Trading forex while camping
Even campers are sometimes bored and wish they had an activity that stimulated the brain.
Retirees who drive around South Africa and camp three months at a camping spot, or the "swallows" who move to warmer camping areas during winter, could all add to their pension by trading fore.x
The prerequisite is that they have their trading habits, strategies and technical set-up sorted out before they arrive at a camping venue..
Technical trading set-up
South Africa has vast areas where an Internet connection via mobile or wireless are virtually non-existent, and those would be bad areas to try and trade online.
In general, the trader should always be able to find a wireless hot-spot or some form of connecting to the Internet in even the smallest town, as long as he provides for the security risks associated with public wireless connections.
A basic technical set-up would include
- a laptop, iPad/Tab or mobile phone;
- connection cables and chargers for all devices;
- dust- and waterproof storage for all devices;
- cables or connections between devices;
- trading software installed on your computer if necessary;
Get the settings on your trading software right.
Your trading platform should enable you to set default stop and profit taking levels which activate automatically once you enter a trade. In that way, if you lose your connection, you will have a stop and profit target set, so you are not exposed to unaffordable risk.
Connection speed and stability dictates the feasibility of trading from a camping ground. In general, it would not be feasible to trade short term strategies (scalping) and time-frames (less than an hour) if you are not completely sure of the connection stability. It can cost you a bundle if you trade on the low time frames and your connection disappears before you can enter a stop.
Ons should practise trading on a mobile phone to ensure that you are comfortable with trading on a small device, even if you trade on a laptop. Despite the ease which the promotional videos promise, not everyone finds it practical to trade on the small screen.
A mobile phone connected to a laptop can be used as a router to access the Internet. Here is what I use:
This set-up allows me to trade even at camping grounds surrounded by mountains.
If you prefer to take your partner out to a restaurant for brunch every morning, find a nice place where the noise is within levels you can tolerate, and the connection is reliable and safe.
It is a good idea to research possible trading venues before you leave on vacation. Google for the different locations and look at their reviews to see what people's experience with the internet connection have been.
Mobile phone coverage in South Africa:
Places to find free Wi-fi in South Africa:
Most restaurants these days offer either free or partially free wi-fi including:
- Mugg & Bean
- Primi Piatti
- News Cafe
- Seattle Coffee Company
Get more info about city wi-fi at Project Sizwe
Do not be tempted to carry out banking activities while connected to free wi-fi. However, if you have an emergency or, for some reason need to transfer money to your credit card or the children, I suggest you change your password immediately or as soon as you can via another access point.
The safest way to do your banking in such circumstances would be to use your mobile service rather than a wi-fi access point.