The trading world has become much more accessible thanks to technology, but day traders know all too well how important it is to be available. This may lead many to believe that traveling while day trading isn’t possible, but that simply isn’t true. However, you have to plan strategically and make enough time to maximize profits, but we’ve got you covered with the following guide.
Pack Essential Tech
You’ll need to take plenty of tech to stay connected to the market. Take a solid laptop with you and consider packing a Chromebook as a great backup; we recommend leaving the iPad behind. Given how precious laptop batteries and cables can be, it may be a good idea to take spare batteries, adaptors, and chargers. Additionally, in case there’s no Wi-Fi but you can see an ethernet port, consider taking a CAT5 cable along for the ride.
Install the Latest Apps and Upgrade Your Phone
Even though trading on a laptop is much easier, you won’t be spending all day glued to the screen. However, you can rely on a modern smartphone to keep you connected to the market. Therefore, you must ensure your phone is fully updated and has the latest app versions installed. While you’re at it, you may as well download a reading list to keep up with essential learning; great titles like the James Cordier Guide to Options Selling make for a fantastic page-turner that may just boost your profits.
Three Months Minimum for Each Destination
The less time you spend traveling between destinations, the more active you can be with day trading. Therefore, it’s typically recommended to stay as long as possible in one place – around three months is a good benchmark. However, you should check the local regulations to ensure you’re not breaking any visa or tax rules.
Use a Surge Protector
Once you’ve landed at your first destination, head to a local store and pick up a surge protector. The last thing you want is a volatile storm causing damage to your laptop, which will likely mean losing money than just the laptop. Even if the surge protector never kicks in, it’s best to be safe than sorry.
Have Decent Travel Insurance
While we’re on the topic of damage, you will need to take out an extensive travel insurance policy. You have a lot of expensive technology with you that could break or get stolen, so make sure you’re completely covered. Additionally, you may be involved in an accident or get ill while traveling, so look for the appropriate medical coverage too.
Close Positions Before Long Journeys
The journey part of the travel experience is stressful enough, so don’t make life harder for yourself. Cease trading a few days before departure by closing all positions, and then simply enjoy the experience – the stock market will be there when you get back.
Traveling is a fantastic experience, and actively day trading doesn’t have to stand in your way. Follow the tips above and you’ll be boosting your profits on the adventure of a lifetime in no time.
