[Big Energy Profits] The #1 Reason Why Most Traders Fail

Hey Trader, Welcome to the second issue of Big Energy Profits! This time around, in addition to the normal analysis of the crude oil market, we have a short article about the #1 Reason Why Most Traders Fail. I've seen trader after trader fall into this trap, lose thousands of dollars, and ultimately leave the market. I would hate for anyone reading Big Energy Profits to fall into the same trap. So pay attention! And if you think this message would help out a trader you know, feel free to forward them this email. To Big Profits and Beyond, Anthony Speciale Jr Editor, Big Energy Profits

Hawkeye Traders team1@hawkeyetraders.com hawkeyetraders.com

Crude News

OPEC+ is right now leaning towards allowing the production cuts to drop from 9.7m bpd to 7.7m bpd beginning in August. The challenge for the group is that while they don't want to cede market share to other producers bringing production back, if they ease the cuts they risk pushing oil prices down. The cancellation of the Atlantic Coast pipeline and the potential death blow by a court to the Dakota Access pipeline – a pipeline that was already online – raises the investor risk to long-distance pipelines everywhere. The oil majors have announced a slew of impairment charges as they revise down their long-term oil price assumptions, with an eye on energy transition. The companies are dealing with this challenge in different ways, but impairments may continue to rise for a while. Oil-producing countries in the Middle East are set to earn $270 billion less in oil revenues this year compared to 2019, with losses led by Saudi Arabia, according to the International Monetary Fund. The region's overall GDP could contract by 7.3 percent this year. Oil-importing countries in the Middle East, such as Egypt, will suffer less, with GDP expected to contract by just 1.1 percent. China's crude imports surged to 11.93m bpd in June, a record high, and up 25% from a year earlier. A separate estimate put imports at 12.9m bpd for the month. The number of oil and gas wells drilled globally is expected to hit 55,350 this year, the lowest level in two decades. That represents a 23 percent drop from 2019 levels. The number of wells drilled does not return to 2019 levels through at least 2025.

The #1 Reason Why Most Traders Fail

What would you do in this situation? Imagine you've just committed to a $20,000 trade. That's a pretty significant investment for most people, yourself included, but you're not worried. You've checked, double-checked, and triple checked all the data. You're fairly confident that if you see this thing through, you can 5x your initial investment. This one trade could turn your $20,000 investment into a $100,000 windfall. All your sources check out, so you invest your $20,000 and wait… But you're impatient. $20,000 is a pretty hefty sum after all. You're constantly checking your accounts making sure that your investment is growing. Every few minutes you're in front of your screen going over the numbers. Five days go by, but because you've been so on edge the entire time it feels more like 50… You get up to check your accounts again for the 9,325th time and you're greeted with some good news! Your investment has gone up by $10,000! $10,000 in 5 days! That's more than what most people make in a month, and you just did it in 5 days. You feel relief that your investment seems to be paying off. The last 5 days have been especially nerve-wracking for you and there's no telling if or when this investment will actually become the $100,000 you projected… Plus, you just made more money in 5 days than ever before… You start thinking about closing the trade early and taking your profits now. After all, $10,000 in profit in the bank is better than a hypothetical $100,000, right? What would you do in this situation? Most traders would cash out early and take their $10,000 profit… And that's exactly why they fail. The traders who would take their profits early are the same traders who would take all their money out of the markets during an economic downturn. These fair-weather traders lack a crucial element that keeps them from realizing the astronomical gains that the gurus make… Discipline. It's a lack of discipline that keeps traders from following through on trades. It's a lack of discipline that keeps traders from keeping their money in the markets when things go down or sideways. It's a lack of discipline that keeps traders frustrated because they aren't achieving the same kind of success as their peers. Your success as a trader all boils down to discipline. So before your next trade, ask yourself: "Am I disciplined enough to see this through?" Be honest with yourself. If you don't have the discipline then don't execute the trade. Otherwise, you'll just be gambling with your money.

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Daily Analysis

WTI Light Sweet Crude Oil Futures Analysis … August - CLQ20 Wednesday's Outlook: The $39.00 price area is likely to contain weakness. The $41.00 price area is in reach and is likely able to contain buying strength. Near-Term Bullish Scenario: Closing above the $41.00 price area indicates the long-term $49.00 - $52.00 price area is within reach over the next several weeks. Near-Term Bearish Scenario: Breaking below the $41.00 price area allows a bearish continuation towards the $38.00 price area intraday. Closing below the $38.00 price area allows for the mid $36.00 price area within several days. Key active RESISTANCE price areas for WEDNESDAY are likely to be: 40.70 - 40.90, 41.30 - 41.50, 41.90 - 42.10, 42.60, 43.10 - 43.30 Key active SUPPORT price areas for WEDNESDAY are likely to be: 40.30, 39.70 - 39.50, 38.90, 38.50 - 38.30, 37.90 - 37.70, 37.30 - 37.10

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