I’m starting out in forex and am considering getting myself a small TV to have on while by the computer. Keeping it on a 24/7 business news channel here in Canada might help me out in catching important news events and reports as they happen. I do have questions though:
Is it worth it? I mean, can news be broadcast on TV the moment it happens or is there a faster method of receiving it?
What do most traders use? I’m sure it’s more of a combination of different things but what about you?
It depends on if you’re wanting to try to trade the news, or to just avoid trading during it… If you’re just wanting to avoid trading during news events all you need is a forex calendar, which can be found here at Babypips or at Forex Factory.
It depends on your trading strategy too. If you’re trading daily charts then it’s pretty safe to ignore 95% of the news, but if you’re trading 5M charts then you have to be on top of every announcement.
Personally I trade 4H charts and I ignore all but the biggest news (like NFP). I find that news hurts my trades half the time and helps it the other half, so it all balances out in the end. 
Also, if you do want to watch the news save the money on the new TV and watch Bloomberg for free at bloomberg.com. 
all you need is to look at the calender at forex factory and the numbers are refreshed in realtime-suitable for trading.
In fact you should first look at the calender before you trade to make sure you are not suprised by some upcoming event
-all other news just browse and read the articles available everywhere you look online - for views/outlooks etc.
If you have an iPhone and get the Forex On The Go app it has a forex factory calendar built in which is really nice. Speaking of which, you can also trade any MT4 account with that app which is really cool.
NewsTrader Pro 
A lot more useful than a TV.