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!
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!
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.