The travel trade is a hectic and highly competitive industry. After visiting countless destination products to sell, then costing and planning itineraries, many practitioners find that their profits are eroded by the time that the actual tourists arrive. This is mostly due to the escalating costs of online and trade expo marketing coupled to fluctuating currency values. Not to mention the issue of seasonality. So, how does one counter this industries’ inherent financial peaks and valleys? The answer may be to start investing and trading stocks online.
The stock market certainly presents itself as a very good option, but there might be a problem with that. How can you invest and trade in stocks when your hectic day job requires you to travel a lot? Well, the answer lies in trading online. Here’s how.
Research and study
It’s not advisable to start investing in stocks until you are well aware of the inner structure of this particular industry and how things work. Stock investment mistakes can be costly, so educate yourself before you do anything. Fortunately, there are tons of online resources, and most of them (like this article) are free.
Enrolling in an online course is a good way to learn about stock trading. This way, you’ll learn the ropes and gain investment strategy insights from professionals in the field while being able to ask questions at the same time. Websites like Udemy.com offer a wide range of online courses on this topic, and you can plan your time commitment over several lessons with the time required to complete most courses ranging from two to ten hours.
E-learning, reading informational articles or watching instructional videos while on a train, plane, or bus, will make the most out of your travel time and you’ll gain a lot of knowledge along the way. Knowledge that will stand you in good stead when you start trading through an online broker.
Find an online broker
Once you understand the ins and outs, you’ll need to open an account with an online broker so you can start trading. Now, this step might be a bit complicated for several reasons. For starters, you need to do a little research to find a suitable broker, starting with the brokers’ costs.
Customer support is imperative. Your broker will need to provide support around the clock, and through different channels –– this is important as you will not always be available for a phone call, so live chats and emails are definitely required.
One more thing to bear in mind is the software that the broker uses. Find out if the broker offers educational resources such as a free and unlimited demo account that you can use to trade without risking any of your investment capital. This way, you will be able to test the software and your stock or forex trading investment strategy before making a final commitment. The last thing you want as a new trader is to find yourself stuck with outdated software, a complicated interface and poor user experience. Look for an online broker with the latest software that can offer you a smooth user experience with plenty of options to help you along the way.
Get to know different stocks
So, now that you’ve done your initial research, and selected an online broker, it’s time to consider the different available stock options, which can be a bit tricky. You need to take this step slowly because it involves a lot of research and analysis. You naturally want to know the history of a company, including its earnings and financial reports, as well as those of the SEC. It wouldn’t hurt either to check reports made by professional analysts on the state of the company. Most of this information should be provided by your online broker, and you need to take that information and analyze it thoroughly to reach a conclusion about whether or not you’re going to invest in said company.
Keep your options open
It’s very important that you keep your options open when you first get into stock trading and investment. You’ll find that there are plenty of options available, and you never know which will be best for you in the long run. One particular angle you need to consider is Forex Trading Online, which can be great for investing on the go if you know what you’re doing. Forex trading is basically trading in foreign exchange –– currency –– that very same factor that keeps eroding your tourism business profit margins. You’ll find that companies, banks, central banks, individuals, and plenty more people are involved in this market, which means there are a lot of opportunities available if you do all the right things.
Is it advisable to trade in stocks while on the go?
Like anything else in life, trading in stocks while travelling has its pros and cons, and at the end of the day, you get to make choices based on knowing both. Is it possible to invest and trade while travelling? Definitely. Is it for you? That question can only be answered by you.
Considering the positives, there are plenty. For starters, you don’t need to quit travelling. All you need is a smartphone or tablet and an internet connection. Most airports have free WiFi, so that part’s easy, accessible, and efficient. You can start making money on the side from your stock investments, while still maintaining the security of your regular business, which is obviously important.
Considering the cons, they’re mostly related to insufficient research. When you’re travelling, you might find yourself stuck with little time to do research on a particular investment, which means you might be forced to take an uninformed decision, and that could go either way. So, there’s definitely a risk factor involved.
Being able to invest and trade in stocks online has definitely become a lot easier while travelling, which is something that wasn’t even possible before the internet. Is it perfect? Not really, but then what is? What you have to do is weigh the risks and benefits, and find out what’s best for you.