CNBC, FOX Business, Bloomberg, Nothing? What do people like to watch to keep an eye on big information that might be affecting the market? How about newspaper? WSJ, FT, nothing, or something else?
My opinion, and this is my opinion only, is that a day trader should not watch news if the goal is to interpret the news and profit on it. Price tells you what is going on and typically does the opposite of what you expect, i.e., bullish news, bearish price action. For me, I just want to know the time of release so that I can stay flat if it is a major one, but I never check the actual content until after the close, if at all.
In my opinion CNBC has too much crap on it. I want to watch something that only gives me the news during the day. There's too many people giving opinions like that old guy who looks like something's up his butt at 1:00 and that crazy dude on the trading floor. It's like a 3-ring circus. The WSJ is also filled with crap. Way too much filler. Give me the news. I don't want to read some blind ideologue disguising themselves as an analyst. Now if a well respected investor like Warren Buffet has an opinion on how something is having an impact on the markets that's worth reading.
Don't you think there is some important news out there that you need to know and can affect the markets a lot? For example, a merger, terrorist attack, bankruptcy, fraud, etc.
Breifing, Flyonthewall, twitter... lots of stuff out there. CNBC is usually just good for background noise
By the time anything significant hits your TV or day late newspaper, it's already on your screen. The market is very efficient that way.
Nothing. The market's reaction to the news is right in front of your eyes; on your chart. It's way easier for your chart to interpret the news for you than for you to try to do it yourself.
Would you say you use nothing, but technical analysis? I'm new to trading. I just bought a book on technical analysis, Technical Analysis: The Complete Resource for Financial Market Technicians. I'm only through chapter 2, but the author says technical analysts believe that price "discounts" everything and it quickly reflects any news available.