Octa reveals the results of its survey about traders' beliefs
Octa reveals the results of its survey about traders' beliefs
Selasa, 11 Juni 2024 | 09:19
KUALA LUMPUR, MALAYSIA -
Media OutReach Newswire
- 10 June 2024 - Despite the data-driven mindset cultivated in the
trading community, many traders believe in good fortune and build their
sessions around various lucky signs, symbols, and rituals.
Octa,
a financial broker with globally recognised licences, has conducted a
comprehensive survey about traders' beliefs. In this release, the
experts at Octa present the results of this survey, which help define
some characteristic behaviours of Malaysian traders.
Factors determining success in trading
Many factors contribute to trading success. A wide range of specific
skills and personal qualities, including psychological resilience,
general market knowledge, and research prowess, vastly increase one's
chances of consistently making profits. However, many traders believe
that other, less quantifiable, and more subjective components can spur
financial gains even further. They regard luck and various rituals
related to higher powers as crucial prerequisites of trading success.
Octa,
a globally recognised financial broker since 2011, has been researching
various facets of traders' mindsets since its first steps in the
financial industry. As part of this effort, the broker has recently
conducted a global traders' survey called ‘The Lucky Ones’ to learn
about traders' behaviours and attitudes regarding luck. The survey
results for Malaysia shed light on the psychology and demographics of
the local trading community and offer a valuable perspective on how
Malaysian traders perceive their journeys in the financial markets.
The role of luck in trading
For Malaysia, the average age of respondents was 39 years, while their
average experience in trading amounted to a little less than two years.
From the onset, the vast majority indicated that they don't use any
lucky signs or talismans to improve their trading results. However,
further questions revealed that a significant share of respondents
occasionally fall back on behaviours related to luck in one way or
another. For example, 27% admitted to using various rituals before or
during their trading sessions to boost confidence and maintain a winning
mindset. That may indicate that practical experience makes seasoned
traders reliant on things that have brought them luck in the past.
Some respondents even choose material objects to root their aspirations
in, using techniques such as tossing a coin, rolling a dice, and keeping
lucky charms in their pockets or near their screens to help them make
winning decisions. 18% said that a lucky charm or talisman helped them
achieve their all-time high daily profit—a considerable share,
considering the data-driven nature of the trading industry.
When asked if they consider luck a crucial factor in trading, 77% of
respondents said they are much more likely to put their faith in a
well-chosen strategy and well-developed skills. The remaining 23%
attribute success in trading to luck—partially or entirely—with 15%
pointing out that luck and skill are equally important and should go
hand in hand as crucial factors of success. That shows that subjective
factors still play a significant part in modern traders' day-to-day
transactions and can hardly be called the vestiges of the past or
obsolete superstitions.
The survey also provided some noteworthy results regarding the days of
the week Malaysian traders associate with high trading performance. Some
45% of respondents believe Wednesday and Thursday are the most
favourable days for trading. This strong preference has a logical, if
not unquestionable, rationale behind it, Octa expert explained.
Wednesday is when the US Federal Reserve announces its interest rate
decision, which tends to send ripples throughout the global financial
market. In the same vein, Thursday is considered a favourable trading
day as it often follows the dynamics established on Wednesday. As such,
Wednesday and Thursday seem more predictable than other days of the
week.
Not by luck alone: data-driven tools are here to help
Whether traders believe in luck or not, they can significantly improve
their chances of success by adopting modern, data-driven tools. Taking a
proactive stance in developing and implementing such solutions, Octa
has recently released some new features within
OctaTrader, its proprietary trading platform.
Aiming to improve its clients' trading experience regardless of their
behaviour patterns and beliefs, Octa enhanced OctaTrader by adding
Space, a built-in news feed and an analytical hub designed to help
traders share valuable insights and use expert knowledge to achieve
better results. The broker declares that its updated solution provides a
seamless, time-efficient trading experience to new and seasoned traders
alike. It merges all related processes, providing easy deposits and
withdrawals, quality insights from in-house experts, and technical
analysis tools.
The experts at Octa believe that positive affirmations strengthen
traders' result-oriented behaviours. As such, believing in lucky charms
and maintaining specific trading-related rituals can be a positive
factor if you strongly associate these things with success. Given that,
enhancing a beliefs-based approach with modern data-driven tools is a
more solid method to achieve consistent gains. OctaTrader gives traders a
consistent toolkit to empower decision-making and boost their
confidence within a flexible, well-rounded, and customisable framework.