How Using My Mirror Every Day Made Me A Better Trader

Hey Trader, I use my mirror every day - and not just because I want to keep up a presentable physical appearance. In truth, I believe my mirror is the tool that has contributed the most to my success as a trader. My mirror has proven to be more powerful than any indicator, trade station, or any other fancy hardware or software... And yet 99% of traders still have not learned how to use this powerful tool the right way. In today's Big Energy Profits, we have a short article that will show you exactly how to use your mirror to become the best possible trader you can be. 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

United States West Texas Intermediate crude oil futures traded lower on Friday but were positioned to close out the week with a small gain after hitting a multi-month high on Wednesday on the back of a much bigger than expected drop in United States crude stockpiles. As we neared the end of last week, oil prices were struggling to hold on to their five-month highs as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. Dollar. The International Energy Agency (IEA) updated its oil demand forecast and now expects demand to suffer a 7.9-million-bpd decline this year. This compares with expectations of an 8.9-million-bpd demand contraction by OPEC. Earlier last week, the International Monetary Fund (IMF) said it expected crude oil demand to record an 8-percent decline this year. As a result, prices will be 41 percent lower than they were last year on average, the IMF said in a report titled 'Global Imbalances and the COVID-19 Crisis'. The EIA reported last Wednesday that United States crude oil inventories fell 7.4 million barrels during the week-ending July 31. Analysts had expected an inventory decline of 3.267 million barrels for the week. Last Tuesday, the American Petroleum Institute reported an inventory draw of 8.587 million barrels for the last week of July. The EIA also reported an increase in gasoline inventories of 419,000 barrels, after a 700,000-barrel build estimated the previous week. Distillate fuels inventory increased 1.6 million barrels for the week to July 31. That compared with a build of half a million barrels a week earlier. Gasoline production last week averaged 9.3 million bpd, compared with 9.2 million bpd a week earlier. Production of distillates last week averaged 4.9 million bpd, compared with 4.8 million bpd a week earlier. Last week's price action clearly indicates traders are worried about gasoline and distillate demand at a time when United States central bankers said the resurgence in cases was slowing the economic recovery in the world's biggest oil consumer. Although it is easy for momentum-driven hedge funds to react to large drawdowns in crude oil inventories, it is also difficult to hold on to those gains with demand for products having stalled. Furthermore, bullish traders aren't showing much of a reaction to the plunge in the United States Dollar Index, which should be driving up dollar-denominated crude oil and gasoline. Additionally, gasoline demand is weak as the U.S. driving season winds down, which doesn't bode well for prices in September. The weekly chart continues to show the possibility of an elongated sideways trade although the range did expand a little to the upside this week. Look for an upside bias to develop on a sustained move over $41.72, while sellers could gain the upper hand on a sustained move under $39.27.

