I have an even better deal,if you create an account at ZeroHedge you will have free access to Talking Forex squak all the news in real time I find the service excellent and more is free
The following user says Thank You to rcabri for this post:
I am also surprised there are so many that say they do not follow any news.
I wonder if they misunderstood the term calendar site and the results should show more that choice?
I stay away from event times using ForexFactories page. Bloomberg has an equal page.
So, it is essential, but with a small time emphasis spent on it.
Keeps me from tripping over skunks unaware.
I have traded news, but sometimes the results are just plain dumb luck not getting whipped.
And I tell unbelievers that we do not do gamble when we are trading.
Texas Man's Walmart short is a classic example why we all need some time spent on news, even on day bars.
It goes both ways... years ago I owned a ton of Tobacco stocks in my SEP IRA account, they paid great dividends. One day I saw a news flash that Reynolds was threatening bankruptcy due to a new lawsuit the Ohio Attorney General had filed against them. I closed all my positions. The State of Ohio backed down, Reynolds stock went up and they kept paying those great dividends... just not to me.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
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The following 2 users say Thank You to Big Mike for this post:
As part of the 40%, I'll explain my position on it.
1-I'm never going to be fast enough to enter on a news release at a price I'm happy at. Does that mean news is useless to me? Of course not, but it's on purpose for it which I'll never use it for (news trading). Another reason why I don't news trade is because I don't want to be reliant on bits of news to make my edge, because what if no unexpected news occurs, I'm boned.
2-I trade against traders, not the market. I don't care how FUBAR Europe is, if I think a trader is going to buy Euros off me at a higher price than here, I'm happy to buy them.
3-The market will adjust to the news, so all the information available to me, is contained within price.
4-"It's all BS, and it's bad for ya." Central bankers (and others) mke comments constantly, but they're obviously not what they actually think, they're carefully constructed in an attempt to make the market do what they wish. The market knows this, and so reacts not on the comment, but what it thinks is behind the comment, this goes into double bluffs etc etc. It amazes me how many people think these people are being honest. If I wanted to play this sort of game I'd be in business, I'm in trading to stare at pretty charts all day.
I think that should cover all scenarios, bar me being in a position before a news release. Now a lot of people suggest to get out, I don't really think it makes much odds. The news could be good for me, it could be bad for me. I've done the maths, getting out before news has never helped.
You only need to avoid the news, if it's not in your plan. Look at a chart, without the x axis, if you can point out the bits of news (not from memory), then you can create a strategy to trade them. A good example is NFP, I can point out most of the NFP days on a chart, that implies I can see what is different about NFP from a normal day, that means I can tell the difference, and so I can trade it differently, and so gain an edge. I don't require the numbers, and if I did, when I got the numbers, it'd be too late.
I mean, maybe there's the situation, where the SNB drops the EURCHF 1.2 level, and this coincides everybody else losing their internet connection bar me, and I manage to get short before it's moved a vast amount, and then everyone gets back their internet and also happens to short it, but then look at the Tsunami, when a bunch of people shorted the yen, and then got screwed because of the repatriation for the rebuilding effort.
So yeah, I could take note of the news, it might marginally help, but personally, I've found it actually makes me trade worse, and I'm much better off listening to some lemon jelly, or having rainy mood on. Sure I'll check the news out of interest, but it's nothing to do with my trading.
I am pretty sure this is rather inarticulate, but if I've said something silly just point it out and I'll try to expand on it.
Dovie'andi se tovya sagain.
The following user says Thank You to Hotch for this post: