To build confidence using the smallest size entry possible, consider the following: 1. Only trade low risk entries. 2. Every day do several wash trades (flat trades) to learn that you can enter about anytime and then subsequently exit without losses. 3. Take your initial capital out of the market as soon as you can and then just trade with profits from that point onward. To get the first item straight make a list of about 30 types of trades and classify them as low, medium or high risk. Repeat this weekly until you have added another 20 or so types of trades. That way you can see how to keep adding additional types of trades as your money making skills increase. Another thing you will know is how each entry relates to it's corresponding exit. As you ease into doing a greater variety of things, first keep your attention on only one kind of exit. To understand this, subgroup the elements in each level of risk as to common exits. Use only one type exit at first, until you have all the entries for that exit working successfully. The underlying thought is this: At present when you enter you have no idea of how to exit because you are not basically mentally and emotionally organised except for your fear of losing which is highly organised because of your relatively vast and consistant experience in losing so far. The reason most people cannot pull triggers (either entry or exit) is because they have not done 100 wash trades in the last couple of months. I did 39 actions on Friday, I note that there were seven trades that did not make nor lose capital. These were wash trades. Using 5 min bars, half were on the same bar. One was several bars between entry and exit. What this says is: you have time to wash. It is somewhere around under 5 minutes most of the time but at other times it can be along time after your entry. If you are trading and you have a record of either washing or making money, you will have a corresponding set of emotions that back you up. When you get to this place, you will find that the old emotions set (group of emotions) that you now have highly developed are under the heading of "I can't pull the trigger" will have changed to be in balance and no longer inflamed. They will be retired to the inactive list. As always, your emotions that you want to use and summon up to be present are balanced ones. The others which come up as unwanted surprises are inflamed ones that appear as they desire, often when it is undesirable. These undesirable ones come up when they want and surprise you yet once agian. To get rid of inflamations, you must bring these into balance. That is, have them understood and devalued and in their proper perspective. All emotions remain into the pictures of what is possible. When they are objectified and in balance they are relegated to objective places in the balance of things. Your senses can show you how what I am saying works. leaving trading for a moment, let an emotion rise from its hiding place. It's spring and a shower begins when you are roller skating on the sidewalk. You, today in your life always recall that time when you step out of your office at the beginning of a shower. The smell triggers this emotion. The feeling is neat and comfortable. Brush your teeth. That thought may evoke guilt, perhaps. All your emotions are evoke by your senses. As you monitor, Using your sense of sight (and sound if you are pit oriented) you owe it to yourself to log your emotions, especially if you are locked into continuing patterns of not getting the job done. You can assess these emotions. Where they came from. How you reinforced them. And when they took over. Then you need to go to your trading type list and connect them to those trades that definitely psych you out. When you take on any of those trades in the future, try to turn them into wash trades for a while. Disarm them at first. The times they do not need to be washed, they will turn out to be profitable. Here in ET brevity is the watch word for having brains and being a smart guy. That is all IQ stuff you will notice. The EQ stuff is where it's at however. EQ stands for emotional intelligence. EQ is the stuff that makes people successful. IQ is what people think counts. The fact is that your Emotional intelligence (EQ) is what makes it possible to relate to stuff and people and to get the job done. Healing a lousy EQ is a tall order. You will see a lot of people here get on my case because of their EQ. You also get to see me deal with what comes my way. Your job is to get on top of anything that lessens making money. EQ comes way ahead of IQ for trading. There are two other "Q's" as well. ET doesn't surface those too often. This thread is about EQ.
I think you are right to be afraid to pull the trigger. I very much doubt that system or approach will be successful, particularly on 5 minute bars. My advice would be to use backtesting software and develop a system or approach that gives you an edge.