Nowadays, more and more people are switching to remote work. Everyone likes to just pack their bags and go wherever their feet, car, or train takes them – but can you also be a day trader while traveling?
Indeed, to be a day trader, it might take some substantial work to get yourself started. That being said, once you get past the “rookie” stage, it is as easy as ever. You just need to be prepared for what you may encounter on the road.
Is Forex Trading Possible While Traveling?
One of the greatest advantages of Forex trading is that as long as you have a good Internet connection and a reliable trading device (smartphone or laptop), you may trade from everywhere. If you learn how to use it, as explained at https://www.liteforex.com/ms/blog/for-beginners/apa-itu-forex/, you should not have any issues.
Forex trading has been known for the fact that it allows you to earn while you are in the comfort of your own bed. So, whether you are at home or on some beach in the Bahamas, it shouldn’t matter, as long as your Internet is good.
Traveling can be adjusted based on every type of trader. Some traders like to stay for one week before they move on. Others like to stay for one month. However, you should bear in mind that trading Forex will take quite a bit of your attention. This is why you need to make an itinerary so that you can give trading the focus that it requires.
Why Travel and Trade Forex?
Overall, traveling gives one the chance of exploring the world and meeting new people. But as a trader, it’s not just about getting the chance to see the world through travel. It’s a chance to bring Forex trading closer to reality.
By traveling while trading Forex, you may be able to go to places that coincide with the trading ideas that you have right now. You have the opportunity of really immersing yourself in that culture and seeing exactly how Forex impacts day-to-day life. This way, you can use that information to make better trades.
Tips to Make Forex Trading Work While Traveling
Forex trading might come with its own set of challenges, and it’s probably not as easy as the Internet makes it seem. If you try to do it while you are traveling, it might become even more challenging. Here are some tips that you may use to make this work:
1. Check the Wi-Fi Speed Everywhere
When you are traveling, you might not think about the Internet connection much – but as a trader, it’s as important as air. Before you book any accommodation, make sure that they have the Internet connection that you need. Be sure you also have coffee shops en route where you may work.
For example, if you need 4G Internet and the hotel or area has 3G, then it’s not going to cut it. If the Internet connection is poor, it will ruin both your stay and your trading session. If you can’t be certain of Wi-Fi, make sure that you have another Internet source on you too (i.e., mobile data connecting through hotspot).
2. Try Staying for 3 Months
We know, 3 months might seem like a lot for you right now, but you should put it this way: when you are traveling and trading Forex at the same time, you don’t really have time to see and enjoy the whole place.
In general, 3 months is an ideal time: you get enough time to get settled, but not enough to get bored. Plus, you will have all the time that you need to work, enjoy some unique cuisine, and take in the sights.
3. Have a CAT5 Cable with You
There may be a time when you will come across a slow Internet connection that will barely be used for trading. In this case, you still need to somehow salvage the situation. This is why you might want to make a habit of traveling with a CAT5 (Ethernet) cable with you.
This way, you may nearly double the speed of your Internet by connecting it between your computer and the router. Bear in mind that if your computer does not have an RJ45 connection, you might need to get an adapter too.
4. Have a Backup Computer
As a Forex trader and a traveler, you shouldn’t overlook the importance of having a backup computer or device with you. If you are traveling through a certain country and your computer’s motherboard decides to disastrously fail at the wrong moment, you need to have a backup.
Macbooks are often a great backup in your travel trading setup, but the choice is mainly up to you. However, make sure to go for something light and powerful that won’t be infected with the first malware that comes across them.
5. Have Two Travel Adapters
When traveling, you should always go in twos – adapters included. Every day, you need to access your trading accounts and do some work. However, you can’t really do anything if you can’t plug anything in the outlet because it doesn’t match.
The first universal adapter will allow you to plug your computer into any outlet, regardless of the country that you are traveling through. The second will act as a backup for the first, in the event that it gets damaged.
6. Give Yourself Time
If you are traveling and day trading, you might want to refrain from hopping from place to place very fast. Ease yourself into trading in that location; give yourself at least one week. Time zones can play a pretty nasty trick on your mind, which is why you must give your body time to adjust.
The Bottom Line
In the end, it is quite possible (and also very easy) to travel and do Forex Trading activity. You just need to make sure that you have your gear, a good Internet connection, and a backup for everything. Other than that, give yourself time to enjoy the places you visit and try not to rush.