Hi all. Mike here.
Well, it’s time. I’m gonna go to school. After a year of finding myself in this world of forex, I definitely favor the fundamental side of it all. I have a trading plan in place. Now with placing only 1 trade a week, I will have more time to devote to the business. I have decided to go to school. I want a degree in economics. World economics, international economics, anything like that to develop myself in this business.
So, given all the information that is out there on the net, I am presently wanting to find what I need to know about global economics. I’m not gonna go and pay for a college course, but that’s what I want. A degree in it.
Can anyone point me in the right direction on finding good material on the web concerning this?
I have found some stuff, but will keep looking to find the right stuff. I want educated!
Mike, good to hear that sort of language, it is big time refreshing. Even forget the plan, go right back to journaling your thoughts to pre-news, no trades, just how you felt about a particular economy.
Then journal your thoughts, chosen at random from my own:
RBA RATE DECISION - i EXPECT NO HINT OF LOWERING RATE AHEAD, BULLISH AUD
That was on 04/02/14, don’t really know how that played out.
The play out is not important, even the trade is not important, it is how you feel what is to come is most important.
Let me give you the most recent example… my most recent failure (as a retail trader).
This is an exact copy, it may not make much sense:
RETAIL SALES 0.1 EXP FROM 0.7 - CONSUM CONF DOWN/RETAIL SALES DOWN/CONSUM CREDIT DOWN/CONSUM SPEND UP(QTR)
DISP PERSON INMC DOWN/ECONOMIC INDX DOWN/PERS INCOME DOWN/PERS SAVINGS DOWN/PERS SPENDING DOWN/
would not be surprised to see negative news on retails sales
I have just copy and pasted my own notes, truth is I was right, yet it left me behind, the Asian traders had also cottoned on, who cares, get there next time.
Good link Mike - I’ve skimmed some of them and book marked for reading.
Often for us we read ‘the theory’ but find it more difficult in practise.
A recent example, Carney was scheduled to speak last Wed at 10.30am as per the calendar. We had a heads up (came from BOE press off) that he intended to re-launch his forward guidance, that there is NO WAY he will even countenance the prospect of increasing interest rates… so you might say to yourself, aha, GBP negative.
The market will take numbers over any huffing and puffing - the numbers were always going to be GBP positive :
"BoE Raises 2014 UK Economic growth forecast to 3.4% from 2.8% " - is what they saw…
Hola! A fellow fundies fella in the mix! Do check out my session updates as well to get a glimpse of the economic data driving price action so far and what you should prepare for in the upcoming sessions. For longer-term trades, take a look at Forex Gump’s blog entries too. See ya!
News day tomorrow for USD, building permits … maybe down on expectation… building spending still seems subdued, permits have been falling, and bad weather may put the thought of building on hold??
PPI also due, this one has changed this month, it now includes services and construction - so a lot more to consider.
I suspect the construction element may keep it down, but services… difficult to guage. They hope that the new look PPI will be less volatile, we’ll see I suppose.
If you are trying to get an economics degree I would suggest you contact your local college and find out who the macroeconomics, and International Economics profesors are. Ask them for the textbook. I warn you though, it is not an easy read. You need to take a fundemental macro, micro class before you are going to understand the intermediate econ classes. Good Luck! =)