What is some recommended reading for FOREX trading strategies?

I think it is important for you to be acquainted with the basics of technical analysis (trend line, support/resistance, MACD, etc). You can probably find articles on that on Wikipedia and investopedia.

Hope that helped. Good luck.

This response is slightly off-topic but might help you.

A leading seller of currency and currency futures is Olson and Anderson, www.oanda.com.
They used to have a game on line that allowed you to buy and sell currencies in real time, simulating what was happening in the market. It was pretty slick. You could go long or short, set market buy or sell orders, risk your position on a box (I forgot exactly how it was labeled but you could bet that currency pair would hit a certain range within a set period of time and the payoff was based on the duration of the bet and how far off it was from the current price).
You could buy on margin and see how a swing could be profitable or cause you to lose your shirt.

Currency futures is a very volatile marketplace and the risk is very high. You are trading against the money-center banks, some of the most sophisticated traders in the world. These are people with access to much better information that you and who can move markets with single massive trades.

If you are buying or selling currency and holding you have one set of risks, the exchange rate against the dollar.
If you are buying or selling futures your risk, aside from the exchange rate, is the premium or discount points you are paying going forward to the expiration date of the contract. That is to say if the USD/EUR rate is 1.29 today and you are buying 90 days forward, the price you pay might be 1.28 or 1.30 depending on how the traders think the markets are going to move. You can liquidate the contract at any time for the market price or you can hold til expiration and realize your gain and loss that way.

These are the fundamentals of FOREX trading. It is not a hedging strategy which uses the same trading devices but for an entirely different purpose.

Either way, don’t risk your money unless you are prepared to lose it.

SRM

On www.oanda.com, the game is at the bottom of the home page under FOREX demo

Go to www.babypips.com and go through the free university. Forex trading is really dependent on your personality. Some people pick the busy 2 hours (7–9am cst) and trade 5 -15 min charts and scalp for 10–30 pips a day. I guess best days are Tues/Wed for that. Best way is to use day charts and find a suitable stategy then check your positions at the same time every day (when the daily candle closes). I use the 11PM candle with OANDA meta trader 4 and put my trades on with FXCM for best liquidity. I spent years finding , developing and re-developing my strategy which involves buying the best possible dips and selling the best possible rallies.I can actually sell into LONG trend several times and make money. Some months I make 20% and others I squeeze out 5%. I trade only micro lots ($1000 lots) and pile on as it goes against me until it turns and then get out with a profit and sometimes a small loss. Overall, I enjoy thinking I know what I am doing (( =