The ideal for a traveler is to be able to work and make money on the go, don’t you agree? A lot of travelers out there are already doing this whilst others are still working on how to do it. I’ve met a lot of travelers who are solely making money via traveling either by teaching a language, selling guidebooks, becoming Instagram influencers, etc.
I started Forex Trading a few years ago, which proved to be a good way of investing and being able to do this anytime, from anywhere, just by using a laptop or your mobile device. Below I will go through explaining to you what is forex trading, share some tips, indicate to you what you need to start, and eventually recommend you my top trusted forex broker to trade with.
What is Forex Trading and how does it work?
Forex trading, also known as foreign exchange or FX trading, is the conversion of one currency into another. The foreign exchange market is where currencies are traded. Currencies are important because they allow us to purchase goods and services locally and across borders. International currencies need to be exchanged to conduct foreign trade and business.
So here’s the most simple example: if you are a traveler in the UK and want to travel to Europe, then you need to sell GBP and buy EUR. This is an exchange from your currency to the locally accepted currency at the currency exchange rate.
Why Forex Trading can be one of the Best Travel Jobs?
You can work anywhere, anytime: The top reason what it’s the best travel job is that you can do it as you travel, anywhere, anytime, on the plane, on the train, daytime, midnight (apart from weekends when the markets are closed). So you are on a 5-hour flight on a plane with wifi access? What else is best to do rather than invest your time trading?
You are your own boss: Yes, you read that right. You don’t have anyone to tell you what to do 🙂 You work for yourself.
You only need a mobile device: ..and the trading world is right at your fingerprints. You just need a mobile device like a tablet, phone, or laptop (and of course extra power banks to support you in case you ran out of battery).
Interested in Forex Trading? Start Today!
BlackBull Markets Forex Broker | New Zealand Regulated Broker | Best Forex Broker Since 2014
How much do Traders earn?
Have you seen the movie Wolf of Wall Street? It shows how successful traders earn millions and live a comfortable lifestyle. But we also hear stories of people who have lost their money. The first thing you need to understand is that there are no fixed earnings when trading forex. There’s always a risk in losing your money and you should always invest the amount you are willing to risk losing. How much you will earn depends on the level of your knowledge, your strategy and your trading appetite.
Go Demo if you are New
If you are new to trading, I recommend you to spend some time learning the basics, open and trade on a demo account before going on with investing your real money with a live account.
A demo account will allow you to trade the markets risk-free, develop your strategy and learn how to use a variety of trading tools.
According to Payscale equities traders earned an average of $84,495 with a bonus of around $2K – $88K (accessed on the 04/01/2022)
Can you lose money?
You can lose money, yes. If you trade aggressively you will. Your top priority should be not losing what you have instead of making profits immediately. When you open a trade, it’s better to stick with it for a while and it’s fine to know when you’re losing (always remember that you should invest what you can afford to risk losing).
Risk Management is the key. An experienced trader can lose if he is not protecting what they have. Also, you have to be patient, if you are not then you are likely to lose. Don’t expect a trade to be profitable as soon as you open it and get disappointed and close it and afterward you go back and open the trade.
How to Start
As already mentioned above, you need a laptop or a mobile device. So let’s start. . .
- Open an account with a reputable broker
- Complete the registration process
- Add funds to your account
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle. BlackBull Markets does not accept client applications from Canada and the United States.
Another source of making money whilst traveling, is to maintain a travel blog and monetize it through affiliate marketing. For more information check out my post Making Money with Affiliate Marketing
