Fxgeekstar

Let me put a simpler version here.
 
Instead of learning the steps, let's get down to the trading plan itself. Every successful trader has a plan in place to help guide their trading approach.
 
A trading plan should include, but is not limited, to the following:
1. A daily trading routine
2. Sources for market news and events for an overall market view, to form a fundamental analysis
3. Chart time frame for analysis and time frame for entries and exits, to form a technical analysis
4. Entry and exit criteria
5. Market conditions to trade in, e.g., trending market, ranging market, significant news events
6. Trading strategies for the above market conditions
7. Currency pairs to trade and pairs to avoid
8. Market conditions to stop trading
9. Mental conditions to stop trading
10. Amount to risk per trade – i.e., money management
 
Anyway the best way to learn to trade is to have a mentor of your own. I would like to encourage newbie to check out FXPRIMUS Coach program.

Why are you considering hedging as a possible strategy? Hedging is often done by businesses and big institutions to protect themselves against adverse price movements. It is more a 'defensive' measure to protect against losses.
 
Scalping is a viable trading method but you must be aware that it requires you to be looking at the charts for prolonged periods of time as it involves trading on very short timeframes. Trading opportunities present themselves on very short notice.
 
If that is not your cup of tea, perhaps you might want to consider trading on higher timeframes such as H1, H4 or Daily. Trading on hese timeframes does not require you to look at the charts often. For example, trading on Daily charts requires you to look at the charts maybe twice a day - once in the morning and once at night to manage the trade.

First of all what you need to have is a trading plan. In a trading plan, you will have all your strategies, the criteria of entry and exit, when to stop trading (maximum drawdown) and your risk management. The thing about trading plan is that it's not fixed and one trader doesn't have the same plan with others.
 
You also need to record the trades that you take as well as the reasons of taking them. This record is useful for a periodical review to see whether you have followed the plan consistently and whether the plan needs some amendments.
 
You should follow this plan consistently and if you feel that you need to do some amendments to improve the plan, you can make the changes accordingly and stick to the new plan.

1. No. I look at my profit/loss at the end of the month.
 
2. I prefer to trade on the side of momentum, basically trend markets.
 
3. Moving Averages and Support and Resistance.
 
4. Around 60%
 
5. About 2-3 trades a week.
 
6. Keep it simple. Select a couple of strategies that resonates with you and keep executing them consistently even if there is a string of losses. Every strategy has its win/loss probability but you need to continue trading it in order for it to materialise