With technology offering even more ways for people to work away from their desks and offices, the term digital nomad has become prevalent for the past decade as the best way to make money while living life on the road. With only a laptop and an internet connection, millennials can work and get paid from any corner of the world.
But now there is an emergent wave of a new type of nomads – Crypto nomads. These people take the concept of nomading even further by trading in cryptocurrencies to fund their traveling lifestyle.
The invention of Bitcoin has made crypto nomading a reality. It has been said that Bitcoin trades have generated billions of dollars in revenues every week, and more businesses are accepting Bitcoin as a legit form of payment. The rise of Bitcoin has been the driving force behind the growth of cryptocurrencies.
For anyone interested to learn how crypto nomads live their dream lifestyle and get paid while traveling, here are a few tips we received from crypto nomads.
1. Get the (non-crypto) essentials sorted out
While this is not crypto-related, but if you decide to take your crypto trading business with you wherever you go, you may need to use supporting services, such as telephone answering service, virtual assistant, or management tools – to name a few. Essentially-speaking, what you want is to have everything related to business management well-taken-care-of so you can focus on what you want to do, namely trading cryptos.
2. Get a trading bot
Nomad or not, crypto trading bots indispensable tools of any cryptocurrency investor. Trading bots automate simple trade executions and let the user automate most of the mundane tasks, allowing him or she to save hours and still hit the optimal daily profits.
Trading bots such as Bitcoin Trader allows users to tweak the settings according to their preference in automating trades and market conditions. By optimizing the trading bot’s trade strategies, crypto nomads can spend less time in front of their laptops and more time enjoying their holiday.
3. Read the latest cryptocurrency news
Information is not just king, but it helps save you from making bad investment choices as well. Bad investments cost time and money, and a lack of both can cut any crypto nomad’s career short.
Usually, when major news websites start running articles on an individual upcoming ICO or cryptocurrency, they are good signals to indicate that it’s time to sell. This is because news creates demand, and that means prices will start rising. So always spend at least an hour per day reading up on the latest news and studying cryptos to make the right investment decisions.
4. Learn to keep your emotions in check
It can be surprising that majority of people that are investing in cryptocurrencies have no idea how to control their feelings when it comes to trading. When they see that their investment has taken a 30% dive in price, they panic and begin to sell everything to recoup their losses. Being emotional is a surefire way to fail as a crypto nomad.
While this may be a sound strategy in conventional investment tools like real estate or stocks, it is different for crypto trading. Many cryptos tend to go through a rollercoaster phase in price due to its adoption or development process. Don’t feel guilty about paper losses and stay rational.
A good rational plan when investing is to sell half of your coin once you have reached a breakeven price, then hold the second half until it starts to see a profit. This way you won’t feel the urge to sell when the price drops as you have already recouped your cost.