Kathy Lien, editor-in-chief, DailyFX.com, and chief strategist, Forex Capital Markets, shares some of her favorite forex strategies with traders…

There is no need to limit yourself to just one trading strategy, Lien told attendees. There are many to choose from, depending on your personal style and goals. She shared five strategies, Here are just a handful that she shared…

1. Set it and forget it. Similar to buy-and-hold for investors, this strategy is for traders who don’t want to be married to their trading screens, and who may want longer-term trades than the average trader. The carry trade is a good market for such traders and Lien suggested that you focus on environments with low volatility, the strongest appetites, and where central banks are raising interest rates. We are currently not in that kind of cycle, but to prepare yourself, study global economic data.

2. Trade based magazine covers to help you pick tops and bottoms. This strategy is also geared more toward folks with longer time horizons, as well as for contrarians who are willing to bet against the strongest headlines from the major media.

3. Anticipating news, or what Lien calls, getting ahead of the game is a good way to trade for low risk, allowing you to either quickly hit your profit target, if right, or get taken out immediately, if wrong. Lien noted that this strategy requires a little bit of fundamental analysis knowledge. She gave attendees several specific trading rules—covering timing, stops, and limits—for practicing this style.

4. Stay with the trend, Lien says is the most profitable strategy for the long-term trader. She uses Bollinger Bands to trade either only the significant turns or the retracements.

5. Follow the flow allows you to trade on the economic data or political news—after the fact. With this strategy, Lien also offered four trading rules for entries and exits.

Lastly, Lien emphasized the importance of discipline, telling attendees to follow this six-step process: define strategy; create money management rules; test, test, test; understand performance; understand drawdowns; and work constantly on improving your results.