The Legend of Sigurd & Gudrún question

I've read it, and I'd say that a knowlegde of Norse Mythology would be the best thing. Most Danes, Norwegians, Swedes and Icelandic people will know enough, because it's mostly basic. What are Odin goddess for, who are Loke, what did the Valkÿrie do? It's mostly that kind you'll have to know, best to read up on it your self.

What will really help, is to read a narrated version of this Legend, I had done that before I read it, and it helped me.

Best to go to the originals, for example The Saga of the Volsungs translated by Jesse L. Byock for Penguin. I knew the story in outline, but I still had to cross-reference within the pages of The Legend of Sigurd Gudrún just to keep track.

With difficult material like this, I find that having a notebook handy to jot things in is useful. I list names and places, and construct family trees and relationships.

If you're up for a longer read with a later medieval version try The Nibelungenlied translated by A.T. Hatto (also in Penguin). Though it may confuse you even further because it's from a German viewpoint, with their versions of the names!

Of course, you could also just go for the Romantic view in Wagner's overblown but fascinating operas!

I've thoroughly studied Norse mythology, and can assure you that this retelling stands on its own. It is really good, and no studying required. It might definitely help knowing who the characters are, and knowing the original stories surely impacted my enjoyment of it, but you'll be fine without studying. You'll enjoy it as much as I did, just in a different light.