What is your idea of happiness? Many people dream of exploring the world. They need more than a two-week vacation. Why not travel for years, or your entire lifetime? There are so many places worth visiting. Office jobs prevent us from travelling as much as we like. However, some stock traders from Nigeria do just that.
We have all heard of freelancers who migrate to countries where life is relatively cheap. You are unlikely to make a fortune doing graphic design. Stocks, on the other hand, offer a steady source of income. There are no limits to your profit. It all depends on your skills.
Explore the Opportunities
How much do you need to earn? Would you like to buy a beach house, a luxury car, or a mansion? It is all possible. Talented stock traders spend their lives in the most exquisite locations. For them, trading is not a job — it is a passion and part of their lifestyle.
We are all different. Too many people are stuck in jobs they dislike, or even hate. Yet, despite all the work, they struggle to put food on the table.
Due to COVID-19, conventional employment is falling apart. Companies are laying off staff, as shrinking revenues dictate new rules. Those who transitioned to telework are lucky. Some of their colleagues are jobless. Unless they change their occupation, the future looks bleak.
Every crisis has a silver lining. This year’s pandemic has helped millions to discover the advantages of remote tools. If you can work from a laptop, why stay at home? Even abroad, you can work for your employer. Of course, if they still need your services.
Talented stock traders are their own bosses. These people are self-sufficient, and they enjoy financial freedom. The world is theirs. Traders can do whatever they desire. Some travel the world, some buy luxuries, others give back to their communities. It’s always a personal choice.
Important Tips for Travelling Traders
Modern software allows us to trade whenever and wherever we like. However, there are a few subtleties when you work in a foreign country. Here are three useful tricks from stock market pros.
1. Use VPS and VPN
Traders need a stable internet connection. ForexTime provides VPS for free to users of its stock trading platform. Virtual private servers are indispensable for anyone who switches devices or uses public networks. It protects you against power outages, system crashes, and hacking. Basically, this is a virtual copy of your trading environment that runs on the broker’s server 24/7.
Travellers should also use VPN (virtual private networks). Free Wi-Fi networks are unreliable, as they are easily hackable. Even password-protected systems are vulnerable. A VPN will encrypt the connection, so nobody can steal your data. Whenever you share personal or financial information, the channel used must be secure.
2. Check Internet Speeds
Traders need at least 5 Mbps to trade comfortably. Still, you should look for more. In Hawaii, for example, the standard speed is 15+ Mbps. In Australia, it is a lot faster — over 80 Mbps. Generally, France has excellent high-speed internet. In Spain, the infrastructure is patchy. Indonesia still has dial-up.
Check the speed of connection before booking accommodation. Satellite or 3G internet should be avoided at all costs. This is not a trivial question, so you should feel comfortable asking your landlord about it.
3. Close Out Open Positions
When you change locations, your trades require special attention. While on the move, you will go through airports, customs, security, etc. This can be stressful. During these brief transitional periods, there should be no open positions.
Otherwise, you are likely to regret it. Do not make it hard on yourself. Stop worrying about the market. Check the stats if you like, but do not be burdened by the need to close a trade.
4. Use One Screen
Some traders surround them with devices just to feel important. In reality, you often need one screen for all trading operations. Sometimes, less is more. A single device with the MetaTrader platform is all you need. All analysis tools and trade parameters can be accessed from there. Surely, it comes in mobile, desktop, and online versions, but why use more than one?
Many experts recommend focusing on one market at a time. Avoid using more than three non-correlated indicators. You can focus better when there is just one workspace open.
If you really need to take two laptops with you, here’s a trick. Take out the battery from one of them, so you can use it when it’s plugged. This will reduce the weight of your luggage.
Popular trading terminals run on both Windows and Mac. Moreover, their web-based versions are accessible from browsers. Among traders, one of the most popular models is the 17-inch Apple MacBook Pro.
Where to Begin
If you have never traded stocks, begin with a demo account. International brokers allow you to test their platforms for free. These simulators may be used as long as you like. Explore the trading controls before depositing money. You need to feel confident when making decisions. Then, switch to a live account, and buy your first stocks!
Follow Your Dreams
It is not impossible to trade and travel the world. However, this task is not for the faint-hearted. Believe in yourself and master the art of day trades. This is the key prerequisite for success. Profitable trading is a skill, and like any skill, it can be developed.
Education never stops. If you have never traded stocks before, begin by opening a brokerage account. Find a reliable firm in Nigeria, and use all learning opportunities offered. With a demo account, you can practise trading on MetaTrader 5. This platform is packed with charting tools, newsfeeds, and other aids. In such environments, stock trading is a breeze.
Arm yourself with the right tools and keep on learning. Stock traders always have room for improvement. The market is always changing, and so should you. One day, you may find yourself trading on the beach next to a luxury hotel.