Best way to create 2D top down movent of characters?

Hi I am new to corona, been developing in it about a week now, found the name funny due to the circumsntances, As the post title says, I know a few methods to approach this issue:

I am trying to replicate the movement from classic RPGs (Early Final Fantasy or Pokemon are easy examples)

I used the second method but got into an scenario where pressing the up and down button, would make the character go faster in any direction. 

Wanted to know if there is a tutorial out there or if should try with the third method as I found it as an answer in another topic in the forums.

Thanks in advance.