I can make money at currency trading because I know how to trade stocks:

A common misconception that many new traders to Forex have is that the success they've had in one type of trading will automatically translate to success with Forex. It's simply not true. There are many differences between Forex markets and other financial markets. The fact that Forex is open 24 hours a day (except on weekends) is the most significant. While this aspect of Forex allows for more access to the market by traders, it makes trading a more intricate process. Consider the peaks and valleys of the US Stock Market, which is open for only six hours a day. Now multiply that volatility four-fold, because that's the effect of having a market open all day and all night like Forex.

Many FX traders fall into the trap of thinking that because Forex is open 24 hours, easy money can be made by trading during off-peak hours. What they forget is that if it's a down time in their time zone, it's the height of the trading in another. You have to remember that when it's 3 am in London, it's noon in Tokyo. Regardless of when or where you trade you need to be sophisticated and savvy in your knowledge of the Forex market. One of the first things to learn is that the indicators from the stock market don't necessarily apply to the Forex market. The market has many experts in many places making trading a far greater challenge than the other markets.

Besides the hours of operation, another major difference between Forex and the other markets are the brokers. Unlike stock brokers, Forex brokers aren't regulated. They are trained to place their own priorities above their clients'. In other markets, if your broker is successful it probably means you'll be successful. That's not necessarily true in Forex.

Because of Forex is open 24 hours you can make money whenever you wish:

The reason a FX trader makes money on the Forex market is not because the market is open 24 hours. It's because of the volatility, which is a result of the market being open all the time. During the course of a typical day it's nearly impossible to predict when the market will rise or fall and a trader can't be following the market every second of the day. So, he must study the market closely to determine when the volatility most commonly occurs for the currencies he's interested in.

Forex trades are commission free:

While FX traders don't pay the commission fee for their traders, they do pay the spread. The spread is the gap between the bid and the ask. And since there is a spread on every trade you do pay a fee for every transaction. And since the spread can be different on every trade, your fees aren't fixed.

In order to make money in currency trading you need to be good at making predictions:

It is far more important to be good at reacting to what is happening with the market than it is to be good at predicting currency values. The best traders call upon all their available information, in the form of charts, news items and background to make the best possible play at a particularly moment. The best traders learn quickly that they have to be reactors as opposed to predictors and the way to do that is to never stop learning.

The best Forex trading strategies are the most sophisticated:

While it's important to acquire knowledge about the Forex market, there's a danger in making decisions based on a complex set of factors. The fact of the matter is, easily understandable strategies are more successful in the long run than the complicated ones. Perhaps the most important strategy is to have a strategy that you are comfortable with, that you have researched and that makes sense to you. Everyone has access to the same information, it's all in how you use it.