It is important to be up-to-date with news and in touch with what is going on in the markets. Information is powerful, but too much of it will hinder you, not help.
When I started on my venture I made the mistake of using a load of websites, perhaps up to 50. My Chrome browser had so many bookmarks it was stupid. They would include technical analysis, traders opinions, news sources, trading tips, blogs and all sorts of YouTube videos and other stuff. On top of this I was trying to trade everything I could; stocks, indices, commodities and currencies. So I had bookmarks for them all, and received emails from websites I’d signed up for. In hindsight it was crazy, it was complete information overload!
What To Do in This Situation
Strip everything back to only what is needed. I myself focused purely on the FTSE 100, and completely sacked off commodities, currencies and non-UK stocks. This allowed me to then delete a load of bookmarks and information I had saved and clear a lot of folders on my PC, and more importantly cleared my mind to focus better. I instantly felt more comfortable.
Once you have learnt how to trade there really is no need for loads of information sources. If you are going to lots of other people to see their opinion on a market you obviously don’t trust your trading methods. If you have your setups you sit and wait for the market to come to you, and in you go. If you are relying on other people all of the time, and wondering their opinion, you obviously don’t trust your setups. When I realised this I turned a corner in my trading.
The only websites you need are news, information sources and perhaps a couple of trading blogs you like to follow. For news I use ‘Live Squawk’ during the day, and have a quick browse of Google News in the morning. What else is there to need? My bookmarks now consist of; trading companies I use, news sources, a couple of information sources for things like ex-dividend dates, and also a couple of blogs I like to read. And the rest of my bookmarks are for stuff I do when the markets are quiet like watching BBC. I counted my bookmarks and in total I have 16, and I literally don’t use any other websites, so I am fully in control and don’t suffer from information overload at all.
So if you are struggling with getting your head in a muddle, strip back to what you need, and trust your setups.
The image at the top of the page is from sxc.hu, kindly used for free, the copyright is owned by catalin82 2010.