There are few steps for a newbie is learning how to trade and to know forex terms such as trends, indicators etc... then practice on a demo account to see how they work ...for your question to set up your own strategy first you have to decide whether you will be single day trader or long term one lets consider single day trading ... the concept is to open a trade and put a target say 10 or 20 pips ... choose a pair with low spread as 3 pips such as eur/usd then spend few days on demo account drawing trends using Fibonacci lines along with trends, RSI and Moving average or whatever indicators you feel relaxed with and analyze when the prices change and return then put your entry points at these points finally you should use a safe percentage of your capital in a trade which is usually less than 1% of your money and a loss of 5% or at maximum 10% of your money to set your stop loss and good luck