I trade price action and I am profitable but now I want to start building an extensive knowledge of why the economic markets work as they do. Does anyone have any good material or places I can start learning economics and fundamentals - anything from beginner to advanced.
Thanks in advance guys.
Go on Google and type: “Macroeconomics lecture PDF.”
ForexFactory is all you need imo. You can observe how the economic calendar and news affect currency pairs, by this I mean the trend, and I think you may grasp something new for your trading.
Start reading books on economics and global economics. Broadly speaking, the big deal going on globally right now is all the Quantitative Easing (QE), which is just a fancy phrase for money printing. Let me give you a for instance, if the BoJ starts new policies of QE to intentionally drive the price of Yen down… it’s going to go down no matter what some indicator says. Period.
Domestically, even if QE stops or goes into Quantitative Tightening (QT), things like CPI, figuring out if the FED will cut or increase rates, etc., also have an impact. Following the bond market is also a good idea. If other countries refuse to hold US bonds then internationally people stop trusting the US dollar.
A good start would be to search YouTube for ‘Ray Dalio’ and also go look up some of his books/audiobooks. Also, go study market/auction theory. Read about the tulip craze, etc. Just search for them.
Economics and supply/demand are really about human psychology. And IMO even technical traders should know this stuff, so they can learn how silly some of their beliefs are regarding TA.
Oh also, and I’m not sure if we can post links in this group because of scammers, but search for ‘How The Economic Machine Works’ by Ray Dalio on YouTube. If you know nothing about economics, it’s literally the absolute best introduction to the topic.