Trading Whilst Traveling: A Guide
Many individuals are thrilled with the thought of being a digital nomad. Imagine opening your TradingView account to check the price movement of an asset while chilling on a cruise ship. The lifestyle sure sounds interesting. And in this social media age, many traders who love traveling do not hesitate to post pictures of their workstations during their travels.
Whether you’re traveling because of a business trip or you’re going on a vacation, as a trader, you might be considering trading on the go. But trading while traveling is not as simple as ABC; you need to be equipped with the right information to ensure your trades go well as you enjoy your travel. This guide takes a deep dive into the essentials of everything you need to know about trading while traveling.
4 Questions to Answer Before Trading While Traveling
As you plan to travel, you need a strategy to manage your trading. Here are some questions to determine if trading while traveling is a good fit for you, and if so, what you need to know beforehand.
What is Your Primary Goal?
Some traders’ primary work is trading and traveling. They live a digital nomad lifestyle and love to change their locations every few months. That might not be what you want. If you’re taking a break from work for a vacation or going on a business trip, trading becomes your secondary goal. Knowing your priority before traveling will help you plan how you’ll spend your day and the best trading strategy to use.
What Kind of Trader Are You?
There are three types of traders; day, swing, and long-term traders. The long-term trader can pack a suitcase, jump on a flight and fly halfway around the world without feeling the slightest nudge to glance at their trading chart. Long-term traders can hold a position for several months and be undisturbed by daily market changes.
The same goes for swing traders; they don’t need to monitor their positions frequently as a day trader would. If you’re a day trader accustomed to opening and closing a position within one day, you might want to disconnect and resume trading when you’re fully settled. Remember to protect your positions by setting your take-profit and stop-loss positions.
How Much Time Will You Have to Trade?
You need to be calm, energized and focused before trading. And it’s easy to believe that since you have some free time, you could quickly open a trade. More important is if your body and mind are ready to trade. So, ensure you factor in rest time in addition to trading before determining how much time you’ll have to trade. If you have no time to trade, don’t bother opening any trade. But, if you think you’ll have a fair share of time for trading, consider the following activities to keep you on track.
- Stay updated with the news to know how any developments could impact your current positions.
- If you need to change your order, do so after you’ve done adequate research.
- You can also open a new position if you believe the conditions are right.
How Has Your Performance Been?
What has your trading performance been like? If you’ve not been doing well and are traveling just for vacation, consider staying away from trading for a while. Even if you’ve been doing amazingly well, sometimes taking a break from the screens and opening up to new experiences and relaxation is helpful to stay fit, energized, and recharged.
Day Trading While Trading: An Essential Checklist
If you’re opting to trade while traveling, it’s a great choice. Here’s a checklist of tips and things you should have:
Many traders use two screens while trading, one big screen and a smaller one. Traveling with big screens is uncomfortable, but if you have a laptop for trading while traveling, one that’s compact and easy to carry around, it makes your trading experience more comfortable. So, if you’ll be working on a single screen on your travels, try to practice trading in such scenarios to get used to it. Your laptop should have a good battery life, a fast processor, with good optimization.
It’s necessary to have at least one universal adapter with you as you’ll have to charge several digital devices. These adapters allow you to plug into a power source to keep your devices fully charged and ready for use.
A weak internet connection is one of the major challenges you may face while traveling; you’re going to need a strong internet connection to trade. You should have a quick go-to solution for internet connectivity if you’re in a place with a weak internet connection. Such options include the GoogleFi services for Google Pixels and Chromebooks or a Mobile Wi-Fi Hotspot device with prepaid data SIMS.
Carrying a power bank is an essential device serving as a temporary means to charge your phone and earphones. There are also spare battery options you can get to power your laptops. These will come in handy if the power supply can be a significant issue.
You may have a 9 to 5 job, a family, or trade forex full-time. Whichever reasons you choose to travel, whether on vacation to take a break from everything or for the love of traveling, you can integrate trading into your trip. The questions and checklist shared here will help you to make a guided preparation ahead of your travel.
It’s worth mentioning that time zones could play tricks on your mind, and your trading day could feel very different. You can wear a watch to ensure the time is right at every point. And more importantly, ensure you focus on the primary reason for your trip and try to balance out your activities.