Traveling the world is a great way to explore new places, meet new people and experience different cultures. But it can also present some interesting challenges when it comes to trading.
For as long as I can remember, my mother has been telling me to “be careful” when I travel. She always tells me that I should only carry enough cash with me to survive.
I used to think she was overreacting – But over the years, I realized that she was right!
Traveling the world can be an amazing experience – but it’s never so fun when you’re losing money in the markets.
Unfortunately, most traders start trading with a losing mindset, and this can lead to catastrophic results.
Not to worry, though. I’m going to teach you how to start trading from anywhere in the world so that you can quit your job, travel the world, and live the lifestyle you’ve always dreamed of.
Here’s how you can start trading while traveling the world:
1. Choose a Broker With a Decent Trading Platform
So you’ve decided to start trading while traveling the world. Great! There’s just one problem – you don’t know where to find a trading broker.
Choosing a decent trading platform is the first step to achieving success in online trading, and it can also be one of the most difficult decisions you’ll make as a beginner trader.
Of course, figuring out which broker is decent is easier said than done. There are so many options out there, and there are so many different trading platforms to use.
If you’re just starting out, you obviously don’t want to spend a ton of money on a trading platform.
But you also don’t want something that’s going to drag you down and keep you from reaching your trading goals.
That’s why you need to know about choosing the right broker, and choosing a decent trading platform.
When choosing a broker to trade with, it’s important to remember that not all brokers are created equal. Some brokers offer no commission trading and some are fee-based brokers.
Fee-based brokers have a cost for every trade you make, no matter how small. A no-commission trading broker will have a slightly higher commission set but it’s typically cheaper than fee brokers.
When starting out, it’s important to find a broker that offers a demo account so that you can practice trading without risking your money.
You can practice your trading strategies in a demo account before risking any money and can get comfortable with your broker’s trading platform before you start trading for real.
Once you feel comfortable trading with the broker’s platform, and you’ve finished practicing, it’s time to start trading with real money.
2. Compile a List of Your Favorite Chart Patterns
Chart patterns are among the most powerful technical analysis tools you can use in your trading arsenal.
But if you aren’t careful, you can lose a lot of money if you’re not careful.
The problem is, there are thousands of different chart patterns out there. And if you don’t know what you’re looking for, it’s very easy to get lost.
FYI, a chart pattern is a recognizable price formation or price movement on a chart. Chart patterns can be used to identify entry points into trades or as exit points once a trend is established.
Chart patterns range from simple to complex, some patterns are more reliable than others and patterns provide different levels of resistance and support.
Trading patterns can be classified into two types: reversal patterns and continuation patterns.
Reversal patterns signal a change in market direction while continuation patterns signal a continuation of our current market direction.
As you can see, chart patterns are one of the most powerful tools in technical analysis for identifying profitable trade setups.
However, most traders don’t understand the value they can add to their trading strategy, so they just ignore the patterns altogether.
When you are able to spot these patterns on charts, you’ll instantly know which direction the price is likely to move in next.
Since this pattern takes the guesswork out of trading, it’s no wonder that traders around the world are improving their performance by adding this tactic to their arsenal.
So make sure you learn how to use chart patterns effectively before making your first trade.
3. Understand Price Action & How The Market Works
Price action is one of the most important concepts in technical analysis. When most people start trading, they often neglect the importance of price action.
They focus more on indicators, oscillators, and chart patterns, but ignore the most important price movement tools of all.
Without an understanding of price action, you will not be able to successfully identify chart patterns, trends, or support/resistance levels.
What’s more, you may struggle with managing your risk effectively. In addition, you will not be able to recognize what the market is doing at any given time.
If you want to learn how to trade with confidence, you need to know about price action and how price movement works.
Price movement is one of the most important concepts in trading. The movement of price patterns is extremely vital in technical analysis.
Price patterns, also known as chart patterns and candlestick formations, come in all shapes and sizes.
Some patterns are bullish and some are bearish. Some patterns involve high volume and others involve low volume. Some patterns are based on time while others are based on price.
As a trader, it’s your job to not only understand price patterns but to be able to use them to your advantage.
You need to learn how to read patterns because they will help you identify support and resistance levels and trending signals.
When trading, it’s paramount to be patient and wait for the right opportunity to come along. You need to identify the market’s direction before you enter a trade.
If you’re wrong, then you need to be ready to exit the trade quickly to avoid getting blown out.
So be patient and focus on the bigger picture instead of jumping the gun every time the market moves in your favor or against you.
4. Buy & Sell at the Proper Time
Before you start trading, it’s a good idea to take a step back and ask yourself a few questions. One of those questions is:
What type of trader do you want to be?
Do you want to day trade? Swing trade? Or scalp?
This matters because it affects how you trade the market. For example, if you are day trading, you’d better have a solid plan in place so you can get in and out quickly.
