Will you listen to the online financial network when you trade? you should not

I have an open microphone policy in the trading room that allows trading room members to interact with me during cash trading hours. It is not uncommon to talk to conference room members and hear the financial network turmoil in the background. I believe that trading while listening to financial news can be very detrimental to your trading success. These networks often distract individuals to assess current market conditions and make predictions about all aspects of transactions and investments.

However, there is an obvious problem in obtaining transaction information from the network. They all have an agenda and you may or may not supplement your transaction. In addition to setting the agenda for political connections that are usually based on network development, many of these people are only guessing the possible outcomes of everyday market activities. What are the benefits?

To be a profitable trader, you must perform your own chart analysis and trade based on that analysis. In the short term, only chart analysis is an acceptable trading method, and there are some real-time indicators. There is no doubt that TV "talkers" can predict short-term price movements.

Today is a good example of why your analysis is much more valuable than what the online trading brain trusts. Before the start of the transaction, I often listened to news from one or more financial networks because I was interested in the issue of stocks affecting Nasdaq. There was general agreement among the panelists this morning that the national conference would set a new high in the morning session.

Guess what? Morning NQ action is unfavorable, not unfavorable. The market did not try to rebound, but stayed in the continuation of the deteriorating continuation channel and spent a lot of time testing the new low. The prognosis of television is so important. Usually just a general guess, usually coincides with a stock issue in the speaker's portfolio. Worse, it’s probably just guessing can occur.

Another good example of misleading these "talking people" spreads is based on pre-market forecasts for overnight futures. In my experience, due to the fall in overnight futures prices, there is only a slight correlation with the plan of the day's cash trader. Therefore, when you hear "the overnight futures price trend indicates that the market will go down" next year, you can usually discard this information as stupid information. Overnight traders and cash traders are two different groups that often have different goals and motivations.

All in all, when I am listening to music or just enjoying silence, and in the trade-off between my trade and the advice given by the “experts”, this may lead to a directional bias for you [or me]. A day with a suspicious distinction is the root cause of a trading disaster. Give yourself a favor, abandon the “experts” and make your own trading decisions based on the changes on the chart.