One of the best parts about being a trader is being able to work from anywhere. You need to understand that trading on the road is not as glorified as some of the trading services out there make it sound. You have to have the right tools, and know how to find the best trading environment. Here are 5 tips for day trading profitably while you’re on the road:
Research The Wifi Speed of Wherever You Are Staying
Don’t make the mistake of booking a place to stay without knowing the wifi situation. If you are using Airbnb, always ask them what their wifi situation is like. Just because it says they have wifi does not mean that they have wifi suitable for trading. If you know you are going to a location with little to no wifi, come with a hotspot setup as a backup. Make sure to always do the research before you book your place to stay. Verizon offers portable wifi that I have used before.
Protect Your Portable Monitors
Most portable monitors are very fragile. If you’re putting it in checked luggage, be sure that it is well protected. I’ve broken so many of my USB ASUS monitors during my travels because I didn’t put enough protection around it, and I thought the carrying case would be enough. Turns out it doesn’t do the job when it is being thrown around in a checked bag. In addition to the protective case it comes in, you should put it in the box it came with as well. This will ensure the screen won’t get damaged during the journey in your suitcase.
Nail and Bail
Always remember that you do not have to trade everyday, even if you are day trading. There is nothing worse than taking a dumb loss while you’re on vacation because you wanted to make some money. No one can control when there will be trading opportunities. If your setup is not there, there is no reason to be clicking buttons. If you make some money at the market open, there is no reason to hang around all day to try to push your luck if your setups are not there. Take your money and go enjoy the day.
Avoid Trading On Public Wifi
I have heard too many horror stories of people trading on public wifi. I have actually had a student who lost six-figures when he got hacked on a public wifi at a Starbucks. In addition to security issues, you likely have much slower connection speeds, making trade executions and quotes much more difficult. Trading in public places can also get very distracting. Find a quiet location to trade to eliminate distractions. Only trade in a public place as a last resort.
Plan Out Where You Will Trade Well Before Market Open
It is crucial that you know exactly where you are trading before the market open. When you are traveling in an unfamiliar location, you may encounter poor wifi speeds, a lack of outlets, or other issues that will interfere with your trading. It is crucial that you scope out the place you will be trading well in advance of the market open, whether its your hotel room, hotel lobby, or a cafe.
You do not want to find out there is no outlets nearby when you are in a trade and your computer is about to die. Trading is hard enough as it is. Do not throw more unknown variables into your trading by not taking the time to find a location where you can trade without distractions. Take time the night before to scope out the environment where you will be trading the next morning.
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