Travelling can be an excellent opportunity for trading. It's a chance to visit new cities and countries and an opportunity to meet new people and enjoy yourself. However, if you're looking to trade while on holiday, then there are some things that you need to consider first. Below are five tips to help you make the most of your travels and trade while abroad.
Travel and Trading: 5 Tips
1. Take advantage of the different trading zones
When traveling internationally, you can take advantage of the different time zones and make things easier for yourself. It's not just about getting up early or working late but also about using those hours when more people are awake and active on the market. The best time to trade is when the market is moving. The worst time to trade is when it's not moving.
If you want to make money, you need to take advantage of the different trading zones throughout the day. The first and most apparent zone is the opening bell. This happens at 9:00 am EST every day except Saturday and Sunday. The opening bell usually lasts less than 10 minutes because it's followed by pre-market trading.
Time zones or any other factors don't limit pre-market trading, so you can make trades if you wish. However, there are fewer quotes available during this time, and it's harder for traders to get reliable information about price movements and news events (or lack thereof).
Two other trading zones deserve mention: London and New York overlap between 8.00 ET-12.00PM ET. The London open occurs early in Europe, while the New York open occurs late at night in Asia. The London session tends to be volatile and active, while the New York session is calmer and more predictable.
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2. Find good places to work
There are many options for finding good places to work when traveling, including co-working spaces and even hotels with free Wi-Fi. WeWork is one option. It provides co-working spaces where people can rent desks by the month or hour, allowing them to work from anywhere. It also has locations in over 70 cities worldwide, so there's bound to be one in your city.
If you don't want to go through WeWork or find an office space in town, try finding a co-working space online. There are plenty available, and they offer everything from meeting rooms and conference facilities to coffee and snacks! You can also find co-working communities on Facebook and Twitter.
Most cities have coffee shops where you can sit down with your laptop and get some work done. You'll want to find a place that's not too crowded and where people aren't constantly coming up to you asking questions or making small talk. Some people prefer working in libraries because they have excellent internet connectivity.
If you're working in an office environment, try to find one with lots of empty desks and cubicles. You don't want to be stuck sharing an office with someone who likes to talk all day long.
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3. Enjoy the flexibility of a more 'digital nomad' lifestyle
The ability to work remotely and travel is one of the most attractive features of forex trading. There are countless stories about people who quit their jobs and trade forex full time, traveling the world while making money.
This can be very appealing for anyone unhappy in their current job or who has been looking for an opportunity to get out on their path. A digital nomad works from wherever they want, whenever they want, using technology to connect with their employer and colleagues.
It's a trendy lifestyle choice for millennials - and for a good reason! Digital nomads can work from anywhere in the world, allowing them to travel more, earn more, and meet new people.
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4. You should have a backup computer
It's easy to get caught up in the excitement of traveling and trading. You might forget that you need a backup computer! If your computer breaks down, or if you lose your laptop, it can be devastating. You might not be able to access the data that you need for your trading strategy, and it can set you back for days or even weeks. That's why it's essential to have a backup plan!
If you're going on a long trip, consider bringing two laptops with you: one for travel and trading. The travel laptop should be used for everything except trading—but make sure it has all the software you need for trading on it as well!
If something happens with your primary laptop while you're away, you'll still be able to use your backup one until you get home and can fix things up there.
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5. Use mobile apps for smartphones and tablets
If you're going to be trading while you're on the road, you'll need a way to keep track of your trades and what's going on with them. You could sit down in front of a computer and watch your stocks every day, but that's not practical when trying to enjoy yourself. So we recommend using mobile apps for smartphones and tablets.
With the rise of mobile technology, it's been more accessible than ever to trade while traveling. It would have been next to impossible to do so a few years ago without a laptop or desktop computer. With the advent of mobile apps, you can check your trades and monitor your account wherever you are—and that's just one of the many benefits of trading on the go!