[BIG ENERGY PROFITS] Most Traders Are Totally Unprepared For This...

Hey Trader, I've seen traders come and go for all sorts of reasons over the years… But few things can wipe out a trader faster than an unexpected mistake. You'd be surprised how easy it is to lose tens of thousands of dollars overnight all because of a simple mistake, yet for some reason… People hardly ever prepare to make mistakes because we go into most situations anticipating success… Why would you prepare to make a mistake when you're anticipating success? But mistakes are a part of life. They WILL happen at some point. It's better to be prepared for them than it is to let yourself be exposed to the risk of losing everything because of one small mistake. In today's Big Energy Profits, we have a short article that will outline an easy 3-Step process for learning from your mistakes so you can live to trade another day. 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 to make profitable trading decisions. So give yourself the edge you need to make profitable trades and 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

40 U.S. producers surveyed by the EIA posted a combined $48 billion in write downs in the first quarter of 2020, the largest negative adjustment in years. These companies account for over 6 mb/d of U.S. oil production. Although companies will not have to value their 2020 proved reserves until the end of the year, these first-quarter adjustments, combined with crude oil prices that have remained much lower than 2019 levels during the second quarter of 2020, indicate that the net present value of proved reserves could continue to decline. Oil prices have been on autopilot for weeks, and the start of this week is no different. Prices remain trapped in the low-$40s, hemmed in by supply curtailments on the one hand, and concerns about depressed demand on the other. OPEC prepares for long-term decline. Some OPEC officials are admitting that oil demand could be permanently damaged from the pandemic, and some are even admitting that demand may have peaked. The demand does not return to pre-crisis levels or it takes time for this to happen. The main concern is that oil demand will peak in the next few years due to rapid technological advances, especially in car batteries.

The Ten Commandments of Successful Trading

Commandment #5: Accept that Mistakes Will Happen and Learn From Them Few things make traders give up on their goals like mistakes. The combination of shame from making the mistake and frustration from having encountered a roadblock is enough to make many would-be traders quit. But it doesn't have to be that way. All it takes is a shift in perspective to turn catastrophic errors into lessons that inform your trading decisions for years to come. Once you make this shift you'll never fear making a mistake again because each mistake you make becomes an opportunity for you to become a better trader. Mastering and growing from mistakes is as easy as these 3 simple steps… 1. Take Ownership of Your Mistake This step is the most simple and most transformative step you can take as you learn to master your mistakes. Most people deny ever making mistakes. They just keep living their lives as if nothing happened. As a result the mistake never gets corrected and starts to cause even bigger problems in the future. That's why it's so important that you learn to own your mistakes. It's absolutely impossible to learn from your mistakes until you take ownership of them. Most people believe they will look weak or otherwise harm their reputation by taking responsibility for their mistakes… But the opposite is actually true. Owning up to your mistakes can help you earn more respect from the people around you. It shows that you are aware of what's going on and implies a willingness to correct the mistake. 2. Ask Yourself the Tough Questions This is the step where you actually learn from your mistake. Asking yourself the tough questions about your mistake will allow you to analyze what happened so you can make a plan for how to address similar problems in the future. Start by asking yourself questions like: What went wrong here? When did things get off track? Why did this mistake yield this specific outcome? What can I do better next time? What did I learn from this? Once you've figured out the answers to those tough questions you can start making a plan for how you'll keep from making the same mistakes in the future. 3. Make It More Difficult to Mess Up As you're making your plan to avoid similar mistakes in the future, it's helpful to remember the phrase "an ounce of prevention is worth a pound of cure." And the best way to prevent yourself from making the same mistake again is to make the mistake even more difficult to make. Put obstacles between you and whatever actions led to your mistake. Those obstacles will serve two purposes. The first is to remind you of the mistake you made. The second is to make it even harder for you to actually make the mistake again.

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Monthly Analysis

The $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 mid $25.00 price area. On the other hand, a daily settlement above the $42.00 price area indicates another several weeks of bullish continuation toward the longer-term resistance in the $49.00 - mid $50.00 price area, where the market can top out through the year's end. Downside, the mid $37.00 price area can contain weekly selling pressures. A daily settlement below the mid $37.00 price area indicates a good summer high has already been placed. The mid $25.00 - mid $29.00 price area is then considered a 3-5 week target where the broader market can bottom out into year end trade.

Yearly Cycle Analysis

- The 10 year cycle rallies sharply all month making a major high on August 3rd. - The 20 year cycle sells off into July 11th, then rallies into July 19th then makes a major low on August 1st. - The 30 year cycle makes a major low on July 6th and rallies into August 7th. Key turning point dates: July 6th July 16th to 21st July 31st

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