It has something to do with the energy levels of electrons but I don’t seem to fully understand.
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Every atom has electrons that can exist in fixed energy states. i.e. they either have the required energy for that rung on the ladder like representation or not. They cannot be half way. Each of these electrons are in a constant state of motion. Because they have a charge, this motion creates an electric field.
The electrons are distributed in the various available rungs of the energy ladder according to a set of rules based on the number of electrons. (which basically amounts to first fill in what is easiest before using extra energy to pack a few more in). Also the number of electrons (protons actually) is the primary difference between the different elements.
For a substance to be ferromagnetic, its electrons need a certain type of freedom, (e.g. being the only one on a rung, because when they are paired up each electron cancels out the others magnetic field since the rules state that must be opposite in this regard to get paired up). The substances with the most number of electrons that meet these rules (not all of them are explained here) will be the most ferromagnetic. This just happens to be Iron, etc.
Note: there are several other rare-earth metals that are ferromagnetic besides these three.
Note: That while, the outer most electrons are involved in chemical bonds, this still leaves several unpaired electrons in ferromagnetic metals, hence Iron compounds are also magnetic.
magnetism is basically an electrical alignment. These three elements naturally have most of their electrons spinning in the same direction so less has to change to get them to magnetize than other elements.
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