Many who want to be successful traders dream of the freedom that comes with being a nomad forex trader; no need for an office, no boss to answer to, and no need to worry about commute times. Nomads get to follow their natural habits rather than force themselves into someone else’s routine. However, some challenges come with this type of work lifestyle, especially in the UK. Here’s a link for you to click to read more.
Here Are Some Steps to Become a Successful Trading Nomad
Find New Places To Trade
The majority of brokers require their clients to open accounts in the country where they live or work. Therefore, if you want access to online trading platforms, you will need an address in that country registered with them. It may be possible to get accounts opened in the country where you live, but not with your current employer. Perhaps this means you can open another account at home, or it may mean doing some work for someone else overseas.
Get Some Trading Experience Under Your Belt
The less experience you have trading currencies, the more likely your broker will only allow you to trade on a demonstration account rather than an actual account. Most brokers limit what demo accounts can do. For example, some don’t give new traders access to learn about pending orders or stop losses. In contrast, others limit how much money is available in the demo portfolio, and some refuse to let clients backtest their new strategies on historical price feeds. What some brokers will do if desperate is ask for proof of funds in your bank account, but this is rare. You will need to explore the trading platform and learn how it works while putting together a trading strategy that can be profitable either on demo or real money.
Move Your Money To Your Forex Broker’s Head Office
Money transfers are rarely free, especially if they involve moving between currencies. Even if your broker covered all other costs, there might still be charges levied because the sending account uses one currency while the receiving account uses another. However, before transferring any funds or opening an account, ask for full details of fees so you don’t get stung later on down the line when you want to transfer back home.
Transfer Your Knowledge to Your New Broker
It can be hard to transfer information about an account you are leaving to another broker. Details of open positions, pending orders and stop losses are all part of this information which is only achievable through the use of an easy to remember password that allows access into your trading platform. You will need somewhere safe to store this information while transferring it to your new broker so they have a complete understanding of how you trade.
Find A Place To Reside In When You Are Not Trading
You won’t be able to trade from your residence because it has been linked with an office that your broker knows about and all the other accounts you have open there. So where should you live? Some nomads choose a holiday resort close by; others take mini-retirements in places like Thailand or Bali. It makes no difference where you choose to reside as long as it’s away from your residence and a good internet connection is available throughout the day.
Enjoy The Luxuries Of Life As A Trading Nomad
With the initial outlay for moving sorted, find some part-time work if you haven’t already done so to keep yourself ticking over, maybe even use the time to write an eBook about trading currencies online, which you can sell on Amazon Kindle. You will be surprised how much extra money this brings in each month. Working full-time at first may be necessary but once you start making profits, perhaps allowing yourself three months off per year should suffice. You can then spend those months travelling to new countries and enjoying all that life offers rather than working away mindlessly in an office for the same old salary.