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March 4, 2019

Should You Quit Your Job To Become a Day Trading Digital Nomad?

Digital nomadism is definitely a popular trend for those wanting to live unconventional lifestyles. While working remotely is a popular way to be location independent, trading stocks or FOREX is actually a viable route to consider.

Online Trading

If you don’t have a fixed location, online trading is obviously your only option. If you want to trade stocks using a US brokerage account, like e-trade, you can use it anywhere in the world but preferably behind a VPN (for security’s sake).

FOREX trading is even simpler as it is pretty decentralized and just consists of swapping currencies for a profit. Of course, you probably don’t want to swap cash at some street corner or the airport, which is why you would do business through online forex brokers.

Cryptocurrency is an emerging market to break into but can be quite unstable if you are looking for safe profit as a day trader. Taking a look at the crypto boom in 2017, and its subsequent crash in late 2018 will give you an idea what kind of beast you will be tackling. Trading is mostly done through credible exchanges, like Coinbase, but it can be completed independently wherever there is an internet connection.

Wait Until You Have Capital

Unless you get extremely lucky with penny stocks or a sudden shift in the market, you will go broke just playing around with pennies. As someone with a past in stock trading, I believe at least $20,000 would be a sold amount to make a steady income.

If you don’t have money that you are willing to be tied up in the market, and possibly lost, forget about trading for at least a few years.

Too Much in One Basket

It should be common sense yet beginner investors always throw everything into a stock they are obsessed with. Just a small rock in the boat, you will lose all of your investing money and probably you’re trading career with it. Treat every investment as if it were speculative until you see results from the company or a long track-record in sales.

Whales Always Control The Markets

While it seems amazing that your trades may feel like you are voting the market to sway in a certain direction, there is always somebody that’s dirty rich that can ruin you. Even investing 99% of your wealth means nothing when a multi-billionaire decides to dump or buy shares.

If You Don’t Understand It, Don’t Invest

If you cannot explain how a certain company, stock or cryptocurrency works, don’t touch it. Believe it or not, there are many charlatans there looking to fool investors under the guise of technical terminology. If you don’t have experience in a certain industry or you cannot understand their whitepapers, you don’t really understand it.

Final Thoughts

If you have thick skin and lots of spare money, day trading may be your path to digital nomadism. Otherwise, you should learn marketable skills and work your way to the top like everyone else.

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