Some people will hop from country to country running various business or what not because its fun and many countries do not tax foreign income on non-residents (guess this will not work for US citizens) so they dont pay tax. Anyone have experience with this and would like to comment? I think maybe this isnt so viable if you need a lot of screens for your trading setup, but it seems like a fun way to live.
Understanding yourself is just as important as understanding markets.
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I believe many celebrities and top athletes do that. But as long as you have a residence or family in some place, some countries will consider you being a resident even if you are not setting a foot there. Like Spain. But in reality unless you shift millions nobody cares. There is a queue of local evaders in any country that goes before any expat or drifter to worry about
I know traders that split time between 2 locations, but that is strictly for tax purposes and not so much for fun reasons. They are not necessarily living as nomads as they have office space to trade in each location and definitely not living out of a back pack.
Travelling the world and trading from a beach in Thailand, well it sounds romantic in theory, but I don't know how practical it is. There is some guy who travels around the world, trades and blogs about it. I saw his blog, but don't remember the name.
But you know, it's like anything. After a few months, even the most beautiful beach (woman / house / location) looks quite ordinary. All is a subject to hedonic treadmill, and requires clever strategies in order to be enjoyed on the same level.
"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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Part of me is jealous I must admit. It does depend on your type of trading though. I tried it for a stretch of about 8 months in the Philippines. Its a country where when you sign up for a broadband internet connection, like 3 Mbps, you connect and it is so slow that you run a speed test and find out it is only like 512 Kbps then when you call up to complain they say the plan is technically up to 3 Mbps so any speed below it is what you get even if it is deathly slow. In the end I was able to get an 8 Mbps fiber optic line but quite expensive, but includes cable tv, over $120 US dollars a month but while it is incredibly stable, I can't sign up to watch the manny pacquaio fights on pay per view twice a year, grrrr. I am back in Chicago now, but still have my house there where I can go for a retreat for a few months at a time. I am a US citizen so I am still on the hook for income tax.
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I'm paying over $700 a month for a 10 Mbps connection. So don't complain too loudly
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I met a guy at SXSW who does nothing but create wordpress themes, has a few apps, and takes stock photos and sells them online. He makes $80k-$100k a month and spends 9-10 months out of the year traveling Asia and Europe.
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