HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Traders don't believe in luck, Octa's survey shows


Octa, a financial broker with globally recognised licences, has conducted a global survey about traders' attitudes to luck called ‘The lucky ones’. Participants answered questions about their attitude to lucky charms, rituals, and other unorthodox practices that helped them succeed in trading. In this article, we will summarise the survey results that shed light on traders' behaviours and beliefs, providing a unique insight into their mindset.

‘The Lucky ones’: a global traders' survey

Octa asked traders from Indonesia, Malaysia, and Nigeria about their attitude to good fortune in trading. The results showed that most traders attribute their profits to continuous learning, extensive hands-on experience, and well-executed strategy rather than the agency of higher powers. However, the survey revealed that various unusual behaviours exist among traders, and it would be wrong to suggest that purely ‘rational’ ideas are the only source of truth in the field.

The average age of ‘The lucky ones’ survey participants varied from 30 in Nigeria to 39 in Malaysia and 42 in Indonesia, while the respondents' trading experience was virtually the same for all regions and amounted to about two years.

In all three focus regions, the share of believers in luck and its attributes was relatively low. In Malaysia, 25% of traders professed to counting on luck in all its forms, as compared with 20% in Nigeria and only 9% in Indonesia. This discrepancy can be explained by obvious differences in cultural background and religious beliefs between the nations.

Out of the three countries covered by the survey, Malaysia comes across as the one where traders are most likely to perform various trading rituals before, during, or after their trading sessions. 10% of Malaysian respondents said they employ such practices regularly and attested to the influence of these rituals on the outcomes of their sessions. It is worth noting that in Indonesia, as opposed to Nigeria and Malaysia, traders who use trading rituals devised them by themselves instead of adopting fellow traders' experiences.

When asked about the influence of telling signs related to social and political events on market movements, most traders from all three focus countries said they don't consider it significant. Given that, it is only natural that the survey participants pay little attention to alleged market trend indicators like the colour of European Central Bank's ex-president Mario Draghi's tie.

A modern approach to trading insights

While the respondents' reliance on lucky charms and signs as a trustworthy source of information amounted to less than 20% for all three countries, traders showed a strong preference for obtaining trading signals from outside. Many have a mentor and take part in a traders' community, while others rely on modern tools for trading insights. For example, a number of Indonesian survey participants said they fall back on OctaTrader, Octa's proprietary trading platform, for expert predictions and analytical research. OctaTrader offers its clients an analytical hub called Space. Seamlessly integrated into the OctaTrader application, Space has the form of a customised feed consisting of timely and actionable curated posts filtered by tradable assets, trading style, or other user-defined criteria. Space is designed to deliver decision-making support and contains a wealth of educational content, making trading more data-driven and efficient.

Favourite days of the week

As experienced traders know, successfully navigating the ebbs and flows of financial markets and knowing when to act and when to keep still is instrumental in achieving consistent gains. Given that, scheduling trading sessions for particular days of the week seems beneficial to most respondents. About half of the survey participants believe Wednesday and Thursday are the most favourable days for trading. This strong preference has a logical rationale behind it. According to Kar Yong Ang, Octa Broker financial market analyst, 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, it seems more predictable than other days of the week.

However, this opinion is not uniform. For example, one respondent declared he tends to be especially successful on Mondays and Fridays and will firmly stick to these days no matter what, disregarding any evidence to the contrary.

To each their own

When asked about their personal trading rituals, traditions, and lucky signs, some respondents gave remarkable and unorthodox answers. Here are some of the things that, according to traders' beliefs, influence good or bad luck in trading:

Although some exotic rituals exist among traders, the vast majority put their faith in skill and knowledge rather than luck. As one Nigerian survey participant put it, ‘I don't believe in any rituals, traditions, or stuff like that. I believe in my strategies and strict discipline.’

Octa is an international broker providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 42 million trading accounts. Octa's free educational webinars, articles, and analytical tools help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Octa has won more than 70 awards since its foundation, including the ‘Best Educational Broker 2023’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.


RELATED

Grand Promo 2022 in Singapore: Meet the Winners
Grand Promo 2022 in Singapore: Meet the Winners

We are excited to announce the winners of our Grand Promotion 2022 that ended on 30 December 2022. Singaporean XM traders won prizes worth SGD 45,000...

Octa's compelling Ramadan 2023 — Memories which become templates for the future
Octa's compelling Ramadan 2023 — Memories which become templates for the future

Octa's unique partnerships for Ramadan 2023 — Something to strive for.

Discover metal trading opportunities with T4Trade
Discover metal trading opportunities with T4Trade

Get a competitive edge in the market by trading CFDs on gold, silver, palladium or platinum. Precious metals are a useful way to diversify a portfolio and hedge against inflation...

Global broker Octa offers reduced spreads during the U.S. presidential elections
Global broker Octa offers reduced spreads during the U.S. presidential elections

The broker will lower spreads on most assets for a whole month between 31 October and 15 November to provide traders with extra opportunities during high market activity before and after the elections.

Enhance Your Trading with FXTM's Cutting-Edge VPS Technology
Enhance Your Trading with FXTM's Cutting-Edge VPS Technology

At FXTM, we're renowned for putting our clients first, which has led us to be an award-winning broker. This client-centric approach drives us to constantly innovate and expand our comprehensive suite of offerings...

Jingle Bells, Crypto Swells: MultiBank.io’s Christmas Deposit Campaign
Jingle Bells, Crypto Swells: MultiBank.io’s Christmas Deposit Campaign

This festive season, from December 15th to 31st, 2023, unwrap the gift of opportunity with MultiBank.io’s Christmas Deposit Campaign! Dive into a world where your love for cryptocurrencies meets...

