How To Maximize Profits on Your Most Valuable Resource

Hey Trader, Time is our most valuable resource. We only get to use so much of it during our lifetimes... And once we spend it, we can never get more back. So it's critical that we learn how to spend our time effectively so that we always get a profitable return on the time we spend. Today's article in Big Energy Profits will give you a simple framework you can follow to make sure your time is always spent profitably while you are trading. I hope you enjoy it. To Big Profits and Beyond, Anthony Speciale Jr Editor, Big Energy Profits

Hawkeye Traders team1@hawkeyetraders.com hawkeyetraders.com

Crude News

Oil prices rose to a five-month high this week on hopes that the economy is reviving. New coronavirus cases have fallen back in previously hard-hit states such as Florida and Arizona. At the same time, the United States shale industry is not rebounding, adding to bullish momentum on the supply side of the equation. The Trump administration approved an oil leasing program for the Alaska National Wildlife Refuge (ANWR), opening up 19 million acres of wilderness for drilling for the first time. The Interior Department is aiming to finalize the process to make it difficult to undo if the election results in a change of administration. However, investors question the profitability of the enterprise, and several major banks, including Goldman Sachs and Wells Fargo, have ruled out financing any ANWR drilling. Five automakers – Ford, Honda, BMW, Volkswagen, and Volvo – signed a deal that binds them to meet strict state standards on fuel-efficiency requirements. The deal is stricter than the Trump administration's lower federal fuel economy standards and could have a far-reaching impact because 13 other states follow California. The California standards require average fuel economy to rise from 38 miles per gallon today to 51 miles per gallon by 2026. The Trump standard only requires 40 mpg by then. Still, the California agreement is slightly weaker than the original Obama-era rules. China is buying 14 million barrels of oil from the U.S. next month to comply with the Phase 1 trade deal signed earlier this year. Those volumes are set to be double the amount purchased in August. Oil exploration coming to an end. Faced with pandemic-driven demand destruction and a relentless call for climate-conscious and ethical investing, oil executives are resigning themselves to the uncomfortable fact that a significant amount of their vast oil and gas reserves will end up totally worthless. OPEC compliance hit 95% in July. OPEC compliance with the production cuts reached 95 percent in July. Also, Nigeria and Iraq are expected to cut their production by another 114,000 and 400,000 bpd, respectively, in August and September to compensate for lagging performance in prior months. The success of the deal is notable.

How to Create Your Best Trading Plan

Part 2: How to Manage Your Time for Maximum Profits In the first step of your trading plan, you learn that you must understand your motivations and yourself. And once you figure that out, the next step is to decide how much time you can commit to that trading plan. Obviously, figuring out how much time you can commit to trading depends on your situation. So it's important you ask the right questions. Instead of, "How long is it going to take become rich with trading"... Ask yourself, "What will it take, and WHAT can I give?" Because that is the mindset that allows for realistic self-management. So when it comes to the amount of time commitment to your trade plan, ask the following questions: What do I need to become profitable? When will I do it? How fast can I pick up the skills that make me profitable? Will the outcome be worth my time? What Do I Need To Become Profitable? Most people who get into trading obviously want to make more money. And then they think of how they can make that money in the shortest time. While it's great to have that kind of optimism, it's quite misinformed. Instead of asking, "How long before I can make a profit in trading," you should ask, "What do I need to do to become profitable?" This is the right step to creating your perfect trading plan. Because how can you become profitable if you don't know how to trade properly? You can't worry about how long something is going to take when you don't know where to start. This also ties in to what type of securities you will trade. Are you considering Forex, day trading or spread betting? Once you figure that out, it's time to set a date. When Will I Do It? At this point, you are now getting an idea of your time commitment. Now you only need to do it and stick to that date. This means you'll need to manage your self and make some sacrifices. Try to avoid things that can become a time-suck like: Scrolling endlessly on social media Binging on streaming networks Spending too much time with friends Granted, you're allowed to give yourself a break but always make sure you stick to the task at hand. A checklist is a great way to hold yourself accountable and give you a sense of accomplishment when you cross it off your list. How Fast Can I Pick Up Trading Concepts and Lessons? Now, you may still want to know how much time to commit to trading. This is the closest you'll come to this answer. Because the truth is… It depends. After you decide what you need for your trading plan and what day you're going to learn it, you still have to understand and execute those trading strategies when the time comes. And how fast you learn depends entirely on you. Some people are different and can pick things up quickly like Michael Jordan soaring to a basketball rim. Or some people struggle like Michael Scott who needs things "explained to him like he's five." So you need to consider the best learning strategies for you. Maybe you need to watch a video 3 times or explain the concept to yourself before you can explain it to others. It all comes down to how fast you can learn and whether you are willing to commit to that amount of learning time. Will the Outcome Be Worth My Time? As time passes, you want to measure your progress and if you are getting the desired results. The outcome will only be worth it if you've made ACTUAL progress. And the only way to make progress is to never give up. And that's the hard part but it's also the truth. So consider having a milestone plan. After 30 days of trading, you should be able to grasp simple concepts of trading. After 3 months, you should have made progress in making decent profits. Where do you think you'd like to be in 6 months or a year from now? What do you think would happen if you spent 1 hour a day on learning how to trade? It's simple math and physics. The trader who gives 365 hours of absolute focus to trading will make more progress than someone who is inconsistent with their trading education. You must decide which person you're going to be. Because anything worth having is worth all of your time.

The House Never Loses… And Neither Does Wall Street

When it comes to trading, there's always winners and losers. The problem with that is… Wall Street never loses. Just like a game of poker, you don't really have a chance if the other player is counting cards… And these floor traders do just that with the stock market. In fact, they've been doing it for centuries with one simple technique. They use this technique to skim off profits from desperate traders who sell at the wrong time. But if you use this technique, not only will you avoid the desperate trader trap... You'll be able to "flip the script" on Wall Street and use their own secrets to skim off their profits. It's the perfect one-two punch. Click Here to Discover The Simple 3 Step Process

Daily Analysis

WTI Light Sweet Crude Oil Futures Analysis … CLV20 Wednesday's Outlook: The mid $40.00 price area is likely to contain selling. The $47.00 price area is most likely able to be attained within a weeks time. Near-Term Bullish Scenario: Closing above the $44.00 price area indicates the The $47.00 price area is likely within reach over the next several days or so. Near-Term Bearish Scenario: Closing below the mid $40.00 price area allows for a retest of the mid $38.00 price area which would be likely within several trading days. Key RESISTANCE price areas for WEDNESDAY are likely to be: $43.45 - $43.85, $44.15, $44.60 Key SUPPORT price areas for WEDNESDAY are likely to be: $42.95 - $42.55, $42.05, $41.80 - $41.60, $41.00, $40.70, $40.30, $40.00 - $39.80 Wednesday's Trading Price Range is likely to be: High: $43.45 / Low: $42.27

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