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.
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.
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.
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.