The Two Major Financial News Networks
If you have ever searched through all of your cable channels or taken any kind of interest in trading or investing, you will probably be aware of Bloomberg and CNBC.
These are arguably the two biggest financial news channels that are most popular with traders and investors because they broadcast 24 hours a day and are available in many different countries all over the world.
Many people feel obliged to have one of these channels on in the background when they first start trading from home because they naturally assume that it will help them to become more profitable without really knowing why.
So in this article I want to discuss some of the key benefits of watching Bloomberg and CNBC from a forex trader’s perspective.
Expert Analysis
One of the main reasons why forex traders can benefit from watching these TV channels is because they will often feature interviews with industry experts who can provide logical in-depth analysis of the currency markets.
They can either be technical analysts who can highlight why a particular currency pair may be headed higher or lower based on price chart patterns, for instance, or they could be fundamental analysis experts or economists, for example, who offer predictions based on economic data.
Either way, these insights can be very useful if you are someone who likes to trade the forex markets with a medium or long-term view.
Economic Data Announcements
There are some traders who don’t necessarily watch these channels for many hours every day, but instead prefer to watch them whenever there is a significant economic data announcement due, such as an interest rate decision or non-farm payrolls data, for example.
That’s because these channels will share these announcements as soon as they are released in real-time, helping traders to make instant trading decisions, and the pre and post-announcement analysis from leading experts can also be very useful as well.
Breaking News
Finally, one other reason why forex traders can benefit from watching Bloomberg or CNBC, and why they will often have them on in the background all day long, is because they deliver breaking news stories as soon as they have them.
So if there is a major news event that has the potential to move the currency markets, this can help traders to make instant decisions about their current open positions, or potentially open a new profitable trade based on this news.
Entertainment
One aspect of trading that most people never mention is that it can be incredibly boring sitting in front of a computer screen all day watching the markets, particularly if you don’t have any open positions, or cannot find any good set-ups, for example.
So watching one of these financial news channels can really help to ease some of the boredom commonly associated with full-time trading.
Final Thoughts
I want to end by saying that you should never make trading decisions based purely on other people’s opinions or analysis, even if they are industry experts. You should always do your own analysis and make your own decisions when trading the markets.
Nevertheless with that being said, it is still useful to gain market insights from other people, and this is the main reason why these news channels are so useful to traders.
When you also factor in the fact that they also bring you market-breaking news in real time, it is easy to see why channels such as Bloomberg and CNBC can be invaluable to forex traders.
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