28 Feb Best Places to Live and Trade
One of the benefits to living in a truly mobile world is the ability to trade from practically anywhere. Trading is also one of the few careers where you can work with near complete flexibility, choosing the hours you want to work, the office environment, and not having to report into anyone. With this flexibility, it’s not uncommon for many traders to move abroad and enjoy some of their other hobbies and pursuits. Here are some of the factors to consider, and best places to live, to enjoy a flexible trading lifestyle.
Good weather – if the idea of escaping the winter cold in favor of a beach lifestyle is your thing, there are no shortage of options. Places like Florida and Hawaii in the US, Perth (Australia), or Mexico are great options for those who want to immerse themselves around a natural environment or enjoy a relaxing, beach lifestyle.
Inexpensive living – one of the perks to living in developing countries is that you earn your home currency in a country with a lower cost of living. At the same time, the threshold of money required to live a ‘comfortable’ life is a lot lower, so you can balance your time doing other things instead of making a lot of money through trading. Places like Costa Rica, Panama, and Argentina are great options, as are many parts of South East Asia. One of my students left his high paying $100k salary in the US to move to Central America. With the lower cost of living, he didn’t need to make the same level of money to live like a king, and he also enjoyed the flexibility to move around the continent fulfilling his passion for travelling.
Safety – there are many developed countries like the US, UK, Canada and Australia that afford traders a very safe and comforting environment. While the cost of living may be higher in these locations, they benefit from: low crime rates, the ability to walk around safely, and a secure environment to raise a family.
Reliable High Speed Internet – to be able to trade effectively, one must have access to reliable high speed internet. Fortunately, many countries have high speed internet nowadays, and places like Japan and Korea are at the forefront of technological offerings.
Good time zones for trading – choosing the type of instrument and markets that you excel in is beneficial to understand what locations might best fit your expertise and schedule. For instance, in forex, 24 hour trading allows you more flexibility, whereas stock markets have a certain window for live activity and operate in futures outside this. The 3 major markets are: London (03:00 – 12:00 EST); New York (08:00 – 17:00 EST); Tokyo (19:00 – 04:00 EST).
The prominence of ‘mobile’ working has certainly increased over the last decade, and with many of the considerations above, it’s easy to see why – even if only for a short period in one’s life, it’s an opportunity you’ll look back on fondly.