Trading from anywhere; while travelling, while at home, while on business, while at a coffee shop, whatever the case may be, it is NOT too good to be true ” trading nomad”. Taking this “trade from anywhere” approach is, in fact, the best thing you can do. While national economies continue to grapple with the pandemic, Forex brokers provide an opportunity for anyone to make money online. Trading is not rocket science, but it does necessitate certain skills, knowledge, and perseverance. Successful traders can work from anywhere in the world using laptops, tablets, or smartphones.
“Nomad Trading…” Is this too good to be true or the answer you seek?
Here are few Ideas How to Become a Nomad Trader
Concentrate on the Appropriate Chart Time Frames
To take a “nomadic” approach to trading i.e trading nomad, you must concentrate on higher time frame charts. I’m referring to the weekly, daily, and 4-hour time frames. Most other time frames, in my opinion, are a waste of your time, no pun intended. If you’re not sure why, read my article on the power of higher time frame trading.
When analyzing and trading on these higher time frames. You can simply check the charts every day or every other day at the end of the day. Which I call end of day trading, and it’s basically where you make your trading decisions. Its based on the daily chart close at the end of the trading day in New York. In other words, you don’t make a decision until the current daily bar has been exhausted. This allows you to avoid all of the intraday noise. Also avoid meaningless price movement, allowing you to focus on other activities.
Naturally, if you focus on higher time frame charts. You will trade much less than if you focus on intraday charts all the time. This is a good thing because it allows you to take a much more relaxed approach to trading. Allowing you to ENJOY your life rather than being glued to your computer around the clock. However, that is not the most important aspect
The most important aspect of this low-frequency trading strategy is that it is BETTER for your overall trading performance and chances of long-term consistent success than day trading or any other type of shorter-term, higher-frequency trading. After all, isn’t the whole point of trading to MAKE MONEY AND NOT LOSE IT?
Allow the Market to do the “Heavy Lifting”
Day traders spend hours in front of their computers. They analyze, think, and analyze some more; they are essentially on an endless mouse-wheel of information overload while attempting to make trading decisions. This is completely unnecessary and ineffective! The real reason so many people do this is not because “day trading is cool,” but because they became trading addicts. They become addicted to the moving prices, flashing colors, and the excitement of starting a new trade. It, like drugs or video games, can be an addiction. As a result, your mission is to control yourself so that the market does not control you!
You must allow the market to do the “work” so that you do not waste time analysing and thinking like a trading nomad. This ‘work’ only raises your cortisol (stress) levels, putting you in an even more dangerous trading mindset; one that is conducive to frantic, random, and illogical trading rather than skilled, patient trading. Setting and forgetting your trades is one of the most common ways we let the market do the “heavy lifting.” Don’t keep an eye on them all the time; in fact, leave them alone for a day or two! You’re not going to help yourself by constantly monitoring the market!
Don’t Live to Trade Rather Trade to Live
I discussed how the “less is more” approach to both trading and life is truly my approach and how I live my day-to-day life in an article I wrote about how minimalism is good for trading. So many people waste their money on material things, believing that they will make them happy, only to discover that the allure fades quickly after they obtain the item they desired. In this way, having fewer material possessions is beneficial not only to your bank account and overall financial situation, but also to your mind and stress levels.
This minimalist approach is also effective in trading. The less you trade, the less you worry and think about the markets, and the less likely it is that you will over-trade and over-leverage your account. It’s no coincidence that the majority of successful investors and traders are NOT day traders.
Fewer is more
When you reduce your trading frequency, you will notice that your trading performance gradually improves. But why does this happen? It’s simple; human brains are not wired to be good at trading because we are not wired to be good at self-control and impulse regulation. When you’re sitting in front of a computer with prices fluctuating and the potential to make endless amounts of money, it’s like a recipe for losing control. LESS IS MORE IN THIS CASE!
The less your brain is involved with the markets, with your trades (especially live trades), the better you will perform, because the most effective way for us to practice consistent self-control is simply to reduce the need to perform it.
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