Forker - are there any good sources that can guide a beginner fundamental trader, any books or websites or is it mostly on the job training? Basically where does one begin? Tks.
The following updated series will help you digest some important indicators. You will find that with some economies you will need to find alternatives because they don't all have the same indicators and sometimes are named differently.
https://www.amazon.co.uk/gp/aw/d/01...Y340_FMwebp_QL65&keywords=Economic+indicators
It will also help getting books on how economies work. Amazon has many titles in this area.
Get to know central banks, keep track of members speeches and digest monthly statements. These statements are key to everything. Central banks don't like surprising markets (most of them at least) and always gives clues to their planned moves and tell you what they are watching.
Use free services like forexlive and fx Street to gain analyst insight. Use tradingeconomics to access historical economic data to back research. You will need a real-time news service to give you access to economic releases instantly (text terminals faster than squark services. I use reuters eikon for $99 a month and it gives you a ton of premium data)
The process takes time to learn. It took me 3 years to be able to trade off just fundamentals but you can mix in with technicals. The process is as follows
1) get to know all the economies you are trading. I can't stress how important this is because it's key to pairing the strong against the weaker.
2) trade deviations in economic releases. Here you are looking to take advantage of releases that come out better or worse than expected. The great the deviation, the better the trade.
3) trade commodity currencies like cad using their respective commodity economic data (inventory)
4) plan your week ahead and each day. Know what data you can trade and how you would trade it either way.
It takes time to do this and at first you will feel somewhat lost. Just do your research and keep track of market sentiment and trade ideas will start flowing. Be warned that mixing with technicals you will often get conflicting signals so you will need to gain experience in dealing with these. It's actually one of the major reasons I dropped technicals because the economic data was always more reliable.
It gets easier I promise, once you get a handle on your process and your notes are a quick reference, you will be nailing it
