The psychological pressure you can put yourself under while trading can easily mean that you fail to take your losses at a point where they are reasonable, and instead allow them to mount in size to a point where they can become potentially disastrous!

Even with the best will in the world it is easy to get into the mind set where you believe the next trade will recover all your losses or a losing trade is going to come back into profit even if it's evident with a cold rational mind that it isn't.

Until that hard discipline has become second nature the "!!StopMeNow!!" indicator can help.

"!!StopMeNow!!" is an Indicator for TradeStation v8.3 (or later). It can be used on a Chart or the RadarScreen.

The indicator can be setup in various ways, but the key concept is that it scans the trading accounts you have and compares the realised and/or unrealised Profit & Loss figure to a percentage of your available trading account size. This percentage value is the maximum amount you are willing to lose for that trading session.

e.g. If you have a trading account with $50000 and you apply a 1% limit then the maximum you are willing to lose, in total (not per trade), is $500.

If your accumulated loss exceeds the limit then you will be sent alerts at regular intervals warning you of the limit breach.

As an option you can also have "!!StopMeNow!!" attempt to log you off from the TradeStation network and hence try and prevent you from making a bad situation worse!

You can see a video of !!StopMeNow!! on the Videos page.

Click here to purchase !!StopMeNow!!

NB. Please note that the indicator is a protected EasyLanguage file i.e. you will not be able to edit the code yourself.