I m a newbie in forex trading and i would like to know whether there is any way to detect the trends early enough to earn some nice profits.
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I dont really think that there is a easy way out in Forex Trading. Forex Education is a must while trading. You can rely on automated trading systems or forex signals but that will not earn "nice profits" for you. It is better that you open a practice trading account and start virtual trading without the real money. Try to read the trend and analyze your trade positions based on the Technical and Fundamental Analysis.
Hope my answer helps you a little. Keep using yahoo answers for more details on forex education you can also surf:
Use Technical Research.
This website gives you clear cut idea of stock market.