I've got the same rule. Since I don't trade individual stocks, I'm not so much concerned with earnings, but the same applies to Fed announcements (FOMC). Too often have I seen the volatility hit my stop and then run the anticipated way. So, I have this rule in place to close all short term positions when we're approaching FOMC, like tomorrow. There will always be great opportunities, so I'll just have to wait a day or two.
I feel the same way (if I'm swing trading) as I consider FOMC or NFP to be the earnings of US indices. If you are daytrading though, these days can offer improve volatility intraday which is a real blessing for daytraders.
Yeah, earnings are a crapshoot at best. I used to think that I could trade around earnings but since realized thatâs not a great way to make money. You would have to have insider knowledge to make it work, but the SEC frowns upon thatâ¦