Forex Trading as a Side Hustle? See How This New Trader is Trying to Do It!

Like a lot of members, WillfulNegligence is trying to trade forex as a side hustle to his day job but eventually plans to do it full time. He’s been trying to absorb as much knowledge as he can from the BabyPips community even if he’s just been a member for less than a year. Thankfully, he’s motivated to give back!


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Even with just a few months on our forums, WillfulNegligence surely puts in the effort to share what he knows and what he has learned so far. He freely shares his trading journey to help serve as a guide for others who are just starting out on their own. Check out his trading journal here: Committing to Proper Technical Analysis

With his determination and eagerness to learn and help, he’s definitely someone to follow!

Without further ado, we give you @WillfulNegligence


1. Tell us something about yourself. What are your hobbies and interests?

Although I work in IT, outside of my day job at a technology company, I enjoy spending my spare time being active. Whether it’s working on home improvement projects or outdoors sports like climbing, hiking, camping, or canoeing, I’m definitely someone who finds it hard to sit still. Obviously, I do enjoy taking time to relax and read, specifically history. Since discovering Forex trading, I also try to have some sort of Forex book on the go.

2. What got you interested in trading forex? Have you tried trading other markets before?

My interest in Forex started as an interest in Brexit, combined with a general interest in all things British. I had lived in the UK for a few years, and really developed a bond with Old Blighty. As Brexit unfolded, I started to wonder if I could use the political uncertainty to trade for GBP, and basically it grew from there. Recently I’ve started looking at other pairs, as this enables me to trade more.

3. You mentioned in one of the topics you created that you didn’t start with a demo account and instead opened an account with real money. This is always a controversial topic but do you feel that this was a wise decision?

I suspect my mindset was the same as many people. I didn’t want to bother with demo trading, and jump right into big profits. Surprisingly I was able to break even, but had started reading enough to appreciate that I was only at the beginning of a long learning curve, and didn’t want to become another statistic. So I convinced myself to move back into demo trading, and set myself a financial goal that I have to meet in demo trading before I go back into real money. Also, I had started trading with limited capital, which can hold you back. So again, I wanted to make sure I had a solid trading plan before increasing my capital further.

At the moment, I’m doing pretty well, but haven’t yet reached my “demo profits” goal. I see a lot of people say that demo trading doesn’t work because you subconsciously know that it’s not real money, which may be a valid view, however I find that setting a goal in a demo account and sticking with it religiously can be enough incentive to make you respect your demo money as much as real money. I am very eager to reach my goal and start trading real money, so this makes any loss hurt as much as losing real money, since it sets me back on my journey.

4. Do you have any advice for new traders like you?

Always remember that you don’t know half as much as you think you do. I appreciate that I’m a relative newbie, and there are people who will know vast amounts more than I, but I think it’s good practice to never be overconfident, and always be open to rethinking your strategy. Building a portfolio of trading techniques will help you find more trades, meaning you won’t feel desperate to make a trade.

5. Are you using a trading system right now? How do you go about your trades?

I’m still developing my trading system. As I learn more and execute trades, I track what worked, what didn’t, and slowly integrate my new knowledge into the system I am working with. To bring this back to why I’m trading in a demo account, another goal I have before trading with real money is to have a fully developed trading system and plan.

6. Take us through your typical trading day.

Since I’m not a full-time trader (yet), I do most of my trading either at the start of the day (approximately the start of the NY session) or the end of the day (I’m located in the Eastern time zone). I guess you would say I’m a “swing trader”, so I spend the brief time I have looking for a trend forming over a number of days. Once I find a good entry point, I then hold the trade for multiple days, checking in each morning and evening to see how it’s playing out. I have the benefit of working at a desk, so can also keep charts open while I work.

7. What lessons have you learned so far since you’ve started trading?

Hmmm, that’s a tough one, I’ve learned many things so far. I think the most useful lesson I learned, from interacting with a few people in the forums, is to try and keep things simple. I started with many indicators and analysis techniques, but have since whittled this back to a few things that I find reliable. Don’t over-complicate things at the outset, rather learn a few methods that work for you and get good at them, then add in new techniques as your comfort level grows. Using too many indicators/techniques actually will make it more likely that you will see false signals, since you don’t learn the subtle nuances of each one.

8. What made you join the BabyPips Forum? What do you enjoy the most here?

I liked the gamification of the School of Pipsology. I found it really helpful to get the basics down, and grow my knowledge from there. I then started posting in the forums, specifically keeping a trading journal, and this too was very helpful.

9. Which topics in the BabyPips forums do you suggest to newbies? How have those topics helped you?

I mainly seek out topics that discuss the currency pairs I’m trading, as well as topics that relate to the trading methods I use. For me, reading how different people analyze the same charts provides insight into the subjectivity of trying to see patterns and signals on price charts.

