Every trader has to develop their own method because there are no rules to how much risk you can take and how much profit you want. Clearly your risk must be determined by how well funded you are and how much of your capital you will risk per trade including the funds necessary to withstand pull backs and spikes. The profit you want is rarely feasible and many traders want to try and get daily moves on a 5 minute time frame. This is neither reality or practical. You must trade with risk and a reasonable target in order for profits to reflect your trading style. If trading the 5 minute chart, you are better looking for 5 minute target areas for profit and not a 1 hour or higher time frame target.
The point is you have to be flexible in your profit expectations and assess your risk vs reward not only at the time of entry, but also when the trade is running. Often traders are in profit of more than 1.5R and the trade eventually turned out as breakeven because they think the trade could go much higher ignoring what the charts are telling them and that there is a strong level below or above take profit target.
The point is you have to be flexible in your profit expectations and assess your risk vs reward not only at the time of entry, but also when the trade is running. Often traders are in profit of more than 1.5R and the trade eventually turned out as breakeven because they think the trade could go much higher ignoring what the charts are telling them and that there is a strong level below or above take profit target.
