Finance

How to Become a Digital Nomad by Trading Forex

One of the most noticeable differences between Generation X and (Post)Millennials and is that the former was focused on job security and stability/settlement while the latter thrives on “making a change” and travelling the world.

While being a digital nomad is an exciting way of life, it still comes with the responsibility of sustaining your own livelihood unless you are a trust fund baby. Even then, money is not an infinite resource so you need to learn how to make more or else it will run out sooner or later.

Working a 9-5 desk job means that you have limited time to pursue your own personal interests, therefore, travelling the world would not be possible. So since one cannot work a stable job and globetrot at the same time, the next best arrangement is to find a source of income that is not dependent on your location. This is where forex trading comes in.

Metatrader 4 mobile trading

Over the years, forex trading had developed in leaps and bounds. From sending trade requests to a broker and waiting for them to acknowledge the request and respond to you, up till now when the customer has full control over trade execution. This can happen over pretty much any device that has an internet connection.

This means that if your plan was to trade from home, now you can trade from any place in the world as long as you have an internet-enabled device that has the MT4 mobile trading app. For Apple devices there is MT4 for iPhone and for Android devices there is MT4 for android.

For those who are just learning about forex trading, Metatrader4 one of the most commonly used interfaces that is designed for trading forex. It can be likened to the stock trading floor such as the NYSE where traders would buy and sell securities on behalf of institutions and individuals. The only difference is that you are the trader and the trading floor is the MT4 platform.

Considering that the platform is also available on mobile devices, this means that the trading floor is accessible to you as long as you have your computer, phone or tablet.

Learn how to trade forex

When you think about how easy it is to start making money using MT4 for mobile it might sound very tempting to download the app and start forex trading immediately. This sounds like the ideal scenario but a lot of work has to be done before this.

First of all, you need to learn the basic concepts of foreign exchange. Understand why the values of different currencies and commodities fluctuate from time to time. Read about the numerous factors that affect the forex market and how you can leverage them to your advantage to make money.

After this, you need to take time to understand the MT4 platform as it is a very powerful tool if used correctly. Most brokers will advise their clients to first download it on PC or Mac so as to have a holistic view of the software. As a matter of fact, most brokers nowadays offer tutorials through online free forex webinars for beginners.

Trading to perfection using practice accounts

Once you have learned the fundamentals behind forex trading, it is important to put your newly acquired knowledge to test. As you may have realized by now, Forex trading has potentially huge rewards but may sometimes involve loss of some or all your capital. This is, therefore, best done without risking your own hard earned money.

Opening a practice/demo account will help you become familiar with the forex market atmosphere. Almost all brokers offer this facility to their clients with an unlimited amount of virtual capital thereby allowing the client to learn the market and design the relevant strategies to win trades.

Use the necessary tools for forex trading

Becoming a digital nomad involves using what you have in hand at any time to make money from the forex market. Here are some important tips to follow if you want to become a successful digital nomad by trading forex:

  • Create a trading strategy – This means that you need to study charts and come up with a water-tight trading strategy that will help you win trades.
  • Choose your assets to trade – There are way too many currencies and commodities to trade in the forex market. Choose just a few assets to focus on. You will direct your energy appropriately and this will reduce distractions thereby helping you make the most out of a small amount of time.
  • Plan using the forex calendar – It is not recommended to stare at forex charts all day and night. Overtrading can lead to fatigue which would eventually cause you to make unwise decisions. Look at the forex calendar at the beginning of every trading week and plan your trades around these times/events.

Of course, in order to sustain your life as a digital nomad trading forex, you will need to use your money wisely. Do not spend it all in one place because you need to remember that each trading day is unpredictable. Work hard to accumulate profits first and build a large capital base. So that even when some trades end up in losses, you are able to bounce back successfully.

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