CNBC and Bloomberg are the two most famous and high profile investment channels on TV. They run 24/7 and offer a variety of broadcasts covering different aspects of investing and they each have a detailed websites with all sorts of information available.
They can both be helpful for home traders and there’s certainly a wealth of knowledge and expertise from a lot of the contributors but I would be slightly careful if you’re a Forex day trader following CNBC or Bloomberg TV all day for a couple of reasons.
Firstly it can be kind of distracting and can take your attention away from what you’re doing. It can also lead you to adjust your trading decisions based on factors that aren’t a part of your trading plan. For example if the news reports and market commentators are all suggesting a certain market is destined to go downwards but your technical trading system signifies a buy signal then it will give you real doubts about taking it. We know that one of the keys to successful trading is following your trading plan with discipline so anything that might cause you to not do that is potentially dangerous.
The second major reason I would be careful with CNBC and Bloomberg is that it’s easy to think that because the people on there have fancy job titles and are on national TV that they must know exactly what they’re talking about. Whilst some of them certainly are very knowledgeable, you have to keep in mind that if they really knew exactly what the markets were going to do they would be placing trades themselves, not sat on TV talking about it!
That being said, many people do still follow these channels as they trade and find them helpful so I wouldn’t write it off by any means. If you are planning on following one of them then keep in mind that there’s a slight difference between the two that might affect which one you choose to follow more closely.
Bloomberg tends to focus more on the fundamental/economic side of things where as CNBC often shows more of the technical/price action aspects of markets so depending on the type of analysis you use in your own trading plan you will probably gain a lot more from one channel than the other.
Overall it’s very much a personal opinion whether you think watching these channels is beneficial. I personally don’t watch them anymore and find them too distracting but I know other very successful traders who do so as with a lot of things in trading, it really is up to you!