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: -
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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