The Ten Commandments of Successful Trading

Commandment #9: Own a Mirror & Use It Often If you saw a person staring into a mirror for a long period of time, you'd think they were vain or narcissistic. But the truth is that mirrors are part of our everyday lives… but they are more than just a tool for grooming. They are literally for self-reflection. The type of self-reflection that requires a deeper look into yourself and why you want to be a trader. If you want to be a master trader, you need to master self-awareness, self-respect, and your strengths. And it all starts with looking yourself in the mirror everyday. This way, you will know what is missing, what needs improvement and how to live your truth as a trader. Now if you struggle with self-esteem or don't like what you see (either physically or mentally)... Then this is the perfect time to address that issue and finally do something about it. Are you ready? Push Back on Your Self-Doubt Through Action If you're really unhappy with yourself in the mirror, then you're really stunting your growth-mindset as a trader. And maybe looking in the mirror could be a bad idea. But not being able to face and address your insecurities is much worse. It could be you don't like that scar, mole or that extra bit of fat around problem areas. It could be something deeper. And whatever we focus on expands. So if you're looking at yourself through the lens of self-doubt or disgust, you will only end up resenting yourself more. And dwelling on what you can't control about your body and mind is unhelpful. So focus on what you can control with a solution in mind. It's part of taking accountability for yourself. If you know your weight gain is because of your diet and not some medical condition, then take the necessary steps to fix it. If you've been feeling negative emotions for a long time then open up to someone you trust about them. This comes naturally to bodybuilders. It's easy to think they are big dumb jocks with shallow values but they are actually assessing what could be improved as they twist and show off their guns. They've either seen gains or potential and stand proudly in front of themselves, ready to make the necessary adjustments. So how can you make these adjustments yourself? Write Down Ten Things You Like About Yourself and Attach it to Your Mirror This may feel awkward especially if you struggle with confidence but you need to write down ten things you like about yourself. Why? Because winning traders are confident people. Period. Whether it comes naturally or through practice. They know what they do very well. All winning traders carry themselves with certainty. Just look at Gordon Gekko or Jordan Belfort from "The Wolf of Wall Street" (granted, they did some unethical things but their confidence was undeniable). Writing down what you like about yourself and attaching it to the mirror will: Reaffirm yourself and your abilities Document your value Push back on negative thoughts and self-doubt Remember that you are an individual and will continue to grow. So remember to update the list as you learn more things you like about yourself. Keep the qualities you like the most and change the things that have improved over time as needed. Respect The New You Now that you've listed ten things about yourself, you've given yourself a new and positive perspective about the person standing in front of you. Look at yourself. Don't you think this person deserves respect, recognition, and self-care? Hopefully, you agree. So show respect to yourself by: Smiling at the person and saying "Hi" Thanking yourself Saying "I Love You" Taking care of your body. (Wash your face, shave, brush your teeth, shower, exercise, etc.) It's okay if you think this is corny or some hokey "self-care" nonsense. But mirrors are necessary for cultivating confidence. And creating respect for yourself doesn't happen without taking actionable steps. You Need to Be Your Own Best Friend Owning a mirror and looking into it everyday is so important because it makes self-reflection easier. Even if you don't like what you see, it becomes the first step in your journey by creating a new and wonderful outlook for yourself. Confidence needs to be practiced through reflection and action. Make it a constant reminder and keep that list handy. And remember this wonderful person deserves respect, compassion, and care. Continue to take that action by staying true to that list and holding yourself accountable. You should be your own best friend and make any positive change. And it has to start with you.

"Some of The Most Secretive Insider Buying I've Ever Seen"

This week Ross Givens alerted his members to a white-hot opportunity. It's a clinical development-stage biotechnology firm that's developing futuristic, placenta-based cell therapy products… And right now it's experiencing some of the most secretive insider buying Ross has ever seen. This quiet insider buying has already pushed the stock up almost 100% since April. And the way these guys continue to buy shares of this tiny biotech firm could cause this stock to soar another 455% when it's all said and done. You don't want to miss out on this fast-moving opportunity. Click Here To Get Inside Scoop Directly From Ross Givens

Weekly Analysis

The main trend is bullish according to the weekly swing chart. The trade through $42.51 signaled a resumption of the uptrend. A move through $35.01 will change the main trend to bearish. The main range is $61.44 to $21.99. Its 50% to 61.80% retracement zone at $41.72 to $46.37 is the major resistance. The minor range is $35.01 to $43.52. Its 50% level at $39.27 is support. It is controlling the near-term direction of the market. The short-term range is $21.99 to $43.52. If the main trend changes to down then its retracement zone at $32.76 to $30.21 will become the primary downside target. This should be considered a value zone so look for buyers to return on a test of this area. Weekly Technical Forecast Based on last week's price action, the direction of the September WTI crude oil market is likely to be determined by trader reaction to the 50% level at $41.72. Bullish Scenario A sustained move over $41.72 will indicate the presence of buyers. This could lead to a quick test of the minor high at $43.52. Taking out this level could trigger an acceleration to the upside since the weekly chart indicates there is no resistance until $46.37. Bearish Scenario A sustained move under $41.72 will signal the presence of sellers. The first downside targets are a minor 50% level at $39.27 and a minor bottom at $38.72. Taking out this level could trigger a further decline into $35.01 over the near-term. Key Reversal Day(s) for this WEEK: Monday / Thursday / Friday Key RESISTANCE price area(s) for this WEEK are likely to be: 42.80 - 43.00, 43.40 - 43.60, 44.60 - 44.80, 45.20 - 45.40 Key SUPPORT price area(s) for this WEEK are likely to be: 41.20 - 41.00, 40.00 - 39.80, 39.40 - 39.20, 38.20 - 38.00, 37.60 - 37.40

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