Reading various reports from various sources is good for information seeking and getting the general ideas on the experts' view with the current market condition.
Not reading them is rather selfish from our side as we would totally trade base on technical indicators rather than considering the fundamental aspects of the market.
The point that I would like to share here is to be careful reading these experts analysis as most of these reports came from the event after it happened. Yes, surely it is easy to say after it happen, just like when we stare our last week's forex chart. Have you ever talk to yourself that if only I could have the early edition of forex chart for next week, man... I can turn a 25 dollar account into a million within a week. Haha, yeah only in your dreams for sure...
The lesson here, plan your reading just like the way you plan your trade. Do not overdo it... as overwhelming information can make you undecided.
As for me, I always refer to FXCM DailyFX Plus trade ideas, studying their technical analyzer especially the SSI contrarian indicator. Later I checked the Economic Calendar for the week and days ahead. Next I will read the technical analysis from Action Forex and last but not least, I will surely keep the bloomberg website displayed the breaking news all the time on my 4th screen.
Later, I will stare at my screens eyeing for the right moment for me to come in. Normally my favorite charts are the 4hrs and 1hr candlesticks as most movement continuation or reversal happened at this interval.
That's all. Initially, I tend to read everything that I could, even the forums and later caught myself undecided as there are too many views out there that could make me confuse. The most prevailing problem with overwhelmed information is during sudden price action. If you don't make your mind upfront (whether to go short or long on your favorite pairs), you tend to initiate a lot of impulsive trading that later you will regret.
In summary, do not take experts by their words. Be an expert on your own and always trust your analysis. Even if you're wrong, you knew there is a sense of satisfaction within doing all you can do apart from sound money management that will protect your account in the long run.
Read the experts's analysis, but do your own experts' analysis afterwards. It's your money and definitely you have every right on how to play around with it.
Good luck.
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