The Foreign Exchange Market is the largest and most liquid in the world, with thousands of trades made 24 hours a day. Frequent travellers will find themselves well-suited to forex trading as an awareness of global economies and currencies helps traders identify lucrative opportunities. Discover the unique advantages international travel gives you when trading forex.
1. Global market insights
All financial markets are affected by global events, but none are more in tune with international affairs than the Foreign Exchange. A country’s economic performance significantly impacts the value of its currency, often within days of major changes.
Informed travellers who take note of the economic health of the destinations they visit can leverage this knowledge to pinpoint countries with the fastest-growing major economies where the currency is likely to be strengthening. Equally, this knowledge can help you avoid poor investments where you’re likely to make a loss.
2. Flexibility and convenience
Thanks to the internet and smart devices, you can trade forex at any time via platforms powered by companies like Tradu – regardless of your physical location. These platforms provide a real-time view of the market and quick access to your portfolio for instant trading.
For extra flexibility and convenience, you can download app versions of these platforms so you can manage your portfolio while on the go.
3. Understanding currency movements
Dealing with exchange rates on a regular basis will give you an insight into currency fluctuations, key knowledge if you’re to be successful in forex trading. These fluctuations can be hard to predict, but first-hand knowledge of typical shifts will help you spot trends and find the right times to buy and sell certain currencies.
This practical experience coupled with your theoretical predictions based on a country’s economic health makes it likely that you’ll choose to invest your money wisely and maximise your potential profits.
4. Networking opportunities
As any frequent traveller will tell you, there are endless networking opportunities to take advantage of – whether this is striking up a conversation with someone on the plane or attending official events for leaders in your industry.
While abroad, seek out international trading conferences to listen to advice from financial experts and meet fellow forex enthusiasts who can share tips from their own first-hand experience. Going regularly will keep you up to date with the latest market trends and enable you to explore new perspectives and strategies for your trading.