10. What is your biggest pet peeve when it comes to trading?

Not having much time outside of my day job (and personal life) is really frustrating, although that’s a problem with myself and not forex trading in general. Specifically with Forex, I think the main pet peeve is the amount of unhelpful content available. So much information I come across is influenced by either someone’s personal opinion, someone trying to sell an idea or service, or someones talking about how they have it all figured out. Finding genuinely helpful content and people is a challenge, which really makes it all the more important to seek out other people who are willing to talk about their journey and experience.

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Hi there it is always very informative reading about other trader’s stories and thanks for sharing yours. I have started forex trading in December 2017 and having had some stock trading knowledge, I started off trading live with 100$. I am also employed full time with a desk job and mainly start trading around 10:00 in the mornings with the opening of the European session. My main aim with trading currently is gathering as much knowledge as possible for when i retire in 9 years, at which time i will start trading full time. My pension will not be nearly sufficient to sustain my wife and I so i am looking at forex to fill the gap. Coming back to my current dituation, for the first year untill January this year i managed to break even whilst working on my trading plan and skills. I tried many strategies where i traded more than one pair at the same time with multiple indicators, but never seemed to be able to get ahead. Since January 2019 i started working with the EUR/USD exclusively and two indicators only. Since i started doing this i managed to increase my account from 100$ to 300$ in 4 months. I must add that the current steep down trend of the EUR has helped my cause a lot because i am very much a trand trader. I also try and stay out of the markets on a Friday from after 12:00 because that is usually when volatility in any direction seems to be highest. Thanks also to Babypips for a great learning platform and forum, much appreciated by us newbies!!

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@WillfulNegligence. Just got answers to some of my questions I posted in your journal. Thanks for sharing!

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Great approach from Babypips to interview forum members. It provides good insights on what the journey is like and to make you realize that you are not the only one experiencing certain things. Yes the journey may be different, but the experience and stories are often so aligned.

@WillfulNegligence all the best on your journey.

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I hope I can be as disciplined as you in going about my trading @WillfulNegligence. Good luck on your trading journey. :relaxed: Kudos also to BP for an informative interview especially for newbies. :blush:

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@GLTrader, @mtb_rex, @lmalgas, @CoinLady, glad that my tidbit of insight was informative. I also appreciate that BP encourages this community atmosphere. It’s confidence building to know that everyone had to start from somewhere, often humble.

Take care!

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Choose the right pairs to trade

Though you can engage in forex trading round the clock, to guarantee liquidity, it’s advisable to trade during the peak hours. Liquidity can be defined as the ability of a trader to sell a position, which will be a lot easier when the market is highly active.

If you are working on a 9 to 5 job, most probably you will be available for trading either early in the morning or late in the evening. Based on the currency pairs you are trading, higher volumes occur generally at the end of the day. This might be suitable for you.
Using technology to your advantage

Most part time traders either choose to do it all on their own or make use of automated trading programs that will trade on their behalf.

You will be able to find a host of different automated trading programs with various functions online. While some of these automated systems can monitor currency prices in the real time, others can place market orders, thus automatically carrying out the trade for you to maximize profits.

You will be able to choose automated system based on your needs, this can compliment to your time actively engaging in trading, in person. You can also get these systems programmed customised for your specific strategies, that aligns with your plans.

The innovative technology of cryptocurrency trading allows you to trade cryptocurrency against traditional currency, such as Ripple to Euro and Bitcoin to USD.
Discipline and dissociation is key

For traders who are looking to make trading decisions on their own instead of depending on any automated systems, dissociation and discipline are very crucial and important for the success.

Most part time traders are generally suggested to take profits on materializing instead of holding out for big profits from the wider spreads. This requires a lot of self-discipline in a trending market where the favourable spreads are widening.

A trend can always turn around a lot faster than you can expect and can be affected by any variety of external events which a part time trader might not be expected be aware of, successful traders have a habit of taking profits whenever they possibly can. They don’t generally wait for their profits to get bigger and bigger and are not tempted by the trends…

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Thank you very much for your insight.

What I liked the most was your last answer. There is a lot of confused people giving advised, and the problem is that they say it to confident and others fall in to what they say.

Instead, people should go to school of pipsology, read every day the posts at babypips.com to learn how the people with experience things and then come to the forum to participate.

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The idea of setting a target for the demo account before going live is a good one that I’m going to use. Thanks for sharing :slight_smile:

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Brand new to this and am watching the EUR/USD as well. Do you mind me asking what two indicators you are using?

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I as well set target " profits " I have to make out of Demo, before I get back to trading live. And this feels like trading real money b’se I have to hit my goal.
Thanks to BP❣️