Technically true, again. But in the actual practice, most guys who start on M5 will be broke in 1 month. Most guys who start on D1 will not - and this is one factor amongst several that gives them an edge - they have at least the opportunity to survive long enough to learn the game.
%% Not likely good data; that's[$10/5minutes] really a daily range for SPY. LOL But good question; i saw some stuff like that on QQQ in bear of 2002. 7% in one day, not 5 minute charts.; when QQQ was in $27 Price range.
Most guys who start Formula 1 after passing their driving test will probably be dead within a day. But there will the one or two who might just make it...same thing in trading 1 minute and 5 min...they will not know unless they try.
But would that seriously be your recommendation to a new trader? Surely you do not base your own trading on 100 to 1 long shots like this?
hmmm. from discussion on price spike to time frame chart. I recommend as fine as 500 volume chart which is equivalent to few seconds per candlestick. anyway do what suits you.
Sure, tell him or her it's not likely to work, but if they want to try, they should do so. I don't see how else anyone can live up to their potential without trying (and yes, probably failing...but that's life).