Make sure the siding is clean and dry before starting to paint. If new, power wash it to remove the film of silica dust left over from the manufacturing process.
Remove what you can from the siding, such as house numbers, shutters and light fixtures.
Mask the windows. The easiest way to mask a large number of windows, or adjacent surfaces that aren't getting painted, is with a hand masker, a tool that allows you to apply masking tape and masking paper together quickly and precisely. Cover all the window glass, because overspray can drift several feet even on a calm day. Protect the ground where you're working with drop cloths.
Set up your airless sprayer by plugging it into an exterior receptacle. Set it on a drop cloth, because spills in the work area are inevitable. Flush it with clean water.
Prepare the paint by straining it into a clean, 5-gallon bucket. If the cement siding is un-primed, apply a coat of acrylic (water-based) masonry primer first. The Portland Cement Association does not recommend using oil-based primer.
Start at the top of the siding and spray in sections about 3 feet wide. Work your way down, overlapping each painted section by about one third to avoid thin spots. Allow the primer to dry according to label directions.
Apply one or two coats of acrylic paint, allowing about 4 hours between each coat. Remove the masking tape and paper after the final coat is dry.