This chapter discusses some of the author's favourite strategies for trading currencies. The most important first step for any trader is to create a trading journal. The trading journal setup is broken up into three parts: currency pair checklist; trades that you are waiting for and existing or completed trades. Although defining trade parameters is important to traders in any market (currencies, futures, equities), it is particularly important in the currency market since over 80% of the volume is speculative in nature. This means that currencies can spend a very long period of time in a certain trading environment. There are basically two types of trading environments, which means that at any point in time an instrument is either range trading or trending. Most traders lose money simply because they have no understanding or place no importance in risk management.