The world is becoming more and more remote-focused every single year. Investing isn’t safe from this trend and has even become more accessible because of it!
Nowadays, anyone can invest on their phone while on vacation or traveling, and they won’t miss a single step doing so. In today’s article, I’d like to share an interview I had with Roger Scott, the head trader of WealthPress.
For those that do not know, WealthPress is a team of experts focused on educating and giving financial literacy to everyone, despite their career or education. Roger Scott is a professional stock trader with over 25 years of experience, and he was more than happy to share some remote investing tips!
What is the number one challenge of investing remotely?
Honestly, the biggest challenge would be finding an app that works for you that you can use on the go, and most importantly, one that functions properly and quickly so that your decisions are processed as soon as you make them. There are many investing apps to choose from; I won’t promote any of them over another.
But some apps are very good at providing a smooth user interface, while others lack this interface but are much more traditional with managing money and treating their brokers.
What’s the main difference between investing remotely and investing from home?
The great thing about modern technology is that there’s really no difference at all. Investing from overseas will work exactly the same as if you’re at home. This, of course, is assuming that you are only on vacation and traveling.
If you’re changing up residency, you can probably expect different tax laws. Everyone should do their research so that they don’t get in any trouble in that regard.
Do you have any tips about keeping up to date on news and stocks while investing remotely?
Sure, I’d probably give the same advice as always. You just want to remember to check all of your news outlets.
Check the same social media pages that you’d normally check, whether it’s Reddit, Yahoo, Facebook, or private Discords. There are plenty of places to look and research, all of them with pros and cons. I recommend having a diverse list of outlets to do your research on.
Is there anything people shouldn’t do while investing remotely?
Don’t make any decisions that you wouldn’t make at home, you know. Just because you’re out and traveling doesn’t mean that your money will do anything different.
It doesn’t change how the market will act, so there’s no reason you should change your strategy. Just stay calm, don’t let nerves get to you.
There’s psychology when you change spaces, especially drastically like when traveling. It’s important to not let it negatively impact your investing habits.
What investing habits do you think many people fail to keep while traveling and investing remotely?
I think many people will travel, and then they’ll stop making their lists. They’ll stop planning out their strategy, entry, and exit points and start winging it more often.
Like I said before, it may be due to the psychological impact of not being in your normal physical space. I find that it helps if I actually make a checklist to go through, kind of like a pilot. Safety first, you know!
Even if you have zero interest in the stock market, you can still reap the rewards of investing. For more investing tips, visit Roger Scott’s blog at https://rogerscottwealthpress.wordpress.com/.