Turning CNBC off!

Discussion in 'Psychology' started by michaelscott, Apr 20, 2007.

  1. I have been having better luck turning CNBC off during the day. I am finding that it distracts my attention and slows me down. The information on CNBC is often always late and sometimes plain bad. It can poison your decision making.

    One doesnt need the news to see what is happening with their stocks. The traditional bond/stock market indicators will tell a trader all they need to know about what is going on.

    Jim Cramer and his buddies are just noise that take you away from the mission of making money.
  2. If turning off CNBC makes you a better trader.. :D it is not CNBC's fault, it just means you suck as a trader.
  3. Or, more politely, you haven't yet reached the point where your focus and confidence is so great that you ignore other opinions.

    The same problem applies in chat rooms where a strong opinion may sway participants from valid trades based on their own strategies. I recall NQoos recommended staying out of (non-mentored) chat rooms when trading until after a few profitable consistent months of trading.

    One approach is to think about using your strategy and fading the other persons opinion - you can get some great trades from that approach.
  4. Both you guys got it wrong.

    I like CNBC for the tickers, but the sound coming from the box is distracting and poisons my thinking. I can setup the same tickers on my tradestation that CNBC gives me.

    As for one being a good trader or not, I think that can be proven with account statements. As for me ignoring another person's opinion, who cares.

    All I care about is making cash. As for confidence, focus, opinions, etc. thats crap.

    All that matters in the end is what it says on the blotter. If I can achieve those results without CNBC or even by standing on my head then my goal is achieved. Mission accomplished.

    You guys sit there and jump on a guy so readily on this message board, but you are the same guys who dont post blotters.
  5. In my humble opinion, CNBC is not for traders or even saavy investors.
  6. your opinion sucks. I, along with some of the traders you read about in BOOKS watch CNBC, and we like it. It doesn't mean CNBC is good enough for trading/investment purposes... but, what it does mean is that CNBC is good enough for world class traders to keep an eye on it.
  7. If you're trading full time, I could see where you might want a TV going all the time in the same room. It would be just so you don't get tunnel vision with charts and miss important breaking news. Think 9/11 or Katrina.

    I guess traders are naturally drawn to financial news programs but maybe CNN Headline News is enough.

  8. haha.. I am not legally qualified to post my P/L, since I am a Hedge Fund manager.
  9. 25k aum?
  10. umm.. can't disclose that either. But, you are missing some zeros there..
    #10     Apr 20, 2007