Different strokes for different folks.
I know too that I can be done but what I know even better is that "I" can't do it. I find it easier to trade with less risk, less profit. When I am heavy on one counter it starts to bother me and keep thinking about it all day. So I trade only 10:30 - 3:00PM only nifty and only intraday (except for equities for investment).
To tell you the truth I used to think that TA was nonsense because if the news were bad then noone would give a damn about technicals. But after learning about how things work I saw that I would have been making huge profits if I had looked at the charts instead of the TV. It's important to find a strategy that suits you.
News can be useful, in fact I always keep CNBC running when trading. But don't act on news like I used to. Now I watch the charts and only listen to the news. It doesn't give you a hint about the general market mood. If you have noticed, even when the technicals point down if reliance,infy,LT etc come out with good results it changes the mood of the market. So while I don't directly act on it if I am looking to short the market I would pause for a little longer to check for any change in sentiment. Although many TA's say not to watch news when trading it does help in someways but what happened with me can be put in this way - Once Smitten, Twice Shy. One example was Satyam scandal - that day I was thinking of buying and thought that the prices had corrected enough and if not of the news I would have ended on the wrong side of the market.
I know too that I can be done but what I know even better is that "I" can't do it. I find it easier to trade with less risk, less profit. When I am heavy on one counter it starts to bother me and keep thinking about it all day. So I trade only 10:30 - 3:00PM only nifty and only intraday (except for equities for investment).
To tell you the truth I used to think that TA was nonsense because if the news were bad then noone would give a damn about technicals. But after learning about how things work I saw that I would have been making huge profits if I had looked at the charts instead of the TV. It's important to find a strategy that suits you.
News can be useful, in fact I always keep CNBC running when trading. But don't act on news like I used to. Now I watch the charts and only listen to the news. It doesn't give you a hint about the general market mood. If you have noticed, even when the technicals point down if reliance,infy,LT etc come out with good results it changes the mood of the market. So while I don't directly act on it if I am looking to short the market I would pause for a little longer to check for any change in sentiment. Although many TA's say not to watch news when trading it does help in someways but what happened with me can be put in this way - Once Smitten, Twice Shy. One example was Satyam scandal - that day I was thinking of buying and thought that the prices had corrected enough and if not of the news I would have ended on the wrong side of the market.