One of the advantages that technology has brought to forex trading is that it is no longer necessary to be confined to an office when trading. Instead, traders can trade from anywhere with an internet connection, allowing them to trade when traveling. By planning how to trade before departure, this opens up opportunities for traders interested in a range of lifestyles, including ones with extended periods of travel.
Internet connection
When planning travels, forex traders will need to regularly have access to an internet connection. This could mean users need to check the data plan on their smartphone to make sure they have sufficient data each month and global coverage. Traders can also check when booking accommodation whether they have Wi-Fi, either free or paid, and check reviews to see if people have commented on the reliability. Many places such as shopping malls, restaurants, and internet cafés will have public WiFi available. However, traders should be cautious as these networks may not be secure. If they have any doubts about security, they should use a VPN that will encrypt data.
Equipment
Traders will need to decide what equipment they will need for trading, such as a smartphone, laptop, or tablet. These will form a mobile office. In accommodation, traders can use these to set up a temporary office; somewhere quiet where they will not be disturbed by family. When on-the-go, they should keep their mobile charged and ready for use.
On smart devices, traders will be better off using an app for trading rather than a website. Traders can trial these in advance of their trip to understand their features and avoid wasting precious holiday time learning basic functions.
Keep up to date
While away, traders will need to keep up to date on developments and their impact on the forex market. Using charts that show the current state of forex and a newsfeed with analysis on the impact of events, traders can stay informed wherever they may be.
Plan trading hours
The forex market trades 24 hours a day and so traders can choose when it is convenient for them. They may choose trading times to fit in with the time zone they are in, so as to not be making decisions in the middle of the night when they are less alert.
It is a good idea for traders to use higher time frames, so they do not need to be continually online. When considering forex trading when traveling, it is easy for traders to focus on how they will fit in the trading, often to the detriment of all else. However, when planning hours, traders should instead try to strike a balance, so they have sufficient time to analyze the markets and make trades, but also time to spend with a partner, family, and friends for activities and sightseeing.
With good planning, forex trading when traveling can provide the best of both worlds where traders continue to make advantageous trades while enjoying the experiences of wherever in the world they may be.
