Become a Day Trader and Travel the World – day trade from anywhere – even at your kitchen table!
Let’s be real. Wouldn’t anyone love to just travel the world full-time given the opportunity? We know we definitely wouldn’t miss out on it if we had the chance. I mean just imagine waking up somewhere new every single day. Actual goals. The average person wouldn’t even think this was possible, at least not before retirement. There are only so many paid vacations given by corporate companies. Deciding to be on a constant vacation seems out of the question. But what if we told you that if you were to become a day trader in the forex industry, your dreams of traveling the world full-time can become a reality? To understand what we are talking about, read on to find out exactly how to become a day trader and travel the world!
Who is a Day Trader?
A day trader is a person who opens and closes a position on the same day. In forex, you can either open a buy position which is called going long, or a sell position which is called going short. You can then decide to keep that position as long as you want and close it once you’re satisfied with the profits it has made. However, a day trader doesn’t keep a position longer than a day, even if it hasn’t made enough profits. Their strategy is opening a ton of positions and closing each of them when they make even the slightest of profits. This way, trading is less risky as if you wait any longer, the position could shift into a loss instead. With this strategy, by the end of the day, the tons of small profits you would’ve made would add up to a significant amount. Day trading is therefore one of the most popular methods of trading in this industry.
The Day Trader Checklist
Now you must be wondering, do I have what it takes to be a day trader? And can I really travel the world if I were to become a day trader full time? We’ve created a checklist of things you require and don’t require if you want to be a day trader and travel the world.
It is a common misconception that you need to have knowledge and experience in the forex industry if you want to enter it as a day trader but that is not the case at all. If you were to enter this industry as a regular trader, you may require knowledge on how to analyze the market but as a day trader, you don’t require this knowledge at all. This is because your strategy relies solely on keeping your position open just long enough that it makes a tiny amount of profit. If you were to keep it longer for it to generate more profit, you may require knowledge on how to analyze the market as you’d have to know if the position is even going to be able to be that profitable.
When you think about trading, an image of a computer geek with a ton of wires and screens surrounding them probably comes to mind but that is hardly the case. All you need is a working device and a connection to the internet. The device can be anything you’re most comfortable with like a laptop or even your mobile phone. And the internet connection doesn’t have to be the best as it’s totally understandable that while traveling, you may sometimes be in locations with bad service. As long as you have service at all, that should be more than enough. Plus you need an online trading platform and you are all set!
Essential Equipment to day trade:
READ MORE: Essential Tech Gear for Digital Nomads
Now, this is where things get serious. Traveling full time is no joke. It can get really expensive. You need to make sure that the capital you’re investing into trading isn’t being played with by risky positions. Being greedy for profits is what makes most traders fail before they can even begin. As long as you’re sticking to your day trader strategy, you will do just fine with this industry while also traveling full time.
We get it. No one wants to be on their phones watching the trading markets when they can be watching the sunset at a tropical beach instead. But this is the little sacrifice you’ll have to be able to make every now and then if you want to continue being able to visit tropical beaches around the world. If you know you’re going to be a bit busy site seeing, it’s best to place take profits and stop losses on your positions so they can close automatically upon reaching the target without the need of having you do it yourself.
Benefits of Day Trading for Travellers
After going through the checklist if you believe this is something you’re up to do, we highly recommend giving it a go. There are so many benefits to being a day trader, especially if you want to travel the world. Here are some of our top favourites!
You can day trade from literally anywhere in the world. There is no rule that you’ve to do it only at your workspace or at your home. You can even day trade in the bus, at the doctor’s office, and even in an island paradise like Hawaii! The world is your oyster.
Be Your Own Boss
One of the best perks of being a day trader is you’re not working for anyone other than yourself. You set the rules and you don’t have to answer to anyone. You’re not bound to a corporate space that you have to show up to every day, 9-5. You can set your own work timing and choose to trade anywhere you want to.
Easy to Begin
Now obviously if you want to travel the world, you can’t waste your time reading and learning how to trade. That’s just not going to work. You need to be able to start trading without needing any previous knowledge or experience. This is why day trading is perfect because, as we’ve discussed previously, it requires zero past experience in the forex industry.
Are You Ready to Start Day Trading and Travel the World?
If you aren’t quite ready to start day trading and travel the world, maybe start day trading as a side hustle. This way, you can test the waters as to what suits you. Some people like to be location independent as digital nomads while day trading meaning, they set up anywhere to trade. While others like to have a base, and then take off travelling before coming back to their base. Either options will let you be a day trader and travel the world! I’d love to hear your thoughts or experiences on day trading and travelling in the comments following.