This is a touchy subject in
I won’t waste too much of your time on it though.
Bottom Line – it’s not worth reading the news! You will find so many different opinions it will literally make your head spin.
There is a popular saying, “Buy on the rumor, sell on the news.” Many people get paid way too much money to spread these rumors, start new ones and then pretend it’s news. (All adding to their pockets while the rumors set ablaze.)
If you think Hollywood is a bunch of gossipy circles, the investment, financial world will make you want to vomit. The amount of ‘Experts’ in this field is ridiculous and all of them have completely different ideas, opinions and thoughts on the global economy, the stock market, on individual stocks and companies and anything else you throw their way.
The rumors, the hypes, the ‘expert’ opinions always, ALWAYS make the markets go whacky – short term.
So here’s what is recommended. Ignore it! (For the most part.)
The best way to avoid these issues while day trading is simply get out of all your positions when big news are about to come out. Obviously when the Chair of the Federal Reserve is about to give a speech, you don’t want to touch anything until you see what the market is going to do.
There are two sites that allow you to see the news for the day. The red and orange items are the higher impact ones and can seriously move the market during that time frame.
From what I learned about news is simple. The high impact news usually comes out:
9:45 am EST, 10 am EST and 10:30 am EST
Rarely will you ever see news later, except for FOMC (Federal Open Market Committee) Minutes which are usually on Wednesdays and they are after lunch. You don’t want to be anywhere near the markets then. If anything is going to set off a crazy, erratic reaction it’s the FOMC!
What I normally do is I stay out of the markets altogether if there is news in the morning I enter it usually 10 – 15 minutes after the news has come out. Normally there is a lot of indecision making the markets go a bit haywire or, the exact opposite, the traders want to see what the news will bring and keep the market totally stagnant not moving at all.
These are the two main sites that tell you when news is coming out.
Forex Factory
Nasdaq Economic Calendar
If you want
After that, if you have any questions you can always ask me at traderchick.com. Come to my Facebook group and introduce yourself, let me know your experience with trading.
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