This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

John, Tyro and I had been talking about traders’ intuition. Getting it requires watching the market for a long period of time, so I have been told. Trading the OMNI setups has helped me watch the overall market with a better, bigger picture. Today, before the open, I looked at SPY, and thought, boy, there wasn’t much of a bounce on Friday after the big red candle on Thursday. Looks as if we may consolidate here, and perhaps move lower sometime this week. Choppy today probably at best. So, I promptly ignored my bias, and chased three long trades. I broke-even on my first trade, so I thought maybe I should look for another, and another….not a good idea. This is what destroys accounts…..the belief that you should be able to get some money out of the market each day. Only Richard can do that ;). He is one hell of a scalper.

AL:

TMO:

SONS:

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com