Hey Terry,
From what I've seen you've definitely learned how to play by feel and that's fine of course. Learning about time signatures isn't hard and it can only help you.
Neil talks about time signatures here.
http://www.totallyguitars.com/target-ho ... .html#song in part 3. You may not have watched it yet. Time signatures will tell you the basic feel of a song and where the accents normally are.
There are two parts to a time signature, the top number tells you how many beats in a bar and the bottom number tells you the type of note that equals one beat. Neil explains this in his lesson. The most common signatures are 4/4, 3/4 and 6/8.
All this means is as follows:
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4/4 (called four four) = four quarter note beats in the bar. Most of the music we play falls into this time signature. Marching music and rock music are classic 4/4 types of music - the accent is generally on the first beat of the bar (also known as a measure). There are exceptions to where the accent is of course and sometimes there are more than one accent, but the first beat is generally emphasised.
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3/4 (called three four) = three quarter note beats in the bar. This is the classic waltz feel. The first beat is emphasised.
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6/8 (called six eight) = six 8th note beats in the bar. These are generally grouped in two lots of three and the first and fourth beats are emphasised, with the first note having a bigger accent. This feels a bit like 3/4 but it's different. Irish jigs are a classic here. House of the Rising Sun is in 6/8 and the accents on the first and fourth beats are important for capturing the feel of the song.
If you've got a metronome, you can set it up so that it accents the first note of the bar for the appropriate time signature.
Once you understand what the top and bottom numbers mean, it's a piece of cake.
just soak it up, if it doesn't make sense now it will soon.
So in my humble opinion, it is important to know what the time signature is, especially if you're learning a song you don't know well. You will find it is mostly 4/4, but if it's not then you'll need to adjust the stresses in the song.
Good luck.
I'm sure others will add more important reasons.
Be careful not to fall into the trap if thinking that music theory and reading music is difficult and therefore you'll never be able to work it out and shouldn't try. This sort of thinking is a vicious cycle and self-fulfilling. This stuff is not hard you just need to have it explained in a way that you can relate to. That may take a few listens and a few different ways, but the pieces WILL fall into place. Just soak it up and don't resist it.
OK sermon over.
Shel