From Morgan Stanley to Goldman Sachs, how did Yuan Jun navigate through bull and bear markets to become a top global trader?

On April 21st, the United States announced an extension of the ceasefire agreement and a pause in military strikes against Iran—S&P and Nasdaq both hit record highs simultaneously, while oil prices surged against the trend, highlighting a divergence between market sentiment and fundamentals once again.

The global macro markets in 2026 are essentially a microcosm of countless “black swan moments” over the past 22 years: tensions in the Strait of Hormuz are tense, crude oil volatility spikes to high levels; expectations of Fed rate cuts quickly fade, and global asset prices fluctuate violently following headline news. Even veteran hedge funds deeply rooted in the market are generally experiencing drawdowns this year; for ordinary investors, mastering macro trading is even more challenging—even if they correctly identify the macro direction, they often falter in timing, tool selection, position management, or risk control.

“Getting the macro right but making wrong trades” is a common pain point for all macro investors. Yuan Jun is one of the few practitioners who can bridge this gap through long-term practical experience and maintain consistent profitability. Over his 22 years of turbulent trading, he has never relied on luck or talent to succeed, but on a set of investment processes that have been repeatedly tested and iterated through the market, navigating multiple bull and bear cycles.

On May 16-17 in Shenzhen, Wall Street Insights specially invited Yuan Jun, founder of Shengyuan Global Investment Fund and former head of macro trading at Goldman Sachs Greater China, to host a two-day global macro training camp. The goal is to help participants dissect this practical closed-loop, systematically build a macro research and trading framework, and thoroughly bridge the “last mile” from theory to practice.

Yuan Jun’s cross-disciplinary journey began in the Peking University laboratory. He holds a bachelor’s and master’s degree in computer science from Peking University, previously worked at Microsoft Asia Research Institute, deeply involved in the “Next Generation Wireless Network” project, often working overnight to refine code, and his related成果曾为比尔·盖茨专门演示。2004年毕业时，他手握微软、IBM、英特尔等科技巨头的offer，还有普林斯顿的博士offer，却毅然放弃舒适的“码农”赛道，跨界闯入金融行业，成为摩根士丹利从中国大陆直接招聘的第一批交易员。

Starting in investment banking, Yuan Jun quickly realized that the financial theories in textbooks are vastly different from the brutal reality of trading floors. The work on trading desks is intense, with a high淘汰率，没有导师手把手教学，所有成长都要靠自己在实战中摸索、试错。在摩根士丹利FICC部门的多轮轮岗中，他一边承受着高强度的交易压力，一边总结得失，逐步摸索出一套属于自己的交易方法论，快速从新人成长为能独当一面的交易员。

During the 2008 global financial crisis, Yuan Jun delivered an impressive performance. That year, his trading results doubled. The Saturday when Lehman Brothers filed for bankruptcy, he was attending a friend’s wedding in Singapore. After receiving a call, he flew back to Hong Kong overnight, arriving at the office at five a.m. to review open positions. The following week was filled with intense trading. At the crisis peak, the RMB suddenly reversed its trend. Relying on market intuition honed through countless trades, he decisively bought large amounts of USD, then sold everything at the most frantic moment when London institutions entered the market, achieving significant profit in a single day.

This crisis also deepened Yuan Jun’s understanding of the essence of trading: successful trading is never about a momentary display of courage or luck, but depends on a systematic decision-making process—scanning core macro variables, identifying misalignments between prices and fundamentals, designing rational positions, and strictly implementing risk controls and stop-losses. A hesitation during a trade involving the Indonesian rupiah in 2007 left a deep impression on him: a moment’s delay could turn a profit into a loss instantly, serving as a crucial warning to adhere to trading discipline.

In 2010, Yuan Jun joined Goldman Sachs in London, leading the Asia FX and interest rate trading team. With solid practical skills, he quickly became a key market trader, holding substantial proprietary positions. In 2012, amid widespread “China recession” fears and bearish sentiment on the RMB, Yuan Jun maintained a contrarian bullish view based on long-term fundamentals, while managing market volatility through hedging strategies. He ultimately doubled his trading performance that year, proving his judgment through results.

In 2013, he returned to Hong Kong to deeply participate in the development of the offshore RMB (CNH) market, becoming an important market maker, witnessing and promoting the growth of the offshore RMB market. On the eve of the “811” exchange rate reform in 2015, he interpreted IMF public documents and preemptively predicted that the RMB would move toward a more flexible exchange rate regime, capturing another major trading opportunity following the 2008 financial crisis.

Reflecting on this contrarian trading experience, Yuan Jun summarized: trading requires maintaining independent thinking and not blindly following market sentiment; at the same time, it demands learning to “go with the flow” and act in accordance with the trend. He often reminds himself with a quote from Sun Tzu’s Art of War: “兵无常势，水无常形，能因敌之变化而取胜者，谓之神也” (“War has no constant form, water has no fixed shape; those who can adapt to the enemy’s changes and win are called divine”). This has become his trading mantra over the years.

Twenty-two years of practical experience have led Yuan Jun to ponder: why can some people survive and profit steadily through cycles, while others fade away quickly? The answer lies in “unity of knowledge and action.” Pure theoretical learning is insufficient to build a complete trading system; only through repeated practice, reflection, and continuous iteration in real markets can theory be transformed into actionable, practical skills.

Yuan Jun is always eager to share. During his tenure at Morgan Stanley, he helped author the “FX Handbook”, used as internal training material. Every new employee joining Morgan Stanley’s trading desk receives this handbook, leveraging his practical experience to bridge the gap from theory to practice rapidly. In 2023, Yuan Jun also launched two methodology courses on Wallstreetcn: “Adapting to Macro Changes” and “Trading Strategies for U.S. Bonds and Exchange Rates” (click to learn more about Yuan Jun’s courses>>), which have received widespread acclaim.

Yuan Jun firmly believes that there are no shortcuts from financial theory to trading practice and consistent profitability. Building a systematic macro research and trading framework, combined with hands-on experience and repeated refinement, is essential. To this end, Wallstreetcn and Yuan Jun jointly organized this global macro training camp (May 16-17, 2026 @ Shenzhen).

The camp will adopt a case study approach typical of business schools, selecting real but anonymized trading scenarios, providing only key economic data, policy expectations, and price information. Participants will be divided into groups to discuss and simulate the entire process of “macro scanning—opportunity identification—trade execution—risk management” amid uncertainty. Yuan Jun will break down his 22-year trading process into four actionable, replicable stages, accompanied by dedicated Excel templates to help participants quickly get started.

Beyond two days of intensive offline discussion, we will also offer two months of online community support, including weekly macro comments, detailed feedback on participant assignments, and monthly live Q&A sessions, continuously helping participants consolidate their learning and iterate their trading systems.

The true value of trading lies not in capturing short-term market gains but in maintaining calmness and discipline amid market fog, steadily progressing through cycles. Yuan Jun’s 22-year trading journey exemplifies a growth path from cross-disciplinary exploration to continuous iteration, from practical trial-and-error to systematic development. If his practical insights can help more macro traders avoid detours and establish their own effective frameworks, this training camp will be highly meaningful.

If you are interested in global macro trading and want to systematically enhance your skills, scan the poster QR code for event details or click the link to register.

Risk Warning and Disclaimer

Market risks, investment should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions herein are suitable for their particular circumstances. Investment involves responsibility for the outcomes.