How To Trade While Traveling And Double Your Income
Dec 07, 2019
How can you start trading while traveling?
It's something that a lot of people would like to do and it's a really great advantage for us traders.
Let's have a look at some of the key things you'll want to have set up so you can be successful while trading on the go.
Your Timezone
If you're going to be trading when you're traveling, you'll need to make sure that your timelines line up.
For example, I'm currently in Milan, and the great thing about being here is that the market opens six hours later.
- Say it's 3:30 PM here in Italy, that would be the same time the stock market opens in The USA, 9:30 a.m. EST.
This is a major advantage that anyone in Europe, Asia or Australia needs to keep in mind.
Technically you could work your nine to five and still engage in the trading of the US markets.
If you are traveling (and not based in one place), however, there are a few key things you need to have available.
Connection
First, make sure you have a reliable wifi connection.
Honestly, for traders, that's really all that we rely on - a fast internet connection.
On wall street, people will literally pay billions of dollars to be able to get millisecond advantages.
The great thing about penny stocks and for normal retail traders (as they will label us) is that we have an advantage.
- In the penny stock markets and with OTC pink sheets, orders can usually get filled pretty fast.
If you're using LTE, you need to be careful and make sure that you have proper stop losses set in place as well.
- Choppy wifi can be the difference between being able to successfully close out a trade or having something go wrong and losing your connection.
The stock price may then go to where you wanted and then plummet down to put you at a loss, and you definitely don't want to be in that position.
Trading Setup
Step two is making sure that you have a trading setup.
Just how you have this at home, you can't have distractions.
Using a VPN
What I recommend as tip number three is utilizing a VPN, which stands for Virtual Private Network.
Don't worry, it's nothing shady.
It basically just allows you to connect to a server in a location that will provide you with more consistent wifi.
I have always found it useful to be able to connect to specific wifi or VPN when I needed to.
Utilize RDP
Another tactic I've found people using is something called RDP.
Basically it works as a Remote Desktop Protocol.
- The concept is to have a team viewer or a screen share.
Say you're traveling, you have your laptop with you, you're moving around, but want to be able to connect to your home desktop.
- RDP allows you to remotely access your computer at home.
That way you can trade via your home connection and wifi.
You can still access your stock screeners, your software and your applications installed on your home desktop.
I have a ton of students who want to do this and it's an awesome idea because you really only need your laptop or a mobile connection and that's it.
There's nothing else that's holding you back from being able to trade.
Analytical Skills to Bring With You
Along with the technical tools needed for trading while traveling, of course, you'll need to remember the analytical skills we've discussed here at In Penny Stock.
The most important rule that I teach my students is the double catalysts rule.
The double catalyst is essentially combining two main elements of the stock market.
- The technical part, which is the stock price and the charts.
- The fundamental part, which is the actual components of the business you're looking at.
How is its financial situation, how's the management team, how's their cashflow? What is their story?
- Look at the one-year price chart, find the highest point that it's reached, and set an alert for that high point again.
Once it breaks out, you'll get a notification and you can immediately go into the trading platform, go to that stock, and execute the trade in your favor.
Conclusion
Due to the online nature of stock trading, it is something that you can do from literally anywhere.
- Always remember to check the stability and speed of your internet connection.
- Consider using a VPN to connect to different servers.
- Look into using an RDP if you prefer to trade using your home computer systems while physically working from a different computer or laptop.
