News or no News?

Hello,

I want to know your ideas regarding news effect on short term forex trading.
(Of course this question does not apply to fundamental traders)

Which one of below groups you belong to?

Group 1: News is history! any news is consumed by price before it is announced, so checking all news during trading has no effect on profitability.

Group2: You need to be aware of the latest news of the market. What is happening in the market? Are traders risk averse or no? What are economic indicators of the economies you are trading?

Any help would be appreciated

Ridiculous question, group 1 doesn't exist.

But I have read the exact phrase from another trader in the web.
I'll try to find the source

Trading is like a chess game. I knew hours and hours ago that major news would be out this morning based on the chart patterns (no I do not follow news releases). I call them failure patterns. They look like a normal pattern if you glance at it....but there are certain little nuances to them that signal a failed set up is in the works. The failed pattern is completed once the news comes out. In other instances, the market is in consolidation mode before news comes out...99% of the time there is no trade during those times. Now if you are crazy enough to enter a trade while a pair is consolidating then you deserve what you get. You might be right 1 out of 2 times....over time you are just breaking even at best.

I think you will have a deeper understanding of price action if you don't focus too much on news releases. Now, everybody knows when the employment report and the US interest rate decision comes out....those are releases that cannot be ignored because they are so heavily publicized.

He's not a trader but a delusional fool.

Is short term trading there is only two sides. You trade during news or you don't.