has little to nothing to do with the scale of your chart. It has everything to do with understanding price action, market plogy, and commerce direction, which includes but is not limited to cash, business, and psychological management.
Daveadbds, I am glad you're here to share your expertise with those less powerful on your own, but please do not permit your limitations in thinking to hinder individuals who might not know any better.
Best Wishes,
Art