It’s the age of the digital nomad—the illustrious remote-working, traveling self-starter. If you dream of being able to work while you travel, you may consider day trading.
What is day trading?
Day trading is the art of buying and selling stocks, forex, or futures in a short time frame. Think of the mass of people at the New York Stock Exchange, yelling and making deals. You’ve probably seen it on television at some point. You can do the same thing on your laptop, allowing you to break free from having to show up to a physical location every day. You can day trade from the beach, from any city, or from your apartment as long as you have the right tools.
Tools and Technology
You need a laptop, a power source, and an internet connection. In this modern age, you can use your phone as a WiFi hotspot to connect to the internet as long as your phone is charged. Plan your travels and prepare accordingly. If you’re traveling through cities, odds are you’ll have ample access to electricity to power your tools. That might not be the case if you’re more into the outdoors. In that case, consider purchasing some sort of battery- or solar-powered charging pack for your electronics.
How to Become a Day Trader
The most important tool is your knowledge and experience. Regardless of the variation of day trading you’ll be doing, you’ll need to research enough to know what you’re doing. There are plenty of online resources and services that will help you along in your research.
The nature of day trading is such that you’ll have to be well-read on the financial market. You’ll still need to put time into this, not unlike a scheduled job. But when you clock out, you’ll be wherever you want. That’s the trade!
You’ll need a plan for how you trade, and you’ll need to stick to it. Many advice articles will tell you not to act on your gut feeling and to keep a cool head as you trade. Stick to the plan.
You’ll need money to start. Depending on what you’re trading, that amount varies. You need more of an investment for your new career if you plan on trading stocks than you’ll need if you’re trading forex.
You’ll need a broker. This will likely by through a website like Fidelity or TD Ameritrade. These will help you manage your purchases and trades. Brokers process your trades, but they also take commission for doing so. Make sure that you’re not losing all your money to these fees.
Understand the risks that comes with day trading. You’ll be working with a lot of volatile ups and downs. It’s up to you, your experience, and your research to make the wisest decisions based on what is happening any given day on the market. If you’re not unable to put in the time and effort to be constantly acquainted with the changes in the market, you’re wasting your time. But if you’re dutiful and disciplined enough, you’ll be your own boss. If you can make money anywhere, you’ll go everywhere!
Image via Flickr by Morseinteractive