Where Do You Get Your News?
Whether you are a technical or fundamental trader, you probably still want to keep a pulse on the economic news of the day. Over the last few weeks we have seen a number of moves in the markets as it has reacted to the news of Trump’s initiatives, earnings, FOMC, and military attacks. With each of these news announcements a trader is left with the decision to decide to trade or manage trades based on how the market has moved in response to the events. Finding reliable sources of information to form the basis of the evidence of your trades is important, so, where do you look for your financial news? And how should news events influence your trades?
I look for different types of information from different websites. Here are a few of my favorites:
I love this site because it gives me the opportunity to filter news based on the specific stock I am looking at. So, I can look at technical aspects of the stock on the chart and read the headlines related to that stock from various websites. I find it a great time saver and a great way to get a pulse for the media’s spin on a stock. Now, don’t get me wrong…I’m not necessarily trading in the same direction as the headlines suggest, but it is nice to look for similarities.
ForexFactory is a great site for a listing of economic news releases. Economic releases are important to monitor as they can effect how the market moves. These releases include items like GDP, Unemployment, Crude Oil Inventories, FOMC and more. On the site you can easily filter and see the week’s releases at a glance. I like knowing the potential surprises that might be coming out during the week.
This is a great website for market related news. I usually use this website to see what the market sentiment is. For example, if everyone has headlines of doom and gloom or ‘the next market crash’ I’m usually assuming the opposite. I can’t tell you how many times I’ve read headlines only for them to say the opposite a few days later. Keep in mind that this is a great place for information, but many of the writers as just that…writers…they may not have actual experience trading in the markets.
Obviously there are many more websites, and these are some pretty big ones. What I think is most important isn’t necessarily what is written in the articles, and while traders may be reading articles to gain information to make decisions about going long or short a stock, I prefer to use the news to help with undertones of market sentiment. I want to be aware of which stocks have news events that might change the way the stock is trending. I want to be aware of gap possibilities and any reasons why the stock might behave differently because too many headlines are talking about the company in the news that day. I’m weary of articles but I still think its important to keep an eye on the headlines.
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