6 Temmuz 2022
Applying Fundamental/Global Macro Analysis

Going by my research I find that global macro/fundamental analysis is hardly touched on, especially with the retail trading space. Whenever it is touched on, it is done in such a vague way that it doesn’t do it justice. For example, how can there be pages and pages on technical indicators and tools let only a page or paragraph on fundamentals? Even content on YouTube tends to be vague.

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I understand the sidebar has an amazing wealth of materials. However, if some of you are like myself, you may find yourself getting a little lost with it and aren’t sure how to structure your education in this area.

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I’m still learning, but I’ve built my own structure which I’d like to share with all of you. I’ve devised this based on all the questions I’ve asked on the matter on Reddit and IRL. I’m open to any critiques if you have any, but I’d also be happy to hear if this helps you out.

NOTE: I’m presuming you already know a decent amount about FX and technical analysis. I’m also assuming you want the details you need as opposed to learning a theory in its entirety. I’m assuming you’re not interested in learning/re-learning maths.

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1. **You need to understand economics.** There is no way around this, economic understanding is a must. If you have to choose, I’d say focus on macroeconomics — but I recommend reading microeconomics alongside it. Don’t worry about the maths, you won’t need them.

**Good reading materials are the dummies books**, **Economics for Dummies;** ***or*** **Macroeconomics for Dummies alongside Microeconomics for Dummies**. I suggest these because I imagine that you’ll want to understand the economics without learning about studies, concepts like the Lucas Critique or the Phillips Curve **in depth** etc – so completion of these materials will give you the background to understand the economic climate and a good base to further read up on economics should you wish to do so.

2. ***HEAVILY RECOMMENDED:*** I suggest keeping up with the news, practice. Test your understanding by watching Bloomberg’s “the real yield”. You’ll know that you are progressing when you find that you truly appreciate what they are saying on there.

3. ***HEAVILY RECOMMENDED:*** I also suggest having a high level overview over geopolitical factors pertaining to your traded currencies. [Investing.com](https://Investing.com) has a brilliant app which lets you see news for particular securities. I would start there.

4. Once you’ve completed your Dummies reading, read **Anna Coulling’s 3 Dimensional View of the FX market**. Your prior reading will help you appreciate some sections better. And it’ll enrich your fundamental aspect of the chapter.

5. **Read about and understand bonds**. One thing I was told by 5 analysts is that it is all about bonds. If you know bonds, you will have a good feel about what the market is feeling, especially when you pair it with the intermarket relationships you’ll learn about in Anna Coulling’s books. **I’d say look at fixed income, in general.** The sidebar has an excellent coverage on this, however.For you book readers, I don’t know any books dedicated to bonds, but I believe Anna Coulling’s book will give you a good enough background for you to make use of any additional resource. However, the book in #8 goes into it.

There ***are*** reading materials which exist, but none I’ve looked at, personally.

6. ***OPTIONAL:*** you can read any book on intermarket analysis. I’m on this stage at the moment.

7. ***OPTIONAL:*** you can also find fundamental analysis for FX courses. I’m also here.

8. I’m not here yet. However, I was told ANY book on Global Macro helps at this stage. One of the best traders that I personally know (who also spent a lot on his education) did suggest **Global Macro Trading: Profiting in a New World Economy (Bloomberg Financial).** I can give my views based on the bits of the book I have looked through. At this stage, I advice putting aside any preconceptions you have about fundamental analysis and use your newfound knowledge to fully understand the points. Again, don’t fret over understanding any maths.

Once you’ve this, you’ve graduated. I am almost on stage 8, and I will update you all to inform you how it has gone.

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But, for you keen people who have the time, or want to make the time to look into some of this stuff deeply:

If you want to learn the math, I’d say look at Khan Academy for any math you’re lagging with.

/r/alotmorealots once gave me a brilliant guide. To paraphrase he suggested that you learn Wyckoff theory and VSA:

[https://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method](https://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method)

[https://www.amazon.com/Complete-Guide-Price-Analysis-ebook/dp/B00DGA8LZC](https://www.amazon.com/Complete-Guide-Price-Analysis-ebook/dp/B00DGA8LZC)

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Learn Order Flow

[https://www.youtube.com/watch?v=-rKhybqaNLs](https://www.youtube.com/watch?v=-rKhybqaNLs)

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**You do not need to use the tools, but you should understand the concepts.**

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**Learn Market Profile**

[https://drive.google.com/file/d/1Fz73EKb7EC1BvlzGL31jfn_IPJQspba3/view](https://drive.google.com/file/d/1Fz73EKb7EC1BvlzGL31jfn_IPJQspba3/view) (the official CBOT link no longer seems to be working, this link courtesy of /u/historybandgeek )

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Use TradingView to access Market Profile.

He also recommends studying bonds (see point 5) and commodities. There isn’t any reading I know regarding commodities, but I’d say assume Anna Coulling’s book will give you a background. In fact, for both, I suggest looking at the CME Group’s website.

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For anyone interest in theories, I also suggest looking at Elliot Waves, Dow Theory and Behavioral Economics.

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