I heard on the interweb that there are a lot of profitable intraday traders who trade off 5min charts with Stochastics & RSI. I have no reason to believe they are lying.
You should specify which intraday traders you speak about, as there are: trading stocks trading forex trading futures trading options They are not all equal and don't have all the same qualifications.
most retail, stock traders are attracted to lower-priced stocks cause: their capital correlates with the stock price (at least psychologically) less competition with institutional traders. usually, lower-priced stock have a smaller float which provides better price action if the stock picks up the momentum. obviously, they can trade larger shares which gives them the ability to profit (or with most cases lose) more.