Anyone who has ever tried to create their own forex trading strategy will know just how hard it is. It's very easy to construct a simple trading system, but coming up with a strategy that makes consistent profits is extremely challenging. Nevertheless with a little bit of experience it does become easier, and over time you should hopefully be able to come up with multiple trading strategies.

Of course you basically only need to come up with just one strategy in order to make money. However my own view is that it's often a good idea to try out different things, because there is always the possibility that your current strategy may run into problems if market conditions change.

Furthermore it's also a good idea to have different strategies for different time frames. For instance you may have a profitable strategy that is only able to successfully trade the daily or weekly charts. That's perfectly fine except that you may sometimes have to wait for days (or weeks) on end for a decent set-up to occur. Therefore in this instance it may be worth trying to develop a short-term trading method that you can use during these quieter periods.

I ended up doing this myself because I soon found that despite the fact that my main 4 hour trading strategy made some decent profits overall, there were plenty of quiet periods which were incredibly boring. As a result I started to develop some trading methods that I can use on the 5 and 15 minute charts. These strategies not only enabled me to make some extra money, but they also helped to alleviate the boredom which often occurs when you are patiently waiting for a set-up on the longer time frames.

So the message I want to get across is that it is often worth creating multiple trading methods that you can use on the different time frames. Although you may have advanced skills as either a day trader or a longer term position trader it is always worth applying some of your skills to the other time frames as well because you may dramatically increase your profits.

The fact is that are opportunities to make money on both the short time frames, such as the 1, 5 and 15 minute charts, and the longer time frames, such as the daily and weekly charts. Whichever chart you look at you will find that there are plenty of breakouts that you can trade as well as opportunities to trade with the overall trend.

Of course it's very hard to come up with lots of winning systems but if you do manage to achieve this goal, then you be greatly rewarded with some very handsome profits (and you will of course alleviate much of the boredom that occurs during the quiet periods). I know this to be true because at this moment in time I now have a whole portfolio of different forex trading methods that I can use to trade both the short-term charts and the long-term charts.