Digital Nomad Day Trading: A New Era of Location Freedom
Digital nomad day trading, the idea of being able to explore new cities, immerse yourself in different cultures, and work remotely. Except the “work” part only takes about 5 to 30 minutes per day.
The key to making this work, besides having a profitable day trading strategy and following your rules, lies in choosing the right environment and tools to make your remote work, specifically trading, efficient and stress-free. As a digital nomad trader, internet reliability is the cornerstone of your workflow. You can’t afford to miss a critical price action due to a poor connection or unreliable speeds. Broker diversity is great, but it’s useless if your local internet is having issues.
How to Become a Digital Nomad Trader
- You must spend time learning so that you can find your profitable strategy.
Unfortunately, studies show this takes a minimum of 8 months of trading but usually more. It is highly advisable that you use a simulated account during this time, but for the psychology of some this isn’t compatible, and trading with a real account but of small size is better. The advantage of using the simulated account, other than not losing real money, is that you can day trade since you can hold over the $25k account minimum that all U.S. brokers require for pattern day trading (PDT). For more targeted help with trading, check out The Wired Nomad’s Trading club. - Maximize Savings, Find a Broker/Bank, Plan Your Travels, and Hit the Road!
Having savings is extremely important with a high-risk job like being a day trader. Obviously, you should already have the strategy, discipline, and rules in place to prevent you from needing to tap into emergency savings, but sometimes uncontrollable circumstances happen. Choose a broker that provides you with a trading platform you feel comfortable with. For me, that is ThinkorSwim with Schwab, however, I also have IBKR (connected to TradingView) as a backup. Of course, you’ll also need a bank that you can transfer money in and out (brick & mortar optional, but preferred). Have at least 1 credit card and 1 debit card (with fee-free ATM withdrawals). For credit cards, there are so many to choose from with many sign-up bonuses and perks, but my daily use card is the Capital One Venture X. For my debit card, I use Schwab, which refunds all international ATM fees! Lastly, you’ll need to be thoughtful in choosing a location you will enjoy at an accommodation that will satisfy your needs.
Pros
- Work from Anywhere. Whether it’s a busy city, a serene beach, or a scenic mountain cabin, you can set up your workspace as long as you’ve got a dependable internet connection. For those with a desire to explore the world, this lifestyle offers the perfect chance to see as many countries as you like. Starlink internet makes this even more possible.
- You’re in Control. No one is hovering over your shoulder or telling you what to do. You set your own agenda, which gives you a sense of freedom, but it also means you need to stay disciplined to get things done without external pressure.
- No Customers, No Employees. Feel free to take breaks whenever you like as long as it meshes with your trading timeframe. Overall, the workday is a lot less stressful and time-consuming when you don’t have to manage anyone except yourself.
- Flexible Schedule. Your work hours are entirely up to you. You know when the markets are open, and you have the freedom to set your own start and end times. Plus, weekends? They’re always yours, but do keep up to date at least a little bit with the macro environment.
- Income Timing. When do you get paid? That depends. Saving money ahead of time is crucial, as trading can be highly rewarding but also risky. Establish limits for both wins and losses to protect your finances.
- Structure. Trading isn’t something you can jump into without preparation. It requires planning before and after the market opens. Outside of work, maintaining a routine can help balance your professional and personal life.
Cons
- Long-Term Relationships. You might meet someone special during your travels, sharing incredible experiences along the way. But what happens when it’s time to think long-term? While some digital nomads find lasting love, many relationships on the road are more temporary, as travel often disrupts the future-planning process. The benefit of settling down with someone though is that you can share the expenses.
- Handling Losses. Losing trades are inevitable, and recovering both mentally and financially can be tough. It’s important to stay level-headed and avoid letting one loss lead to a series of bad decisions. Stick to your plan!
- Time Zone Challenges. If you’re trading in US markets but located in Asia, be prepared for late-night shifts. The silver lining? You’ll have your entire day free to explore.
- Internet Access. Reliable internet is critical. When Wi-Fi isn’t available, mobile data might be your best backup. However, there could be situations where connectivity is limited or nonexistent.
- Fear of Missing Out (FOMO). The lifestyle comes with a dilemma: FOMO on trading opportunities or FOMO on unforgettable travel experiences. It’s tough to have the best of both worlds at all times.
Crafting Your Trading Setup
- Lightweight Laptop or Tablet — Portability is essential, but you also need enough processing power to run trading platforms, research tools, and other applications efficiently. I personally use a 2015 MacBook Pro 13" and plan to stay within the Mac ecosystem for many reasons. A foldable external monitor is an option, but adds to your packing list and may break in transit.
- Mobile Hotspot as Backup — Even though The Wired Nomad verifies accommodation internet speeds, it’s always smart to carry a mobile hotspot to failover to for those rare moments when a connection drops. Using a phone works fine, or you can try a dedicated international hotspot (5G ones are still hard to find).
Time Zone Management and Flexibility
The freedom of being a digital nomad means you can structure your day as you like. Want to surf in the morning and trade in the afternoon? No problem. Want to trade the opening bell then spend the rest of the day on a side project? Go right ahead. The flexibility is one of the most rewarding aspects of this lifestyle, as long as you manage your time zones effectively.
Find an Accommodation with Reliable and Fast Internet!
Of course, this is one of the most important things. The Wired Nomad provides an aggregated list of accommodations (Airbnbs, Flatio, etc.) with verified internet speeds and filterable by price to fit your budget. Don’t hesitate to contact us with any questions you may have.