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The Sleeping Policeman for Scalpers

1/11/2019

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Trading the lower timeframes is great fun, particularly the one minute chart, but over-trading it can often be the thing that kills a trader's account. 

Have you experienced those days when the trading demons take control, and every price move seems like a good setup worth trading, or there is a need to keep moving stop losses in too tight?. In the space of a few hours, an entire week's profits have been wiped out, or worse.  It's easily done and I know plenty of traders who suffer from this affliction. See this blog post, for more about trading demons.

To help control those demons, I've made some changes to the 'Trade Levels Indi' - the free add-on for the Advanced Trade Manager - that was originally created to show risk:reward levels.  We call this upgrade the 'sleeping policeman' (speed bumps in the road) because it's intended to slow traders down and prevent over-trading. The new features include parameters for: -
  • ​Trading Session Times - so you only trade at the times you've said you would
  • Maximum number of trades
  • Maximum number of losses
  • Maximum percentage loss
If any of those maximums are hit, the indi tells you and can colour-code the ATM buttons to remind you to stop trading.

In addition to the above, there is an option to limit the pip-risk on your trades, using the ATM swing lines, so you look for the best R:R opportunities.

And ... there is a summary of trades for the day and personalised messages, that you define, to remind you, at regular frequencies, of good trade practices, as in the picture.

It's available for download now - completely free if you have a valid ATM licence.

​


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  • Home
  • eWavesHarmonics
  • INDICATORS
    • MT4 Indicators
    • MT4 Free Indicators & Scripts
    • eWaves v1.0 Manual
    • MT5 Indicators
  • Trade Tools
    • Advanced Trade Manager
    • Trade Copier
  • Trader Training
  • Harmonics
    • TheHarmonicIndi
    • TheHarmonicIndi Instructions
    • Harmonic Patterns
  • Trading Blog
  • Contact Us
  • Who is Snorm
  • Q&A
  • Trading Services
  • Useful Links
  • MT4 TIPS and TRICKS
  • Newsletter
  • MetaTrader Wingdings
  • Fibonacci Numbers
  • Privacy Policy
  • Terms of Use and Disclaimer