Newsletters and Strategic Advisors for Day Traders
Day trading relies on information. Most of this information can be found from an analysis of the news and the price data, both of which are readily available from brokerage firms and quote services. But many day traders follow explicit philosophies or rely on the insight of certain analysts. Here’s a list of some of the bigger ones you’ll come across.
Many of these market gurus have good ideas, but don’t follow any of them blindly. Their techniques don’t work in all markets at all times. Besides, anyone with a truly foolproof plan isn’t going to give it away. These newsletters are just part of the ongoing conversation in the markets that help traders make decisions.
If you follow a news-driven trading strategy, you need to know what the news is. Briefing.com offers daily news summaries and live updates on news events and ideas for trades that may suit your style. And unlike the standard news feeds available to anyone with Internet access, it doesn't have any celebrity or human interest stories to distract you from the task at end.
The Elliott Wave is a theory that says markets move in grand cycles over a century or more. Within that grand cycle are subcycles lasting years, months, weeks, days, minutes, and seconds. Given all the layers and analysis required, those who follow the theory usually subscribe to research services to help them. This site is maintained by Robert Prechter, who is one of the leading scholars of the theory.
School of Gann
The Gann method of technical analysis looks at the slopes of the charts to predict changes. It’s a complicated system, so traders who follow it usually rely on newsletters and research services to help them. School of Gann is one that specializes in this system.
TradeTheNews offers independent traders access to a squawk box, the audio news feed and commentary that goes in the background on most professional trading desks. Its staffers work on the floor of different exchanges and provide real-time news and analysis, which is helpful for traders working news-driven strategies.
Trending 123 publishes newsletters on technical analysis in the U.S., Canadian, and English stock markets and in foreign exchange. It also offers software and e-mail alerts that point out opportunities in the markets, identified through the company’s analytical system. Trending 123 regularly covers psychological aspects of trading to support its customers.
Day trading was a hot topic in the late 1990s, and you may find that a lot of the books and articles on the subject date from that era. Some are lurking in your public library; others are still available for sale or can be found on the Internet. Markets change. Don’t rely on a system popularized a decade ago unless you’ve tested it and ensured that it still works.