But if you’re swing trading or day trading, you have a lot more flexibility since you don’t need to be glued to your screen all day.
And if you’re scalping the market, you need to look for small price movements.
So it all depends on what kind of trader you want to be.
But no matter which kind of trader you are, it’s still a good idea to understand the basics of buying low and selling high.
There are several elements to trading that will aid you in becoming a successful trader. The first and foremost element is knowing when to enter and exit trades.
Most traders do not do this correctly and lose money. It is extremely important to avoid overtrading your account and risking too much on a given trade.
This is a major reason new traders lose money.
Unfortunately, some traders will risk all their accounts on one trade in hopes that it will turn a winner into a major winner. It will rarely happen.
You need to have the proper mindset, discipline, and risk management techniques to succeed at trading.
5. Set Your Profit Target & Stop Loss
Most traders want to trade for a living, but they never set their profit target and stop loss.
They underestimate the importance of these two crucial elements in their trading plan, and it leads to failure.
If you want to maximize your profit potential, it’s crucial that you know how to calculate your stop loss and profit target.
Without these two elements, you are basically gambling with your capital in the market.
But if you follow the right formula, you can maximize your profits and minimize your risks.
Setting a profit target and stop-loss order is an important part of trading. It helps to limit your losses while maximizing your profits.
Remember that small wins add up over time and that profits are not made or lost in a single day, so never risk more than 2% of your account on any one trade.
Keeping this in mind, you should calculate your average profit per trade so that you know when you should stop trading for the day.
You can use a calculator to figure out how much you can afford to lose per trade and how often you should take a trade for maximum profitability.
6. Protect Your Trading Capital
“I hate losing trades.” – You hear that all the time from the traders who keep bleeding money.
But there’s an easy solution – You just need to learn how to protect your trading capital.
No matter how much experience you have as a trader, there’s always a chance that you could lose everything in a single trade.
And when that happens, it can be devastating to your trading account.
When the market crashes, your losses can pile up quickly if you’re not prepared. And when that happens, all your money can go up in smoke.
But there’s a way to protect your trading account. You just need to know a few basic tips about money management.
You need to learn how to protect your trading account from losing trades. In the end, you’ll be in a better position to make more money with your trading.
As a new trader, it’s important to recognize that you’re in a learning phase.
Before you start trading with real money, it’s a good idea to start paper trading with a demo trading account. This will allow you to learn the ropes without risking your real money.
Trading with real money means you have to put your funds at risk and that can be stressful and scary for a new trader.
Trading with a fake account is a good way to ease yourself into trading without risking your real capital.
Once you’re ready to start trading for real, you should create a trading plan with a realistic goal and stick to it.
Decide how much money you want to risk and set a stop loss for each trade. Your main goal should be to protect your capital and not chase losses.
Keep your emotions in check and don’t get greedy or impatient. Try not to get hung up on losses but stay focused on your goal.
Focus on learning from your mistakes and making a plan for the next day’s trades.
7. Never Stop Learning
As a trader, you are nothing without knowledge. You can’t do anything without learning.
But the problem with most traders is that they don’t keep improving their trading skills. They keep doing the same thing over and over, expecting different results.
Now don’t get me wrong – I’m not saying that you should be taking trading courses every single day. In fact, it can be overwhelming to try to learn everything all at the same time.
But it’s important to be flexible in your approach. What you need is a trading education that you can adjust to your needs.
Make sure that you never stop learning. Even the best traders out there have mentors who help them improve their trading skills.
Learning is a lifelong activity. It’s a critical skill to have if you want to become a successful trader.
So if you’re interested in upgrading your trading skills to the next level, you can check out Wealthy Education’s free trading courses.
Trading is ever-changing and evolving so it’s important to stay on the learning curve and always be open to learning new things.
Sometimes the best thing you can do is to start your own trading journal. This will help you document your trades and will help you see patterns in your trading activity.
It’s also good to learn from other traders about what strategies work for them, what type of setups they trade, how they manage risk, and so on.
These lessons can help you become a better trader in the long run and help you protect your trading account from losing trades in the future.
There are different approaches to trading market volatility. Some traders wait for confirmation that a market is trending in a particular direction and then enter trades in the same direction as the trend. Others prefer to wait for a breakout in an established trend. Swing trading can be a valuable strategy for technical traders looking for profitable trading opportunities. In this guide, we will delve into the specifics of swing trading and how it can be used to identify favourable trade setups.
Final Words
Trading is a lot of fun, but it can also be very frustrating if you’re not careful.
The biggest thing I’ve learned is that trading is a long journey that will take time to master. Success doesn’t come overnight, it requires persistence and discipline.
Make sure you master one strategy or system at a time and then move on to another. Don’t jump from one strategy to another and try to make all of them work at the same time.
There is no right or wrong way to trade, there is only your way. Take your time developing your techniques until you find what works best for you and your style of trading.
So that’s it! I hope you found this article helpful!
