Trading forex as a side-hustle (2024)

Forex trading is suitable for anyone, in any job, who wants to get a side-hustle income: with forex markets open 24 hours a day and five days a week, this gives considerable flexibility to trade in term of time and place.

There are over $5trn-worth of transactions every day in forex market, with traders able to trade various currencies pairs to get profit. These numbers are enough to keep forex trading around for a long time. The automated forex trading process has been increasing rapidly, and the ‘side-hustle’ trader is also benefited from this. They can use automated robot trading to overcome the handicap of limited time to execute and manage trades.

The forex market’s high liquidity makes trading potentially highly lucrative for anyone who wants to earn extra money outside their main job. The opportunity to make money is also greatly helped by the leverage forex brokers can offer: with leverage, people can trade amounts that they wouldn’t normally be able to afford. For example, to trade one lot EUR/USD without leverage needs around $100,000: with leverage of 1:1000, a trader can trade one lot EURUSD with only $100, or 1/1000th of the original margin requirement.

Modern technology enables trader to spend less time in the market and makes it easy for traders to make trading a side income. The use of expert advisors is becoming increasingly common for traders to manage positions and even execute trades. In addition, FirewoodFX also provides a ForexCopy feature, where clients can get additional income by following the accounts of more experienced traders. But just one hour a day is enough for analysing, executing and monitoring one’s portfolio.

Of course, basic financial literacy is needed before someone decides to start trading. Financial literacy is the ability to understand and effectively use financial skills including personal financial management, budgeting, and investing. But with a very low minimum requirement to start trading forex ($10 minimum deposit in FirewoodFX), a trader can sharpen their trading skills with limited risk. It is also possible to gain experience by trading in a demo account provided by FirewoodFX, with zero risk.

Nowadays, it’s not hard to get a good education in Forex trading, the resources can be found offline and online, free or paid. But avoid the mentor or firm that promises unrealistic returns: it’s 100 percent fraud, as the forex market necessarily involves risks.

The next step, after acquiring the basic knowledge about forex trading, is to practise and practise at it until you get a trading edge. Do not be afraid to make mistakes, as mistakes mean experience. To minimise the risk while practising, traders can start small. To support beginners, FirewoodFX provides micro-accounts with initial capital starting at $10, and a minimum trading volume of 0.01 micro-lots (100) to minimise the risk for beginner traders while they practise their skills. With the right education and training tools, it may take more time and effort, but it is very possible that a part-time trader can eventually be as successful as a full-time trader.

As they become more expert and confident, traders can move up at FirewoodFX from a Micro account to a Standard or Premium account, which both have more competitive contract specifications. For those who don’t have time or do not like trading activity but want to have an income from forex, we have something called ForexCopy (https://www.firewoodfx.com/forexcopy), where clients can choose to follow experienced traders and copy trades from them.

We provide various type of accounts to suit active traders as well as investors who want to have a side-income from forex. We also provide mobile trading platforms (Android and iOS) to make it easier for clients to monitor and execute trades whenever and wherever they want. And we offer a 20 percent deposit and trading reward bonus: https://www.firewoodfx.com/deposit-bonus-promotion, and https://www.firewoodfx.com/usd-5000-trading-reward-bonus-promotion

Because of the limited time they have to devote to trading, as full-time workers in other jobs, most side-hustler traders use a swing or positioning size trading strategy which will need days or longer to finish. But today most retail traders are considered side-hustle traders.

The COVID-19 pandemic has seen the volatility in markets increasing. For example, gold prices slumped sharply on the news of breakthroughs in the development of COVID-19 vaccines in November last year, after increasing about 28 percent from the beginning of the pandemic in early 2020. This volatility can be good for traders, include the side-hustlers, as profit can only be gained from moving prices.

However, the market’s volatility is not the main factor, it is only an external factor. To be a successful trader, one should trade with an edge, and master the psychology of market and money management.