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There are so many people around the world, looking for such work positions where they are not dependent on one specific work environment, meaning that they rather prefer job positions with very variable conditions, bringing them relative freedom and independence.
Although it does not have to look like that, trading as a job offers many work opportunities to people and few of them even such conditions thanks to which people may gain extensive freedom. Unfortunately, there’s nothing for free in this world and each business needs time for its “start,” so also in the case of trading, it’s necessary to achieve the objective gradually and with hard work.
And, in this article, we will speak about this way to trade from whichever place you want and comes to your mind…
Nomad trading
Trading while you’re at work, at home or if you have a siesta in a cafeteria. It looks too good to be true, right? In fact, no! This is only a trading approach that could be the best for you, what you can do when you work as a freelancer.
How to achieve that?
Moving to trade on higher timeframes
For the trader to start his nomad trading style properly, it’s better to focus on higher timeframes, like four-hour, daily or weekly timeframes (or in case of commodity trades – gold, oil…). Are you asking why?
If trading is executed at higher timeframes, usually, it’s enough to check charts once per day or even once every two days. This allows sufficient space for traders to make their decision and, at the same time, they may have more time for other activities.
Reduction of trading frequency and increase in trading scale
In relation to the use of higher timeframes, usually, not only the number of executed trades is reduced (reduction of trading frequency), but at the same time, the necessity for the trader to be “constantly” online is reduced.
One of the forms of low-frequency trading: Trading based on closed candles
If the trader trades on the basis of closed candles, it brings some benefits in case of nomad trading. Except for the fact that analyses are based on clear and already unchanged market information, the trader is also well aware of the time when the market provides such information and when he should take a look on the platform again (frequency of platform visits: daily chart – sufficient to visit once a day, H4 – in extreme case, max. 6x a day, etc.).
A very important part of low-frequency trading is the right setting of the trading range, the setting of stop-losses and take-profits. If the trader waits for his trading position to be opened for days or weeks, it would really make no sense to come only for 20 pips e.g. in case of EUR/USD. There’s no universal hint how to set the right trading range, however, according to more experienced traders, in case of low-frequency trading, the principles of right money management should not be breached (e.g.: ratio between SL and TP should be at least 1:1, etc.).
Elimination of trading addiction
A large number of traders spend enormous time at their computers and it’s not because the trading needs it. It’s simply because of the fact that these people became heavily addicted to trading. To become addicted to trading is like an addiction to drugs and it’s not beneficial for traders. Usually, it brings only a loss of time and, unfortunately, in worse cases, traders could need professional help as well as in case of other addiction.
Therefore, eliminate your trading addiction and use your time for activities other than trading also!
Conclusion
Here above, we stated the necessary minimum for the right nomad trading. However, if such trading is beneficial for trader or not, that depends always only on him, on a properly chosen trading strategy and his mind.
If you would like to try out trading with top tier trading conditions and professional forex broker, don’t hesitate to try our demo account that may be open on our website completely for free and free of any risk: www.purple-trading.com
We wish you many profitable trades!
About the Author
Team Purple Trading
Purple Trading is a true and 100% fair ECN / STP forex broker providing direct access to the real market. High speed orders execution, no trade-offs, no limits for any type of trading, the most advanced trading technologies. Explore more about Purple Trading at www.purple-trading.com .
CFDs are complex instruments, carrying a high level of risk of losing the entire investment as a result of leverage. 70.5% of retail investors lose their capital when trading CFDs with this provider.
(This value was set within the period from April 1, 2018, to March 31, 2019. You should carefully consider if you understand how CFD instruments work and if you can undertake such high risk of losing you initial investment.
Trading forex exchange with 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. You could lose part or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Seek independent advice if you have any doubts.
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