v01 remindersTrading requires focus, discipline, and sometimes a reminder to stay on track.
Many of us know how to take trades and make money - but sometimes struggle to hold on to the gains. By knowing not only when to trade, but also when NOT to trade, we can begin to build better habits.
I built this indicator for my own needs, but I hope this indicator can help someone save money by reminding them when to step away, size down or stay on track.
Inspired by trading psychologists like Mark Douglas, David Paul and others, I decided to make an indicator that deals with the mental aspect of trading.
Dr. David Paul said that you can be 10-15 trades away from the trader you want to be. All it takes is 10-15 trades of doing only the right thing (erasing bad habits). After that time the resistance to execute the trades properly will improve even more.
Good trading should be boring and repetitive. If the trading is exciting and varied it is likely unprofitable (more akin to impulsive gambling).
Perhaps you know how to trade, yet keep trading impulsively sometimes, getting "the itch" to trade or gambling with your gains? Set some reminders and see if you can build better habits. Over time it could make a difference.
You can enable up to 10 different reminders with each instance of the indicator. You can select days of the week and time of day. The visibility is fully customizable to suit any colour theme you may want. They dont actually alert - its a silent visual reminder, which is less intrusive and stays on screen for as long as you want.
Remind yourself when CPI releases or bond auctions are about to hit.
Don't get caught off guard by FED speakers or FOMC announcements.
Manage your emotions by writing a motivational reminder.
Build better habits and stay disciplined with reminders not to gamble.
Remind yourself to stay away from the markets when there is low liquidity, and trade during your best hours.
Wait for the market to establish balance and let the text show when to either wait or when to start trading.
Some basic inspiration:
"FOMC - No trading!"
"CPI Data - Expect Volatility"
"Markets closed tomorrow - Plan ahead"
"Take it slow, it's a marathon, not a sprint." - Dakota
"Wait for cheap risk" - HOAG
"Don't diddle in the middle!" - Brian Watts
You can of course write anything you want. Maybe you would like to remind yourself of a specific algo in crude oil or gold, or have other motivational reminders that work for you. If you have any good suggestions put them in the comments for others to use.
You can also use the script to watermark or put a web link on your charts. The indicator is empty by default - the image is just an example of the different types of labels it can show.
Customize the reminders for specific days, times, and events. Position them anywhere on your chart to suit your workflow. Whether you're a day trader or a long-term investor, theres always things to improve. This lets you keep those reminders right on your charts. You can go into the object tree settings and drag the indicator to the top if you want it to hide the candlesticks, and size up the text to really make it cover the chart for when to really stay away, as in the "FOMC" example in the image. The sample image shows a couple of different labels - but the script has no texts by default. It is up to you what to write and what colours to use. Please share it with others that may benefit.
You can add the script more than once if you need more than 10 alerts. You can also use it on multiple panels in TradingView, and it will remember the reminders for each panel. You can use spaces when positioning text in the top and bottom left corners of the screen, where there is sometimes a logo or ticker name obscuring the text. If two reminders display in the same location it will default to show the higher number of the two. Use specific times to change the reminders to make sure they dont overlap if they have the same position and put them on multiple charts if needed.
This script is dedicated to Brian Watts, who started something in me when he kept repeating "Don't diddle in the middle!" and "Where is purple?". IYKYK. I would like to thank him for the inspiration to better myself.
As above, so below.
v01
