Helpful Tips for Successful Trading During Global Travel

Whether you’re on vacation, constantly going on business trips, or a digital nomad traveling the world, trading while you’re continually on the move is a tricky endeavor.

However, there are methods to ensure you won’t miss any attractive market opportunities while traveling. Trading during your global travels comes with challenges like the time zone, different technological hurdles, and your flexible schedule. Being prepared to mitigate your trading risk while enjoying travels worldwide is essential. This guide provides some tips for global travelers interested in trading forex, stocks, commodities, and other securities.

What You Need for Trading on the Go

The most important thing you need when trading from anywhere worldwide is a solid and reliable internet connection. You can use a mobile Wi-Fi router or smartphone hotspot to provide a stable connection. If you’re traveling to remote places, you must consider that they may have poor internet infrastructures.

Another essential tool for trading is a laptop. You won’t have your home trading station anymore with multiple monitors and an ergonomic office chair. You will likely only have a single monitor (your laptop) if you’re trading while sitting by the pool, in a café, or at the airport.

When choosing your trade and travel laptop, consider one with a big screen for your trading windows, a fast processor with enough RAM to prefer hanging, long battery life, and a Wi-Fi card or adaptor that boosts your connection.

Preparing Communications

Planning for your communication needs is vital when trading away from home. You should have emergency phone numbers for your broker, trade desk, and brokerage’s tech support if you need to contact them. Also, ensure you can contact them from any destination.

Check the operating hours of your brokerage’s customer service and learn how to reach them while abroad. Also, ensure you can get them while in a different time zone. Make sure you have all you need to keep you informed.

Using Important Technology

Different forms of technology can benefit traders, and they become even more critical when traveling constantly or on vacation. These make it easier to keep up with your trades, invest in your preferred securities, and plan for unforeseen emergencies like losing electricity or the internet.

Mobile Trading Apps

For one, you should work with a broker that offers a mobile trading app. Fortunately, most brokers come with a mobile trading app that you can use to monitor and manage your trades. It’s beneficial when you’re on the go if you don’t have access to your laptop or if there are other emergencies.

Trading Tools for Analysis

You also need to rely on trading platforms that offer tools for financial market analysis, especially since you need to make instant investment decisions while on the move. These tools include charting features, technical indicators, drawing tools, social networking features, price alerts, trading journals, and news updates.

One prominent platform that offers these features is TradingView. TradingView is popular globally as a social media network and analysis app for traders. It also has a downloadable app for use on the go. Before signing up on an analysis platform, it’s essential to carry out research and read reviews from actual users.

Platforms for Trading Updates

Traders on the go need to constantly receive trading and investment news, updates, and market movements. That’s why watching news platforms like Bloomberg, Reuters, MarketWatch, The Motley Fool, Charles Schwab, and more is important. Check the dates and times of important events like economic data releases, earnings reports, and FOMC announcements.

Using a VPN

When traveling abroad, a Virtual Private Network (VPN) is an essential tool to keep your online activity private and secure. This is especially important when using public WiFi networks, although it’s not recommended to do so. A VPN can also help you overcome geo-restrictions, as some brokers are not allowed in some regions.

Other Tech Tips

Furthermore, you should have a secondary backup device if the primary backup is stolen, lost, or fails. A backup battery is also essential, like a portable power bank that can charge your cell phones, wireless earphones, and MacBook Pro. Keep your devices secure with strong passwords and biometric features in case they are lost or stolen, and use a universal travel adapter to keep them charged.

Planning Your Trading Hours and Workflow

One important aspect is to schedule your trading while keeping the time zone in mind. If you’re constantly in a different time zone, you should check the opening hours of the markets you’re interested in. Check the market opening hours in relation to your local time and set up your trading schedule accordingly.

You should set realistic goals for your trading activities when traveling and trading. You should also prepare a workspace where you can concentrate, such as your hotel room, local coffee shop, or another suitable quiet place.

Using technology, you can set up alerts and use automation. You don’t have to check on your trades constantly if you're busy with work or vacation. Monitor major financial events and releases and balance trading with other activities.

Reduce your position size to limit risks in your trading. This reduces the impact of losses if the trade doesn’t go your way. Further, use hourly or daily charts with more extended time frames since you might be unable to watch minute-by-minute fluctuations.

What To Avoid Doing When Trading and Traveling

While in transit, don’t leave positions open. For instance, if you’re about to go on a plane or tour bus, you might not be able to check your trades. Leaving it open will make you worry a lot.

Avoid technology that keeps you glued to one location, so you should have a laptop or mobile trading app. Another challenge is overtrading, which is a common challenge for traders. It can be tempting, but you should stick to your trading plan.

Finally, avoid using public Wi-Fi for trading. Public Wi-Fi networks can be insecure and put your sensitive information at risk. It is much better to use a personal hotspot and secure VPN connection when trading.

The essence of successfully trading during global travels is to stay updated with the latest news and market updates. You need to be able to trade on the go, so having a trading tool, app, and VPN is essential.

Trading While Traveling Around the World

When trading during your global travels, you should ensure that you have all the necessary tools and equipment, from your VPN and mobile internet to analysis tools and a reliable laptop. Always watch out for the latest news, events, and reports related to your market, and set a reliable plan you can follow daily while trading. With these, you can trade effectively and enjoy your travels.