OctaTrader: upcoming updates and the current focus
OctaTrader: upcoming updates and the current focus

OctaTrader, Octa's proprietary trading platform, combines all steps of the trading journey in a single comprehensive application. In this article, we will glimpse OctaTrader's upcoming improvements and the general direction of the application's development.

Spring Raffle from AMarkets
Spring Raffle from AMarkets

AMarkets is running the Spring Gold Raffle with a $16,000 prize pool! The winners will be selected using a random number generator. The status and the number...

Start the New Year with Maximum Profits: AMarkets' Exclusive Offer
Start the New Year with Maximum Profits: AMarkets' Exclusive Offer

As we step into the New Year, AMarkets is here to make sure your trading journey begins with a bang! Our New Year Offer, available from December 20th to December 31st...

XM Announces Mega Competition: US Election Special with $100,000 in Cash Prizes
XM Announces Mega Competition: US Election Special with $100,000 in Cash Prizes

October 17th, 2024 - Global broker XM is excited to announce the launch of its latest Mega Competition: US Election Special, offering traders the chance to win a share of $100,000 in cash prizes.

Happy Trading and an Octa New Year: A Festive Season of Enhanced Trading Opportunities
Happy Trading and an Octa New Year: A Festive Season of Enhanced Trading Opportunities

As the year draws to a close and a new one beckons, we at Octa are excited to kick off our special New Year promotional campaign, designed to amplify your trading experiences...

Malaysian traders to access the dynamically evolving Octa trading ecosystem
Malaysian traders to access the dynamically evolving Octa trading ecosystem

Malaysia will be the first region to try out the new, improved version of OctaTrader, a customisable cross-device trading platform finely attuned to the needs of all traders regardless of their experience.

Experience the Thrill: HFM's Ultimate Gadget Extravaganza
Experience the Thrill: HFM's Ultimate Gadget Extravaganza

Here at HFM, we're all about enriching your tech journey, and what better way to do that than by hosting an electrifying giveaway? Our exclusive lucky draw is not just a contest...

VIP Affiliates Awarded at Our Space Show Dinner
VIP Affiliates Awarded at Our Space Show Dinner

In March 2023, we treated our VIP affiliates to an out-of-this world experience, with a luxurious Space Show Dinner, where we recognised and celebrated their extraordinary achievements!

HF Markets Broadens Its Horizon by Introducing Physical Stocks Trading
HF Markets Broadens Its Horizon by Introducing Physical Stocks Trading

We are thrilled to unveil our latest enhancement to the diverse array of products we offer: physical stocks. This groundbreaking addition empowers our clients with the opportunity...

Score Big This Holiday Season: FBS and LCFC's Spectacular Prize Draw Extravaganza
Score Big This Holiday Season: FBS and LCFC's Spectacular Prize Draw Extravaganza

As the holiday season approaches, FBS and Leicester City Football Club (LCFC) are excited to announce an extraordinary prize draw that promises to add an extra layer...

Embrace Financial Growth with Modmount's Affiliate Program
Embrace Financial Growth with Modmount's Affiliate Program

Modmount invites you to join its exclusive affiliate program, offering a unique chance to achieve your financial goals through innovative partnership plans. Whether you are looking to diversify your income...

BlackBull Markets Reveals a Dynamic New Brand Image
BlackBull Markets Reveals a Dynamic New Brand Image

We are thrilled to introduce our new brand identity, a testament to the remarkable evolution of our brokerage and the broadening of our services, which now include BlackBull Research and TradingView integrations...

It’s raffle time at AMarkets!
It’s raffle time at AMarkets!

April 18, is the day! Watch our live draw on the AMarkets Global channel at 14:00 (GMT +2). The random number generator will pick 10 winners among the participants...

Summer Offer: Get a bonus and increased cashback on your deposit
Summer Offer: Get a bonus and increased cashback on your deposit

Dear clients, Summer is in full swing. Take maximum advantage of your trading with a new offer from AMarkets. Top up your trading account from June 12 to July 7 and get a trading bonus...


Editors' Picks

Regulation Matters: Why a Licensed Forex Broker Should Be Your Top Priority

Choosing a regulated broker is not just a matter of preference; it is a necessity for safeguarding your investments and ensuring that you trade in a fair and secure environment.

Automating Success: The Benefits and Risks of Using Forex Expert Advisors

This article explores the benefits and risks associated with using Forex Expert Advisors, providing insights into how traders can maximize their potential while mitigating potential downsides.

Best Forex Brokers 2024

By prioritizing factors such as overall rating, regulatory compliance, trading conditions and platform reliability traders can make an informed decision that aligns with their trading needs and aspirations, setting the stage for a potentially prosperous trading journey.

The Top Forex Expert Advisors 2024: Performance, Strategy, and Reliability Review

An annual roundup reviewing the most successful Forex Expert Advisors (EAs) based on their performance, strategies employed, reliability, and user feedback. This piece would provide insights into which EAs have been market leaders and why.

The Evolution of Forex Expert Advisors: Navigating the Path of Technological Revolution

The concept of automated trading has been around for decades, but the accessibility and sophistication of Forex EAs have seen significant advancements in the past few years. Initially, automated trading systems were rudimentary, focusing on simple indicators like moving averages.

Best Forex EAs 2024 – Forex Expert Advisors Rating

Expert Advisors (EAs) Rating features high-quality Free and paid Forex EA most popular on the market today.

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.