Day trading can be a difficult profession. To be successful at it, you need to have knowledge of the different markets, know how to and when to invest, and above all – know when to cut your losses. To educate such decisions in trading, there is a lot of news out there on the markets and how they are performing.
So, where do day traders get their news? Market news is readily available on social media platforms and trading apps as well as free and paid websites and news outlets. Day trading advisors and analysts are also used as a source of market news.
There is such a wealth of knowledge these days throughout the internet and different websites. Some are free while others charge a premium for their up to date news. Most day traders rely on multiple sources for their stock market news.
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Market Analysts
Analysts follow and report on the market and companies that they follow. They can use social media to deliver information to their followers or they may have a website. In some instances, these analysts get interviewed on television and give their take on different companies and how the stock market is performing.
It is a good idea to follow analysts on social media as this is free advice through those platforms. Many analysts use Twitter as it gives them a quick opportunity to share the tips and information that they have just gotten. Like any news outlet, everyone wants to break a good story first and Twitter is a great place for them to do so.
Analysts can provide valuable insight into market changes and how companies are performing, and also give advice on what may happen going forward based on company or industry trends. They are great when it comes to both – in-depth info as well as quick reporting if they have a social media account.
Business Networks
There are television channels that are dedicated to business news and cover the stock market and news tips regularly. Some of these include CNBC, Fox Business, and Bloomberg television. These stations regularly report on market news and unlike the short news delivered on social media, these networks give in-depth analysis of companies and businesses and how they are doing in the market.
These stations are a good way for you to learn more about the business world and will help you to understand how a company is doing and for what reasons. Quick stock tips are great for day traders, but the more in-depth analysis of these stations also helps gain an idea of the direction a company is going in for possible future moves.
These stations also have their own websites which usually have a market watch section and a stock ticker which shows real-time changes to the stock market and any fluctuations based on different news topics. These are usually free services however some may charge a fee for an upgraded service which would give you more access and things like analyst advice.
Subscription Services
There are many subscription services out there that will feed you information on the stock market and moving companies, some are paid services and some just require you to sign up for their email.
Newsquawk is a very popular paid service that gives you a web-based audio news feed, instant analysis of news, live text headlines, research reports, and market rundowns and also has an analyst chat service. These are great services for a day trader who is looking to stay up on the newest market news.
Financial Juice is a free service as long as you have an account. It gives you a live audio feed of breaking market news. The only downside to this service is that the feed has a 10-second delay, which if you are a high-frequency day trader can be a long time if you need to make quick split-second decisions.
Benzinga Pro is another great paid service that gives you up to the minute market alerts as well as in-depth analysis of market changes and company moves. They offer newsfeeds and squawk online as well as chat services with real analysts.
Subscription services are great as long as you are getting your money’s worth from them, otherwise they may just be another expense. Research which one gives you the best bang for your buck and provides you with the type of information you are looking for in order to make informed decisions on your day trades.
Social Media and Apps
Social media has of late become the hub for so much breaking news that it has superseded other types of media outlets in the time it takes to get news to their subscribers. Twitter has become one of the most used social media platforms for instant market news that is quick and to the point, making it a favorite for many day traders.
There are also a lot of apps that are dedicated to the stock market and provide real-time market news updates that are great for day traders. Like the subscription services, some of these are free and some require a monthly fee. They will usually have a market watch and stock ticker that will show you up to date information on the stock market changes.
Some apps such as Robinhood are made specifically for trading and can be used by a day trader. They also give you real-time stock market information that is useful when trading stocks. Robinhood and other apps like it are starting to become the norm in our digital age for those wanting to casually trade on the stock market.
Companies Themselves
Day traders can also get news updates from the companies themselves. When trading stocks of a company, it is good to follow their social media accounts so that you can get news releases and announcements on changes within the company. Oftentimes you can get the news straight from the company quicker than you can on a secondhand media party, though you would have to know which ones to subscribe to.
Companies also have a responsibility to let their shareholders know about changes in the company, however, this may not be as relevant to day traders who only hold shares for minutes or hours at a time. This is usually more important to shareholders that are investing for the long term and not just day trading. It is worth noting however that much of the news put out to shareholders is repeated by analysts or others on social media in a fairly quick turnaround.
Periodicals
Newspapers and periodicals like the Wall Street Journal are not necessarily sources for immediate news to day traders, however, they can be used as a source of information for possible upcoming company changes. You may find out about upcoming business acquisitions or mergers that you would want to keep on your radar for future day trades. Some of these periodicals also have websites which generally have up to date information like the stations we previously discussed.
Author’s Recommendations: Top Trading and Investment Resources To Consider
Before concluding this article, I wanted to share few trading and investment resources that I have vetted, with the help of 50+ consistently profitable traders, for you. I am confident that you will greatly benefit in your trading journey by considering one or more of these resources.
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Conclusion
As we have discussed there are many different resources for day traders to get their news to make accurate and informed decisions on their trades. The most consistent source is following analysts on social media for fast and reliable information. Most day traders have a constant feed going to their mobile device or computer letting them know of changes to the market or companies that may interest them and help them in making good decisions on various trades that they make throughout the day.
BEFORE YOU GO: Don’t forget to check out my latest article – ‘Exploring Social Trading: Community, Profit, and Collaboration’. I surveyed 1500+ traders to identify the impact social trading can have on your trading performance, and shared all my findings in this article. No matter where you are in your trading journey today, I am confident that you will find this article helpful!
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