Travelling abroad is a great way to learn about different cultures and explore the world. But while many people love travelling, very few are actually able to do it – let alone explore the world or relocate to dream destinations.
In the last few years, however, we have noticed the rise of 'digital nomads': people who are able to find effective ways to generate income while living the nomadic and free lifestyle they value.
But how do digital nomads and travel adepts succeed in generating income? What are the advantages and challenges of such a setup? What are the tools required to generate a stream of income while travelling abroad? In short, is online trading suitable for digital nomads?
Digital nomads are a group of people, almost an international community of workers who are able to successfully utilise today’s technology to abolish the geographical limitations of conventional employment. They are able to carry out their work remotely so they can travel across a country they choose, or even internationally.
Some cities actually cater to this community of travellers and offer multiple perks to encourage remote working. Top destinations for digital nomads offer a multitude of co-working spaces and reliable internet connections.
Amongst those top destinations right now are Barcelona, Miami, Bangkok, Berlin, Kiev and Bali. Travellers usually consider safety, cost of living and infrastructure amongst the top criteria in selecting their destinations.
To generate revenue, these travelling adepts have various activities such as freelance writing, consulting or online trading amongst other activities, providing an income while travelling. We'll focus on the latter activity to establsh how online trading can help generate a stream of income while travelling.
Online trading and algorithmic trading were a game changer for travelling adepts with a certain knowledge of markets and how trading works.
During the last decade, online brokers made different markets easily accessible from all around the globe. Automated trading and social trading allowed even novice traders to replicate trades from successful and established traders. Trading Platforms such as the Forex trading mt4 terminal allowed traders to access and trade in the Forex market 24 hours a day, fives days a week.
There are multiple advantages for online traders. Since they have no geographical restriction, they get to lead the lifestyle of their choice in the country or countries they want, and with a rather minimal time investment. With very little time needed each day to set up the trades, trading platforms accessible from any location with a good internet connection and available in most languages, almost everyone can access and trade different markets to derive an income while travelling.
Simple though that may sound, digital nomads also face challenges. These are not people on a carefully planned business trip: instead they have to work and structure their activities while travelling around the world. In order to get work done in such a setup, discipline and self control are required as opposed to the general perception of laissez-faire globetrotters. They also have to adapt themselves and their work quickly to various and different surroundings which can be a consistent challenge.
In terms of tools, only a few (but crucial) tools are required to succeed. Online traders can work successfully with just:
- A reliable and fast internet connection;
- A smartphone to access the market and trade on the go;
- A reliable online trading broker.
Ideally, the broker will allow access to different automated trading solutions, trading signals and expert advisors such as the ones available through the forex Metatrader 4 terminal. There are automated trading software solutions that will be key to allowing the trader to reduce the time required to successfully trade so they get to enjoy their surroundings.
There's no doubt that advances in technology have made it easy to lead lifestyles that were previously limited to people who were well-off and didn’t need a day job to subsist. Therefore, the answer to the question from our title is: yes, online trading is very much suitable for digital nomads, and is actually a favourite activity to generate income while exploring the world.
Many people have been doing it successfully for some time. However, trading obviously comes with risk and is definitely not a miracle money-making machine. Not all traders are consistently successful, and losses can occur. That’s why it is important for online traders to set themselves up for success by selecting the best tools and regularly tracking their performance – to learn from any mistakes, and advance their skill.
If online traders can deliver positive results consistently, they can truly lead a dream life. The world is full of amazing places to be discovered and people to be met: the ability to travel and find incredible new experiences by exploring different places in the world is truly priceless.