Tips For Trading While Traveling
Trading stocks, bonds, commodities, penny stocks and any other security has become easier than at any time in the past. It used to be the case that one would have to call up a stock broker during business hours to place a trade. The order would then be filled as quickly as possible, but there was no guarantee of the price. It was a slow process that often left traders without the securities they wanted at the price they desired.
Fortunately, things have changed with the rise of technology and now just about anyone can trade their own securities from essentially anywhere in the world. There are a few hurdles to climb over, but they are relatively minor compared to the way that things used to be.
In order to trade online one must obviously have a piece of technology with an Internet connection. These days it can be a smartphone, tablet, laptop, or other device that has the ability to connect to the Internet. I usually travel with my laptop and a spare travel monitor that hooks up via USB port. They are light weight and easy to pack up into my back pack. I also carry a spare Ethernet cord and adapters if I am traveling outside the US.
Investors who want the most advanced tools for their trading experience should certainly look to see if the broker offers tools that make the trading even easier. This means that the broker offers something to download known as a trading platform. These are generally free but allow you to examine your trades more carefully and perhaps make better trading decisions as a result. If you have to pay for a platform, seriously consider the pros and cons of doing so before making that choice. I prefer eSignal for my charting and Trade Ideas for scanner software.
Traveling traders know that they can still place the orders that they need so long as they are able to get to the Internet. If for example someone gets on an airplane and does not have a Wi-Fi connection as a result, then they would be unable to trade and therefore might lose out on potential gains that they otherwise would have had. It is important to schedule traveling around the available of the Internet if you are in the market. If you are going to be away from the Internet for a while, it might be best to simply exit all trades from the market and wait for a better opportunity when you have more time to devote to it.
Bring Your Homework
Finally, make sure you bring all relevant materials about the companies that you want to trade in with you. Any market research that you have done or any other points of reference that you may want to review at some point while trading are worth carrying with you as well. You never know when you will need to look something up in a pinch. Also, consider bringing everything that you need to remain comfortable while you trade. The fewer distractions that you have while trading, the better you are likely to do.