Next and Previous Posts

I have a site I am working on that there is only 1 post displayed per page. Instead of the next and previous page links linking to pagination, i.e., mydomain.com/page/2, I would like to make the links next and previous post and have it link to the next or previous posts permalink. I read about using <?php next_post_link() ?> instead of <?php next_posts_link() ?> but I am not sure how to do this outside of the loop.

Is this possible?