[BIG ENERGY PROFITS] The Easiest Way for Traders to Make More Profitable Decisions

Hey Trader, Successful trading boils down to successful decision making. And the biggest limiting factor for most traders when it comes to good decision-making is allowing yourself to be ruled by emotions. If you want to become a successful trader, you have to learn how to manage your emotions so that they don't cause you to make poor decisions. In today's Big Energy Profits, we have a short article that will outline an easy process for managing your emotions… And making you a more profitable trader in 3 simple steps. This article is part of a series I'm calling The Ten Commandments of Successful Trading. The goal of this series is to give Big Energy Profit readers all the mental tools they need in order to make profitable trading decisions. So if you want to give yourself the edge you need to make profitable trades more often, I recommend you read this article. 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

United State crude oil inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases has started to hit United States consumption. Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations of a 2.1 million-barrel drawdown. Production rose to 11.1 million bpd, up 100,000 bpd. Oil and gas majors are likely to report horrifying second-quarter results over the next several weeks. With the three-month period through to the end of June widely expected to mark the lowest point of 2020. Big Oil companies, referring to the world's largest oil and gas majors, witnessed a historic fall in oil and gas prices during the second quarter as coronavirus lockdown restrictions coincided with an unprecedented demand shock. IEA Executive Director, Fatih Birol believes 2020 may well come to be regarded as the worst year in the history of global oil markets, with so-called "Black April" likely to be the worst month the industry has ever seen. Dividend payouts to shareholders will also be an area of focus for energy market participants. Oil giant Shell cut its dividend for the first time since World War II in the first quarter of 2020.

The Ten Commandments of Successful Trading

Commandment #3: Leave Your Emotions at The Door The most difficult thing to do in the entire world is to leave your emotions at the door. The reason for that is because human beings are fundamentally emotional creatures. We use logic to rationalize the decisions we make… But we use emotion first to actually make our decisions. Emotions underlie everything we do. Therefore, it's nearly impossible to make 100% rational decisions all the time. So when I say leave your emotions at the door, I'm not saying that you should try to never feel anything ever again… I'm just saying that you shouldn't make important decisions (like how much money you're going to invest in a trade) when you are in a heightened emotional state. Making decisions when your emotions are heightened can lead to unnecessary mistakes. And when you're trading tens of thousands of dollars at a time, unnecessary mistakes could end up costing you big time. So leave your emotions at the door. If you can master this one principle and learn to make more rational decisions, then you will have the mental strength you need to be successful as a trader and in life in general. Here are some tips to help you manage your emotions to make more profitable decisions. 1) Schedule a Time for Worrying If you're an anxious person this one should help you out a lot. And if you're not an anxious person, you can schedule time to feel whatever emotion distracts you the most. The idea here is that being in a heightened emotional state all day is negatively impacting your focus and decision making. So instead of allowing yourself to feel that emotion all day, give yourself a 20 minute appointment each day where you can worry all you want. This will free you from worrying throughout the day and help you focus and make better decisions. 2) Label Your Emotions While You Are Experiencing Them In order for this one to work you'll need a bit of self-awareness. First, you have to understand how your emotions are likely to influence your decision making. For example, when you're angry you might be more likely to take a more aggressive position in a trade. When you label your emotions as you're feeling them, you remind yourself of how that emotion is influencing your decision making… And you'll be able to adjust your approach so that you don't let your emotions completely take over. 3) Become Comfortable With Feeling Uncomfortable The US Military uses this principle to train new recruits. The idea is to make people so uncomfortable that they adapt to the feeling of being uncomfortable and become better decision-makers than they otherwise would have been. Most people seek to avoid discomfort, so when they find themselves in uncomfortable situations they don't know how to react. If you learn to feel comfortable in uncomfortable situations you give yourself a distinct advantage. You learn how to handle stressful situations and put yourself in a leadership position. Leave Your Emotions at the Door By Building Mental Strength The idea behind "Leave Your Emotions at the Door" is to help you build the mental strength necessary to make sound decisions in your trading. The better decisions you make and the more consistently you make them, the more successful you'll be. And that isn't limited to success as a trader. You'll have more success in life in general the better you are at using your mental strength to make better decisions.

Avoid "White Whales" and Double Your Trading Account in Half the Time

Most traders get killed chasing their "White Whale." These are the huge trades that can 2x, 5x, or even 20x your money in a single day. Most traders pass on smaller deals and spend all their time and resources chasing these huge trades. They think that's the only way to make any kind of money in the markets. But the most successful traders know it's way easier to use a strategy that will let you bag a lot of smaller wins as opposed to one huge life-changing win. After all, it only takes 36 trades that deliver 2% gains to double your money. And 2% trades a whole lot more consistent than the 200% ones. Especially if you're using the right indicators to find them. Click Here to Discover The ONLY Indicator That Can Help You Double Your Account in 36 Trades

Daily Analysis

WTI Light Sweet Crude Oil Futures Analysis … CLU20 Friday's Outlook: The mid $42.00 price area is likely to contain today's buying. The mid $40.00 price area is most likely able to contain today's selling pressure. Near-Term Bullish Scenario: Closing above the mid $42.00 price area indicates the long-term $49.00 - $51.00 price area is within reach over the next several weeks. Near-Term Bearish Scenario: Closing below the mid $39.00 price area allows for a retest of the $37.00 price area which is likely within several trading days. Key active RESISTANCE price areas for Friday are likely to be: $41.30 - $41.50, $42.00 - $42.60, $43.10 - $43.30, $43.80 - $44.40 Key active SUPPORT price areas for Friday are likely to be: $40.80 - $40.60, $40.20 - $40.00, $39.70 - $39.50, $39.00 - $38.40 Friday's Trading Price Range is likely to be: High: $41.65 / Low: $40.40

Monthly Analysis

The mid $42.00 longer-term resistance price area can contain buying through August's trading activity. Once tested the market is susceptible to a bearish rotation, possibly resulting in negative retracement to as low as the $26.00 price area. On the other hand, a clear daily settlement above the mid $42.00 price area indicates another several weeks of bullish continuation toward the longer-term resistance in the $49.00 - $51.00 price area, where the market can top out through the year's end. Downside, the $37.00 price area can contain weekly selling pressures. A daily settlement below the $37.00 price area indicates a good July high has already been placed. The $26.00 price area is then considered a 3-5 week target where the broader market can bottom out into autumn trade.

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