We are living in a global network, where goods, money and people flow freely between cities, countries and continents.
The butterfly effect is well and alive in day trading.  We know that an event in China can have dire and immediate consequences in global markets.  Just look back to August 24th of 2015, and you’ll see an example – a drop of nearly 7% in one day for the SP500 index in the United States.
This is why in 2020, more than ever, it is vital to have access to a premier feed.
I will run through a few free, and a few paid options – having tried numerous feeds and services, I have narrowed it down to a few options.
Do you Need a News Feed at All?
This is a common question asked by traders. Â Do I need a news feed or squawk service? Â The answer is that it depends on what you are planning to trade, and on what time frame.
If you are holding positions over night and swing trading, news will likely just be temporary noise that you can sit through.  In this case, you are probably even better off not listening to any news at all, as it can have adverse effects.
If you are trading FOREX (currencies), oil or stock index futures you will definitely need to have at least a free news feed service. Â If you plan to day trade in any of these securities, you can start with the free options below, but will likely outgrow them very quickly.
There are some things you do not want to skimp on as you become a professional trader – data, news and execution fees are at the top of that list.
By this point, I’m sure you have an idea of which direction you need to go, but this doesn’t mean that you need the most expensive option.  There are some high quality, free options.
Free options for day trading: Best Day Trading Options
No price is better to pay than FREE.  However, when it comes time to day trading as a profession, you need to seek data quality over cheap cost.  Why? Because like anything else – you often get what you pay for.
1)Â Financial Juice
Financial Juice requires a free user account, but costs nothing at all to use. Â You get a live voice squawk (someone audibly reading news out as it hits the wire). Â There is a 10 second delay, which is fine if you are not a news event trader, but if you are day trading you never know when something huge can hit the tape where 10 seconds can be the difference between a massive loser or getting out with a profit. Â For the price, this is by far the best free option.
2) Twitter Lists and Feeds
The best option is to make your own news feed on Twitter.  If you are a FOREX trader, then find the most influential and respected Twitter traders and news sources that cover FX.  If you like futures, then find the futures news providers and futures traders.  There are even free applications to read out the Tweets, which will essentially mimic a professional service – for the awesome cost of FREE.
Want a quality Twitter trading list for FREE? Â Check out our compilation of news sources and traders, which will cover 95% of the items that paid news services do. Â Click here to see our news feed.
3) Online News Providers and Blogs
There is a slew of great news outlets online, but the problem can be that the information is not released on a timely basis.  You can go back and read why your trade went against you after the fact – but it doesn’t help you avoid the loss in the moment.  Some of the best providers are Reuters, Bloomberg, Market Watch and Wall Street Journal.  Another great source for Forex traders is ForexFactory, but it is late to report real time news, but has great historical charts and catalog of data.
Some more controversial and alternative news sources and blogs include ZeroHedge, News Moving Markets, the Reformed Broker, the Big Picture and Abnormal Returns.
Paid options for day trading:
1) Newsquawk (Formerly Ransquawk)
This service is by far one of the best streaming news and squawk providers for professional traders.  It comes at a cost, but it is worth every penny.  As a subscriber, you get around the clock news on macro economics, breaking news globally, forex trends and block trades, Federal Reserve speakers and much more.  You will hear of any breaking news in real time, so you can either take a new trader or close a current one.  In addition, you also receive access to morning, mid-day, evening, Asian and European market summaries and a list of upcoming news for the trading session.  I would not be able to trade personally if I did not have this service (or one similar to it).
The cost may seem a little steep, but one news trade can create enough opportunity to pay for the annual fees. In today’s market, news impacts trades significantly and it’s important to weigh the costs vs benefits carefully.
Our TRADEPRO subscribers have access to a discounted monthly fee as part of our group plan. However, in order to qualify for the monthly discount you must have an active membership with us. Checkout the pricing page here for more information on our subscriptions.
2) Benzinga PRO
Benzinga provides quality financial analysis and real time squawks and alerts, but at a price tag of $199 USD monthly, it is a costly option that will not do as much as Ransquawk. Â At this price point, it is better paying a little more and getting a more professional service. Â Benzinga PRO has a 14-day free trial option that you can use as a test. Â This is a service I have not used personally, but have heard good enough things that I had to include it in this list.
Which is the best fit for YOU?
Making the right choice is not simple, and it can vary on a lot of things. Â Even if you are ready to open the wallet and pay for a professional news service, you should do your research and find out which provider caters to your trading needs.
Some questions to ask yourself before making a decision – What do you trade, how often, what time frame, what is your trading plan, etc?  Which provider offers the news that will give you a better edge.
Another tip I always give traders is to go out there and try every one until they find the one they like best. Â All of the paid options above have free trials, with Ransquawk being the easiest to sign up for and Benzinga PRO second.
Once you find the right news service, you will know – and you will hold on to them for dear life.  One day you will look back and ask yourself, how did I ever trade without a news feed? With today’s market volatility, you can make back the cost of a news feed in just a few minutes.
What’s your favorite feed?
Share your comments below, we would love to hear from you.
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The information contained in this post is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.