several warning lights on

Very odd issue, Fuel trim and AFM faults and no other faults and yet your traction and EML light is on. I am sure there are more faults and need to be checked to assist in pin pointing the fault. The symptoms suggest an AFM or the off chance a cam sensor, but the other lights make those theories bit iffy. Suggest having the car checked by a professional, your nearest BMW dealer or your local mechanic, which can be found in the "find a shop" tab above

that happend to me when my main drive belt snaped...all lights on

... i would need to research the correct terms - (this happened to me as well ... while on the highway - going 75 mph) but to make a long story short - it had to do with lower quality (not premium) gas used. it has to do with the computer and the lower quality gas not firing properly. *not talking about like Shell vs. Mobil - but using Premium vs. Regular (Higher Octane needed) - of course you can always look it up further. Hope that helps.