Android has a Java Emulator as far as I know. My old Spica had one I think ..... :/
By the way I take my recommendation for the X6 back. Pretty crappy hardware- slow processor (434Mhz) and no gpu. Touch response is really bad compared to other capacitive phones.
How will an iphone 3g/3gs be for purpose, provided I can get it from someone coming from US and get it unlocked? Will it be easy to configure gprs/wifi and load the java based forex trade app?
Get the NOKIA X6 8gb, its launched today in india @mrp 14,199 so you could get it in stores next week for about 13.5k. Does this also mean end of the road for 5800?