It just dawned on me that Trading is probably one of the few self-employment options out there where you are not bound to a specific geographic location; one can set up shop in any location with a working internet connection. As a longer term outlook in my life, I'd really like to consider living abroad for an extended period. Living in Spain or France and waking up at noon everyday yet still in time for the NYSE opening bell is what I'd consider my ideal lifestyle. There may be issues with Visas or Immigration if I were to stay in one location for too long.. however, that can be exploited by moving to *another* location. (i.e. once your 90 days in the EU are up, move to, say, Hong Kong for another 90 days.) I'm wondering how many traders here have adapted such a lifestyle by choice?
Been living overseas for the past 20 years and trading for the past 12. I was planning on moving back to the US but seeing how things are going, will continue to live abroad. Low crime, lower taxes, and a chance to experience a different culture makes an expat's life interesting. These things do depend on where you choose to live but the choice is yours. It's not for everyone but if you like to travel and experience different things, it's a good life. Knowing that you can always return makes living abroad less stressful. Trading gives you that freedom...to work from anywhere as long as you have Internet access.
I live in Europe and while I would like to agree with your idea that you wake up a noon there are issues. Namely during the week your social life is SHOT! I don't mean just a bit, I mean completely shot since you are awake and at the market until 22:00. And if you don't work due to social engagements, well then you are asking for problems. It is your "day job". Don't get me wrong I do like this shift since during the day I can get things done. I walk the dogs, do the family grocery shopping, and other odds and ends. It is really nice being able to do the errands without the traffic jams, long lines, etc. I in fact love this aspect of the shift. However, you are alone... Everybody else is working while you are enjoying the sun.
I agree with christianhgross that your social life will be affected. Not sure if to the extent of totally shot but definitely would be high impact and would take some getting used to. I had traded the US stock markets while in China for a few months recently. The US markets open between 10:30 pm and 5:00 am local time. (In the summer, it would be 9:30 pm and 4:00 am). And Monday night through Friday night their time. It turned me into a night owl (which I am not a stranger to... sleeping at 6:00 am, getting up at 1:00 pm). But if you have spousal/family connections you need to consider the impact to them too. The other thing I missed was to be where things are happening. Yes you can tune in to CNN (but they don't broadcast US news all the time). Newspaper/TV/radio are mostly on local happenings. You don't feel the same but you are trading the US market.
Expat for over a decade here. I don't 'trade' US markets, but only do some value investing on US-listed equities while trading equity indices in my region and swing trading some commodities.
I may not really what you mean by expat... but moved from Holland to Spain about 5 years ago, and never looked back. Main reasons - climate and lifestyle. If you're trading US markets, social life in Spain would hardly be affected as nothing happens before 22:00 (US market close, local time) anyway.
I'm a US citizen and currently trading from China, been trading here for some 13months... weekly social life shuts down. Friends ask you to join for evening dinners, but always have to refuse and ask to meet up on a weekend. one question. Taxes.. I worked abroad for a company, at that time I would be exempt of taxes for the first 80K income as an expat.. How does expat status applies to trading? my account it's in US and home of records in the US as well. any suggestions are highly appreciated. as a trader, kind of lonely here in China,, Haven't met any single trader in this city (Beijing) who does the same as me... But yes.. I can't think of any other job that gives such a freedom of living anywhere. As for the VISA? just apply for a student visa and learn the local language,,, course have to be few hours a day (nigh trading it's truly energy draining) -Daniel
I trade from the same time zone as Daniel (I live in Taiwan), and it's definitely a bitch at times. However, I love being able to wake up after noon, go to the gym, study Chinese, and then devote my nights to trading. The social impact isn't really an issue for me since I'm single and my friends are busy during the week. I was under the impression that, since our accounts are located in the US, the $80,000 exclusion does not apply. If you find out something different, please let me know.
Honestly I don't consider this a bad thing at all, yes you're self employed but everyone has to work on weekdays. As a trader though you don't have to be forced to deal with people you utterly hate, so no bosses breathing over your shoulder no jackass co-workers and all the typical evils of getting suckered into a corporate job where you're nothing more than a worker drone. Personally I find this is perfect for me, if you make the majority of your trades as profitable as possible then I'd say just go out and do stuff occasionally. I've finally started making a profitable system and I'm finally going into martial arts again which I've ditched for awhile now and I'm practicing artwork at the weekends. Soon enough when I have some real money I'll even be able to go out and hang with friends far better in the weekends than I bet any of my friends ever could because their schedules would be dictated by their bosses.