With COVID-19 bringing a cloud of financial uncertainty to the lives of many, tourists have begun turning to more creative and unconventional ways to finance their first post-pandemic travels. The NBC reports that COVID-19 depleted the savings of over 46 million Americans in 2020, and as a result, many are using investments to gather the funds they need.
In particular, trading on the foreign exchange (forex) market is becoming popular with travelers who wish to continue earning on the go. Here’s more about why forex is finding its place among avid globetrotters.
Profits can help cover travel expenses
When vacationing, you often need to worry about a variety of travel-related expenses, such as transportation, lodging, and insurance. Financial resource Ask Money emphasizes that travel insurance is crucial to cover everything from canceled non-refundable trips to lost or damaged baggage. However, it can cost up to $600 or more depending on who your provider is and where you’re going. One way to pay for these expenditures without dipping into your savings is to use any profits made through trading Forex. You can start early to try and generate the amount needed. Keep in mind that there is also risks involved with trading forex and profits are not guaranteed.
Travelers can also use Forex while traveling as a fairly stable form of income if they are successful. If they are taking a long trip and don’t want to take on a freelance job, trading on the market could help to build a passive income but can also cause losses. Trading robots can even be used to make trades when you can’t be online (see below).
The market is easily accessible
Another aspect of forex that makes it appealing to travelers is that trades can be made no matter where you are in the world. Unlike the traditional stock exchanges, which are only open in a specific time zone each day, forex is a truly global marketplace.
All trades take place electronically and over the counter, and so they take place on computer networks all over the world. One can consequently trade 24/7, no matter what time zone they’re in.
It’s easy to get started
Since the market is easily accessible worldwide, all you need to get started is a device with an Internet connection. After that, you can simply pick a licensed brokerage platform and create an account for as little as $5. Many trading platforms also have demo accounts that let you practice, which can help you get familiar with how the market works. According to eTurboNews, this can help you learn how to control your emotions while trading, which is crucial to lowering your risk across the board.
Most brokers even offer a hands-free trading experience with features that can make automated trades for you. In our popular post Best Forex Robots 2021, we explain that algorithms are used to read the market for trading signals, determine the best times to open and close a trade, and subsequently do so for you. With most of these platforms available on mobile, it’s even easier for you to trade forex wherever you go.
Ultimately, the nature of the forex market makes it a potential way for travelers to embark on vacations that are stress- and worry-free. It’s no wonder that many are turning to it as the pandemic eases, making traveling viable once more.