Many people have a dream to travel, but they don’t have time off their job and need to work. This has led to a number of people becoming day traders with the aim of trading while travelling in order to pay their way. The question is whether this is really possible. If you learn some tips you could make it work.
Master Your Strategy
Before you can consider taking your trading on the road, you need to make sure you have mastered your trading strategy. You need to work out what sort of trader you are, develop your strategy and improve on it until you are confident. Only at this point should you consider trading while travelling.
Make Sure You Will Have WiFi
In order to be able to trade, you need Wifi. It does not even need to be a very fast connection, but it must be reliable. Fortunately, wifi is available just about anywhere these days so there are not too many places you will be stuck from visiting. Aim for a minimum internet connection of 5 Mbps for trading.
Stop Trading a Few Days Before you Travel
Stop trading and close out any open positions before you actually fly. It is very difficult to check the market while you’re travelling and worrying about airports, airplanes, customs, security and more. You can always pick up again once you arrive wherever you’re going.
Take One Laptop
Many traders like to have a whole bank of computers in front of them when they’re trading, but honestly, you only need one. Particularly if you’re travelling, you will be able to manage to trade perfectly well with one laptop so don’t burden yourself with more.
Get Back into Trading Slowly
You may not realise it, but time differences can make trading very difficult when you first arrive at your location. You may consider waiting a couple of days before you begin trading again just to get your mind around the changed time zones, but if that is too difficult then halve your profit target and stop loss for the first few days.