If you want to become a profitable day trader, then it is important to be constantly on the lookout for different information so you can come up with new ideas and tactics.
Because this is the “information age,” there are many different sources to get information from. The main question you should always be asking yourself is: “is this source is a reliable provider?”
You can get day trading information from various sources on the internet, television, offline publications, and your broker.
Getting the insider information
In day trading, your biggest advantage is going to come from identifying stocks, currencies, and commodities that have been priced too high or low. This then gives you the chance to place a trade where you can profit as quickly as possible once the stock starts to move.
To identify these under or overpriced stocks, it is essential to get access to some day trading insider information. The main hurdle you face when looking at information is whether or not the source is credible, because quite a lot of what you read may be biased and have an ulterior motive for giving out particular information.
One of the best places to look when gathering insider day trading information is the daily economic and market reports.
This will give you a lot of factual data on the prices that are being traded in various sectors, and can be a good way to gauge how other people in the marketplace are thinking and trading.
You can then combine this information with the news, views and opinions you get from many of the business television shows, radio shows, newspaper articles, and internet forums.
It is also a good idea to look closely at the reports and newsletters that your day trading broker publishes on a regular basis, as well referring to any day trading charts that you have available.
Compiling all of these different sources of information together can be time consuming but it is definitely worth it. It will give you a broader sense of what is happening in the market, and you will find that you are more prepared when the day trading session begins.
Don’t believe the hype
As mentioned earlier, not all sources of day trading information can be reliable, which begs the question…”who can I trust?”
There is no simple answer to this question, as in reality, this is something that can be learned only through experience.
As you start to consult from many different sources, you will start to get a better sense for who’s information is worthwhile to listen to, and who’s isn’t.
At the end of the day, you are the boss of your day trading empire, and it is your responsibility to find the sources of insider day trading information that can be successfully used in conjunction with your strategy to make consistent profits.
Tv news stations and internet feeds might not be the best source of day trading insider information. This is because they have a constant need to fill up air time and news slots, which means they often take even the most trivial news, and spin it to make it seem like it’s important.