Besides following that sign, we need to have another strategy, just if the market changes the direction so we can be ready for any situation. That will help us to determine the step that we need to do related to the market movements.
Your approach sounds like super-safe-heaven-strategy against fail proof because when we are having backup plan then definitely we can cope up against any kind of market fluctuations. This is simply a derived approach of not depending on only one resources; definitely this will help any trader. You must need to keep checking like everything is going as per your plan if anything changes then you need to react immediately so that you could avoid unexpected things; for changing things, you are already set with plan-B
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Hahaha, my approach does not always work since I don't know where the market will moves. But with the second or third strategy, at least, I can try to prevent any worst situations such as dump at the market, which can happen anytime. Even if somehow I miss the time to checking the market, with using the alarm, I think I can back to check the market as soon as possible after the alarm sound.
Most traders don't have another strategy because they step follow the market moves, and when everything changes, they panic and will cut loss before too late.
When you are not experienced enough then you will approach trading without any proper plans. For example, most traders in the beginning days will enter the market without any idea about stoploss ranges. Only when market goes in negative direction, they start thinking about stoploss levels and then get panic and do whatever hit in their mind out of emotion failure; which usually leads to big losses rather than cutting losses earlier.
That happens to me in the early time to trade and make me confuse without knowing what I need to do. At that moment, I don't use stop-loss but hope that the price will be back to the higher price after it's down. I also panic when the price is down because I don't know how to prevent or use the stop-loss function.
But from that moment, I try to learn more about trading, and I learn about controlling myself.
So I won’t blame them.
