The One Tool That Separates The Professionals From the Amateur Traders

Hey Trader, The difference between the professional traders who earn six-figures trading just a few hours a week and amateurs who never make any significant amount of money is simple. Professional traders meticulously track their performance. The pros understand that the only things that change are the things that get measured, so they track all their trades so that they can improve their trading over time. Today, we're going to show you exactly how to track your trades so that you can improve your trading overtime. By the time you finish reading today's issue of Big Energy Profits, you'll know exactly what it takes to become a more efficient trader. Enjoy! To Big Profits and Beyond, Anthony Speciale Jr Editor, Big Energy Profits

Hawkeye Traders team1@hawkeyetraders.com hawkeyetraders.com

Crude News

U.S. West Texas Intermediate crude oil futures traded slightly better on Friday as Hurricane Laura moved beyond the heart of the U.S. oil industry in Louisiana and Texas without causing any major damage to production and refining facilities. With refineries spared from feared massive flooding, the initial assessment shows no damage to the upstream or downstream facilities. Additionally, crude oil has given back most of the storm premium and could return to its elongated holding pattern. With that said, this week could start off with a slightly bearish tone as traders continue to wonder where demand is going to come from. Further ahead, demand expectations are expected to remain bearish. Recent reports and comments from officials indicate that global oil demand won't return to 2019 levels until at least 2022. The latest monthly estimate from the IEA, EiA and OPEC all suggest that consumption will not recover to pre-pandemic levels next year. Meanwhile, the contango between Brent crude for nearby delivery and six-months ahead remained near its widest since late May at more than $2.00. Additionally, even with Hurricane Laura barreling at major oil facilities in Louisiana, all the rally could produce was a high 10 cents better than the previous high. Traders haven't even been reacting to the weaker dollar, which should have driven up demand for dollar-denominated crude oil. The volatility is also extremely low, which could mean two things: We're in for more range bound trading or preparing for a major breakout in either direction.

How to Create Your Best Trading Plan

Step 7: Keep a Trade Journal Every good trading plan needs a trading journal. How else can you track progress or document patterns? A trading journal isn't just a collection of "dear, diary" letters. This is basically your stat tracker. A good trading journal will: State your goals and thesis Track your trades Hold you accountable Find the best strategy that works for you Here's how to start. State Your Goals and Thesis Your trading journal should closely align with your "why" or motivation for becoming a trader. But this time you want to state the thesis or your expectations for a certain asset. For example, your thesis could be "I'm trading forex because it gives me a lot of options, 24-hour access to global cash, and it's a lucrative market that will give me the freedom I want." Going forward, you can do more research into forex and see if your trades in forex match your expectations. This is where tracking comes in. Track Your Trades You should track all your trades. This helps you log and create data you can go over later. Plus, tracking your trades also separates you from the amateurs. Can you imagine what professional sports would look like if no one bothered to track stats? You need that same level of detail. You will need to account for the: Ticker symbol Entry and exit times Position size Time frame Hold/Turnaround time and etc. Make sure to add any other relevant details that relate to your trades as well. You can use trade-tracking apps, note-taking apps, Excel or keep it old school with just a pen and some paper. Stats don't lie. And it will keep you honest. Hold Yourself Accountable Tracking your trades does not only help you log crucial data. But that crucial data serves as your track record. A log of your trades is a reflection of your performance. But whether you have winning or losing trades, you still need to post the good with the bad. This will also help you master the irrational and emotional side of yourself. Since no one wants to post a losing track record, a trade journal keeps you honest, disciplined, and on your A-game. This also helps you find the best strategy that works for you over time. Find the Best Strategy That Works for You Apart from keeping a log of data and staying accountable, a trade journal will also highlight what's working and what's not. This is where you get to write "Dear, diary" letters and reflect on the details and your performance. It allows for a deeper analysis, fine-tuning, and test new strategies that can be a better fit for you. For example, you may prefer entering at a specific position size within a certain time frame. And these strategies will come apparent to you after you see a pattern in your trades. Keep in mind that you can't have any solid or defined trading goals without a trade journal. All successful traders keep a journal because that's how they measure their progress, stay committed, and fine-tune their goals. Because whatever is not measured can't be improved.

The Boldest Trade Call We've Ever Seen

On February 20, 2020, we all watched the stock market crash harder and faster than any other time in history. Most people were confused and scared. Traders and investors all over the world were selling their positions and leaving the market in droves. We asked our friend and former Wall Street insider, Ross Givens, what we should do. He didn't say anything. He simply sent us this photo…

He called the bottom of the crash at 2,178 and told us to buy as soon as the market hit that threshold. He was right. The stock market rallied after hitting a low of 2,174 and soared back to pre-crash highs. That's just 4 points from Ross' call. Click Here To Discover The Secret Behind Perfect Market Timing

Weekly Analysis

The main trend remains bullish according to the weekly swing chart. The uptrend was reaffirmed this week when buyers took out the previous high at $43.68. The main trend would change to bearish on a move through $23.26. The main range is $60.75 to $23.26. Its 50% to 61.80% retracement zone at $42.01 to $46.43 is the major resistance. The short-term range is $23.26 to $43.68. If the main trend changes to down then its retracement zone at $33.47 to $31.06 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 $42.01. Bullish Scenario A sustained move over $42.01 will indicate the presence of buyers. T his could lead to a quick test of the minor high at $43.78. Taking out this level could trigger an acceleration to the upside since the weekly chart indicates resistance at $46.43. Bearish Scenario A sustained move under $42.01 will signal the presence of sellers. The first downside target is a minor bottom at $39.00. Taking out this level could trigger a further decline into $33.47 over the near-term. Key Reversal Days and/or Turning Points for this WEEK: Monday … Wednesday … Friday Key active RESISTANCE price areas for this WEEK are likely to be: $43.45 - $44.00, $44.40, $44.80 - $45.20, $46.15 - $46.55 Key active SUPPORT price areas for this WEEK are likely to be: $42.50, $42.00, $41.60 - $41.20, $40.20 - $39.90

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