I never told anyone to trade only 5 minute charts. What I said was this MTF Stochastic indicator was reliable on all TFs except the Monthly. I like trading on the M5 or M15 charts. But that’s me. But when there is no signal on one time frame there could be something happening somewhere else. Takes less than a minute to have a look.
I also don’t like to trade the crosses, I like the majors. Other traders are the complete opposite. Some use a currency measuring indicator and choose their currency pairs according to what it shows. There is no “best”. What’s “best” is what makes you consistently profitable. I know people don’t like vague answers. It frustrate me too when I first started learning and veteran traders would answer my questions with a lot of “ifs” and “maybes”. I don’t know what’s best for you. I’m showing what I do for me. You try it, if you like it learn to use it. If you don’t like it try something else.
The time frame we choose to trade is a business decision just like capital funding, risk, position size, etc. Some people have the time to watch the markets for long periods of time, some don’t. Some don’t mind doing it, keeps ’em out of trouble. Some mind very much and would rather be having a coca-cola enema than watching that monitor for hours. Some traders think scalpers are scum. and if you aren’t trading at H1 or higher you should be shot. Others live for it, it’s the reason they wake up every day. There is no “best”. They all work the same way. It just takes a little longer on the higher TFs. Every trend you see is a trend inside a larger trend. That 50 pip move you see on M5 or M15 won’t even register on some of the higher time frames. The “best” time frame is the one that suits your lifestyle and your personality. But you won’t know which one os good for you until you’ve taken them all for a spin yourself.
Our PMer also mentioned the fact that I sometimes added trades to existing open positions. That is not something I would recommend. It’s very risky. There are some rare times when it might work in your favor, but it’s not easy to recognize and takes a ton of past real money losses to recognize. Trust me, if you’re wrong it will be a very expensive mistake.
Regarding the Trade Explorer demo account on this thread: Don’t put too much credibility on it. It’s a demo. The results on that thing may not be indicative of live market conditions. I put it there reluctantly. It looks cool. Just kidding. So I made some pretend money for a couple of weeks. I view demo accounts as a chance to see what might work out and what probably won’t before I use a live account. That TE is mainly there because visiting traders expect one. I try not to pay too much attention to it. Kinda like the scores from Spring training games in pro baseball. It’s nice when you win, but it doesn’t mean squat. Not too far in the future I will stop using it anyway. I need to get back to earning some real money again soon.
I don’t dislike PMs, but please consider posting your questions and comments here on the thread if it pertains to our subject. I get a bunch of PMs but it’s like a ghost town here. If you have a question or comment, there’s a very good chance someone else has been wondering the same thing. Don’t be afraid to comment on your results or observations.. Nobody knows who you are anyway, hey, it’s the Internet, don’t be shy. The only thing I’m dead-set against is turning this thread into an EA and indicator free-for-all. Someone contacted me about creating an EA and I told him I have no objections, but please start a new thread for those who want to do that. The MTF Stochastic isn’t my creation. It’s part of public domain so I can’t say who does what with it somewhere else. This particular MTF stochastic indicator was coded and presented on FF by Cody R in September of 2012.
“It took me a lifetime to learn to paint like a child.”(Pablo Picasso)