Stock Traders: How do you follow the market you're investing in?


Do you know every company in the index you're trading in? When their reports are scheduled to be released? What news is released each day? How they've performed over the last year? I'm trying to understand the depth in which you study the markets.
I aim to avoid major market events such as the Jobless Claims' reports,Crude Oil Inventories and the FOMC.Just found out the ramifications of the FOMC (the entire day yesterday was ranging.I exited with a 330$ loss on the DOW)Vow not o trade on an FOMC meeting day,even 5-6 hours prior.
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