I’m incredibly fortunate to be able to have regular conversations with many of the top Traders, Analysts, PMs and Financial Advisors in the world.
So many of these friends of mine had their best year ever. Some of my friends absolutely crushed 2020, which is not surprising given their prior success and the increased level of opportunities sparked from spikes in volatility earlier in the year.
So what was the common denominator among the ones who succeeded the most? (because I asked them all)
They told me, each in their own ways, that they shut off the news and just listened to the market. You see, the “news” is designed to be a distraction. The better they are at distracting you from what’s actually important, the more their precious sponsors will pay them. That’s how that works.
The “news” people are not here to help you. In fact, in many cases, it’s actually a malicious effort to distract. They know what they’re doing. And they’re really good at it.
I got well about 6-7 years ago, when I finally turned it off for good. And I’ve never looked back.
The benefits of eliminating the glorified gossip columns and cartoon networks from my process has exceeded any and all expectations. It’s such a happier life. It’s not even close.
If you’re still sick and find yourself consuming way too much “news”, feel free to reach out to me. I’m happy to help. It’s a really bad sickness. I’ve been there. I understand the pain. It’s not good.
Ping me if you’re still struggling with this.
Here’s a recent question from a reader:
Hi J.C. Congratulations on another successful year trading the markets. I wish you and your team continued success in the new year. I just read your recent email on ignoring the news. I was wondering if you could share how you were able to block out the news without feeling uninformed? I would welcome your advice and thank you for the great work you do for subscribers like myself.”
This is a great question. I remember feeling how it was “the news” that kept me informed. If I ignored it, then how will I be able to keep up on “what’s going on?”
It’s not a feeling unique to just you, trust me.
My suspicion at the time was that my allegiance to price behavior would keep me informed. After all, price moves first, then journalists fight over themselves to make up reasons that they think justify those price movements.
As it turns out, I actually underestimated that concept immensely. It’s hilarious thinking back on it.
Everything you need to know is in price, and then some. Don’t worry about anything else. It doesn’t matter. The justifications are usually not true most of the time anyway.
Do you want to “stay informed?” Become a slave to price and curate a solid twitter stream and you’re all set. Don’t over think it. Delete anyone and anything that creates a distraction for you. Add only those who add value to your process. Not people who add value to other peoples’ processes. Yours.
Let me know how I can help.
Watch This! Make sure to check out our recent Happy Hour w/ Traders where some of the best in the business explain how important it is to avoid that gossip cycle on the “news” networks.