Good luck!!!

$_P

FOREX trading is not for everyone.... especially for investors without a deep pocket.  Furthermore, the instruments are almost 24 hours trading = more stress or probably losing precious sleeping time.

In the early hours (Australia, Asia hrs), the flunctuation may be limited (range trading) but once the European & New York trading hours starts, volume picks up gradually.

Also, you need to follows the economical indicators for both countries closely (for eg USvsYen, we called it DollarYen),  becos the spot currencies move sharply if any of the fundamental datas indicate a possible interest rate change in the near future.

Charting, or Technical aspects are essential if you want to know the entry points and/or support levels, ie, resistance levels.  Now that there are many prices information providers around, the older days... (early 90s when i 1st started trading...) i had to plot charts manually, ie, Japanese Candle-sticks and/or bar charts.

Much time is saved when information providers (eg Reuters, Bloomberg) came in with plotted charts, and you just need to subscribe to their services and input your own technical studies together with the charts (with many intervals like 5min, 30min, hourly, 3 hourly, daily, weekly and even monthly). 

Oscillators like RSI (Relative Strength Index), MACD, k%d%, Open interests and even using moving averages do give you a indication on the market trend.  Do beat the market, this is definitely not enough... you really need to read more (books on trading strategies, ie hedging, spreading or averaging... MOST important of all... how to CUT LOSSES).  hahaha.

Not going into it too much... just my personal advice, if you got limited monetary resources, keep away from FOREX trading... Alot of people said they made $$$$... I have been a bank trader before... the number of people got their fingers burnt are 9.9 is to 0.1.

Anyway, if you are within the 0.1 percentage of winners, I wish you luck.

Cheers. JDIL.

This message was edited by Just_do_it_lah on 10-Dec-2010 @ 8:52 AM

Looking into the computers' screens (as shown above) may be exciting.... but the true fact.... only the $$ (monetary compensation, payroll) is interesting... haha.   I have been thru this similiar environment for about 13 years. (left the industry 8 years ago).

For forumers who want to know more (in Singapore) can go to Institute of Banking & Finance, IBF and attend courses & gradually sit for the Industry examination ~ the Futures Trading Test (FTT) which is also similar to US Series 3 examination administrated by the Financial Industry Regulatory there.  Only those whom successfully passed the exam can then be qualified to solicit for clients & sell the contracts listed within it's regulatory, ie, all Financial Futures contracts, precious metals (eg Gold, Silver, zinc...), Foreign Exchange (spot FOREX).

You will be taught & tested on Options trading, Options strategies, Hedging, Spreading, Technical Aspects (like elliot waves counts, fibonacci measurement and simplified technical tools).  And also the Exchange's INDUSTRY ACTs (dry & boring). haha.

Of course, as a investor, u can have a shorter route (w/o sitting for the exam) just to understand the instruments for your own portfolio trading but are you well verse in the technical aspects of the markets & the fundamentals indicators (eg US non-farm payrolls, CPI, PPI etc) ?

Using your knowledge in Stocks & Shares to trade Finanical Futures & Forex can be a suicide.  The latter is on leverage, hence there are call margins if your floating (paper) losses ballowed to probably (say) 25% of your margins.  You need to top-up immediately or face cutting of positions @market rates & occurs losses.  Unlikely shares, If one decided to hold on if the equity is dropping, you can opt to park in the CPF(investment scheme) a/c or just to pay up the equity @ point of entry x nos of shares allocated.  There isn't any call margins... you can even leave it outstanding and for your next generation.  haha.

That's abt all for this thread... My (own) opinion, if you are interested to know more, go to the Regulatory's board & enquire.  Be trained the professional way.  Don't be a half pail of water.

Cheers.  Pleasant weekends.

JDIL.

 The older days of SIMEX (Singapore International Monetary Exchange) on open-outcry pits trading..... But once it became electronic trading, they merged with SGX equities trading. & renamed SGX dervatives trading.

This message was edited by Just_do_it_lah on 09-Dec-2010 @ 5:40 PM

Not by might, nor by power, but by my spirit, saith the Lord of hosts - Zechariah 4:6 KJV