News and economic data are two of the best resources you can use while day trading. This is because you have to choose carefully your sources.
No matter what asset class or instruments your trade, the role of news cannot be understated. As a trader, if you don’t have the best source of information, chances are that you will not succeed.
Also, having the right information also means nothing if you are not able to receive it instantly.
In this article, We will highlight a few areas where you can get the latest information on companies, currencies, and commodities.
→ News Trading: How to Do it in the Right Way
Where do traders get their news?
A common question in the market is where traders get their news. Fortunately, there are many sources of platforms that provide the best up-to-date news about a company.
Be careful, however, not to expose yourself to too many different and discordant sources. You risk information overload.
Depending on the trading platform that you use, there are chances that it provides the latest news and analysis about assets. Most platforms like WeBull, Schwab, and E*trade have an intuitive news platform that provides investors with the latest news. As you can see below, Webull has a good newsfeed.
You can customize this newsfeed. For example, if you want to see news about a specific company, you can get it. Alternatively, you can adjust it if you want to get the latest news about the broad market.
Another place where you can get news as a trader is in your broker’s social media platforms. Many companies have excellent Twitter and YouTube channels where they share the latest news and analysis.
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We have to mention Youtube too. In the last few years, also thanks to the Covid Pandemic, more and more people and companies have started to offer live trading on the platform, enjoying great success (see our partners at TraderTv).
Many traders have taken this opportunity to do some copy trading, while still listening to the analysis made on the spot by experts.
Further, there are paid platforms that deliver more news. Some of the most popular among advanced traders are Bloomberg, Reuters, and FactSet among others. However, these platforms are extremely expensive and not ideal for most ordinary traders. For example, Bloomberg Terminal costs more than $20,000 per year.
There are other well-known news platforms like Reuters, CNBC, Financial Times, Bloomberg and Wall Street Journal. These are the websites that most people visit every day before they start trading.
Other platforms you can use are podcasts, television, and even radio. Social media platforms like Twitter, Reddit and StockTwits are also excellent platforms to get the latest news. Wall Street Bets is one of the best platforms for news on stocks.
Other News Sources
This is an important source of news which is essential to stocks traders. In the United States, companies are required to provide information to their shareholders. They do this every time they have significant news.
For example, when they are acquiring a company, they are required to share the information with the shareholders. The companies do this using their Investor Relations (IR) department.
As a trader, if you want to know more about a company, you can send a message to the IR department if you have a burning issue. Most companies will provide this information.
Also, companies often make presentations to analysts and shareholders. They often stream these sessions, and you can participate and ask questions if need be.
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Companies are followed by different analysts who research and provide information on them to their clients. In many cases, these analysts usually have relationships within their organizations.
When they receive information, these analysts usually share it with their social media followers and in certain occasions, they come live on television.
As a trader, you should carefully follow analysts that follow the companies you are interested on.
A good example of an analyst is Andrew Left who runs a company called Citron Research. The stocks he has written about like Valeant tend to decline after he publishes his reports.
→ Twitter: Best Day Traders and Trading Accounts to follow
For stock traders, it is possible to get the news from the employees.
Today, this information is available in several platforms. For example, employees use Twitter and Facebook to communicate their feelings about their company. In addition, they use platforms like Glassdoor to highlight the things that happen in their companies.
Just last week, an ex-employee of a cable company was in the news when she reported a Wells Fargo-like scheme. This made the company to fall by more than 4%.
Therefore, you should do the best you can to follow employees of the companies you are trading in.
Although more people are now turning to social media for their news, the fact is that business television is still very relevant.
CNBC, Bloomberg, and Fox Business are the major television networks We recommend: we use them every day to get breaking news and in-depth analysis on major dealings.
Last week, the news of Whole Foods and Amazon was first aired on CNBC and analyzed intensively by the likes of Jim Cramer (you absolutely have to listen his ‘Mad Money’ Podcast) and the former Walmart CEO.
We also reading their websites.
→ Top Free Sources to Find Quality Financial News
Whatever your trading style and the asset you choose, your activity as a trader cannot be dome without researching and studying of the latest news.
But with the abundance of information we can find almost everywhere, it becomes crucial to choose the best sources in order not to waste time (or money) and build a reliable feed.
Do you think we have forgotten any honorable mentions in our list?
Other Useful tips about news sources
- In order to discover more, go to FoxBusiness
Greetings, fellow traders and enthusiasts. I'm here to share my extensive knowledge and expertise in the realm of day trading, particularly focusing on the critical role of news and economic data in making informed decisions. Over the years, I've gained hands-on experience navigating the volatile markets, and I understand the importance of reliable information for successful trading.
In the article "News Trading: How to Do it in the Right Way," the author rightly emphasizes the significance of choosing carefully curated sources for news. Let's break down the concepts and expand on the various aspects discussed in the article:
Importance of News in Day Trading:
- The author emphasizes the crucial role of news and economic data for day traders. Instant access to accurate information is essential for making timely and informed decisions in the fast-paced world of trading.
Sources of News:
- Platforms like WeBull, Schwab, and E*trade provide intuitive news platforms with the latest news and analysis about various assets. Customization options allow traders to focus on specific companies or broader market trends.
- Broker's social media platforms, Twitter, and YouTube channels are highlighted as sources for news and analysis. The rise of live trading on platforms like YouTube, especially during the Covid Pandemic, has become a notable trend.
- Bloomberg, Reuters, and FactSet are mentioned as paid platforms preferred by advanced traders. However, their high costs make them less ideal for ordinary traders.
Other News Sources:
- Podcasts, television, radio, and social media platforms like Twitter, Reddit, and StockTwits are acknowledged as valuable sources for the latest news. Wall Street Bets is specifically mentioned as a noteworthy platform for stock news.
- The article emphasizes the importance of companies as a source of news. U.S. companies are required to provide information to shareholders, often through their Investor Relations (IR) departments. Companies also conduct presentations to analysts and shareholders.
- Analysts play a significant role in providing information about companies. The article suggests following analysts who cover the companies of interest, citing Andrew Left as an example.
- Information from employees, shared on platforms like Twitter, Facebook, and Glassdoor, is highlighted. Real-life examples of employees impacting stock prices are mentioned, underlining the importance of tracking employee sentiments.
- Despite the growing reliance on social media, traditional business television networks like CNBC, Bloomberg, and Fox Business are deemed relevant. These networks are recommended for breaking news and in-depth analysis.
- The conclusion stresses the necessity of researching and studying the latest news, irrespective of trading style or chosen asset. Selecting the best sources is crucial to building a reliable information feed and avoiding information overload.
In essence, staying informed through a well-curated selection of news sources is indispensable for any trader. It ensures that decisions are grounded in accurate and timely information, a cornerstone of success in the dynamic world of day trading. If there are any additional tips or sources you believe should be mentioned, feel free to contribute to the ongoing conversation. Happy trading!