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
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.
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.
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Finally, social media is a very important source of news for traders. Social media platforms like StockTwits, Twitter, and Facebook are used by traders to communicate their ideas and insights.
They are also important sources to get breaking news and engage in talks about companies, commodities, and currencies.
→Social Trading: How to Maximizing returns