Millionaire Traders

Millionaire Traders

for opportunity to add to that position. The key, however, is not
just to add blindly. If the asset does retrace, the retracement can
last for two, three, or even four days. What Indi will do is wait for
the price to show that the trend will continue before taking the
plunge again.

When You Are in Sync with the Markets,

Keep Pressing the Trade

Once you are in sync with the market, step on the gas. Indi Jones’
most memorable trade was in orange juice, where he made money
on the ride up as well as the ride down. Having banked profits
when a snowstorm sent orange juice prices skyrocketing, Indi was
looking to flip his trade and sell when prices failed to extend their
rally after CNBC started showing pictures of oranges covered
with icicles. Having made significant profits over the past few
trading days, Indi stepped on the gas and sold the commodity
aggressively. Yet before doing so he knew exactly how much he
wanted to risk. At worst, he was not willing to lose more than 40
percent of the money that he made on the move up. This is an
extremely important tip to remember if you are going to press
your luck in the markets—never risk all of your profits.

Be Aware of Market Sentiment

Indi always has his pulse on the sentiment of the market. Every
single day he speaks to many different types of market players and
reads at least 10 different newsletters. If market sentiment is very
one sided and price acts the other way by breaking a significant
support zone, for example, it may be a good signal for Indi to
bet against the consensus. The flush out can last for days if not
weeks in the commodity markets, especially if it’s a news-driven
surprise that confounds market’s expectations. You, too, can keep
on top of the overall market sentiment by reading newsletters,
blogs, mainstream media, as well as looking at theCommitment
of Traders Reportthat provides information on commercial and
noncommercial positioning.