Re forex trading question,
Get a 4 monitor pc - your going to need it. Invest, invest - before you invest. Mold a plan to suit your needs - take what you can from free providers of information (seek and ye shall find) and then tailor make it to suit your style. Read as many posts on ET as you can over the next few months (trading naked site is also recommended) until things start to click and then go from their. (everything you need to know lays buried here somewhere - go on an information treasure hunt). What works for me will not work for you - it's a very personal journey, thats why people are not telling you what they use - EVERYTHING WORKS. I have gone from day-trader to scalper to swing trader and now I am day trading full time again but shooting for moves between the two extremes.
Stay away from Swissy, Cable and exotics - too wippy for a begginer, you need a boring plodding type currency that you can gain consistant results with and then watch the compounded returns grow.
Get a good data feed - my trading transformed when I got esignal (forex costs US$150/month). You will not regret it. I am assuming you will be trading 3-5 minute charts as your midrange chart. Stay away from tick and volume charts - in my experience they give too many signals and market makers know how to manipulate them to keep you out of good moves (ie in a low volatility time period). Time charts give fewer moves but more reliable if they line up right on all time frames. Different story if your a scalper - what do you think ES?
Learn about fibonacci retracements and extensions - it will be valuable to know that stuff when looking at support and resistance. For example just a few minutes ago an impulse move retraced to 61% level and I was half way to target. At that EXACT point price stalled and turned around - I reversed leaving pips on the table but then hit the next target. Like ElectricSavant and Mrs Savant - get up early - before 2 am ET if you can and trade through till new york lunch. Alot of good moves in that night period (lucky me I live in Australia). The heart and soul of forex lives somewhere in London, so set your PC to GMT.
Trust your indicators/price action - market makers know exactly how to move price to make it difficult for you to put on a trade even if in hindsight it looked obvious. Take time out and study the currency you want to trade, it is not the same as trading stocks. Screen time is the best lesson you can have.Be aware that on big news days the action gets a bit thin pre data release and then can Explode afterwards - their is nothing like it anywhere. Everyday is a party in Forex - you can catch as many moves as you can handle - 10 - 12 moves a day depending on your time frame. In a short amount of time if you play your cards right those pips are worth $1000 each on Oanda (highly recommend this broker) - so go slow, start small and master the basics - and you should do fine.
