I think Texxas was right on the money when he sort of jokingly inquired if you were really serious about your plans to trade the yen as a newbie, etc.
Daytrading the Forex can be quite a challenge, even for experienced traders.. and in this one person's opinion it is one of the hardest instruments to trade, especially for beginners and for those depending mostly on tech analysis. Forex is whipped about considerably by news and you really have to be on top of your game to even have a chance of consistent profitability. Forex lends itself better to swing trading than daytrading but you better have had huge amounts of screen time and more than a smattering of education about what drives those markets and when.
If you have not already done so, being as how you said you were such a newbie, you might want to read an ebook called Bird Watching In Lion Country. The title alone should give you some indication of the challenge you are taking on. It is a very worthwhile read even if you decide to trade with a somewhat different strategy later on.
Best of luck to you.. and you might consider trading the e-mini futures markets initially since they much more closely fit with your local time frame and have somewhat limited leverage. You could always learn about Forex and decide to give it a try later if the e-minis don't aren't exciting enough for you.
If you insist on starting out with Forex and especially the yen.. you had best stick to using a mini account until you are truly comfortable and even that shouldn't be traded until you have plenty of screen time and at least some demo or simulated trading under your belt. Just remember that demo trading is good for getting a feel for how to execute the platform you are trading with, but it is in no way any kind of substitute at all for what trading is like when you switch to real money where your emotions are fully engaged. What that means is, don't go into shock when all your winning demo results are immediately trashed with loss after loss once you switch to trading live money. It happens to almost everyone as this business is somewhere around 80% or more psychological. In summary, regardless of your methods or strategy, it is all about control of your emotions of fear and greed and also about mercilessly closing down your losing positions right away so that you and your capital can survive to trade another day.
Happy Trading
