Octa broker's survey: South African traders' security stance

Octa, a global regulated broker since 2011, conducted a survey to learn more about South African traders' security habits and behaviours, both in everyday life and in trading. Below are some insightful takeaways on how traders approach one of the most crucial aspects of their craft.

There is an old saying, 'How you do anything is how you do everything.' Whatever its initial source, this piece of wisdom is remarkably applicable to trading. With that idea in mind, Octa, a globally trusted and regulated broker, surveyed South African traders about their stance towards security in life and trading. The survey showed some interesting correlations.

Suspended judgement

According to Octa's survey, 82% of South African traders tend not to trust new acquaintances too easily. They prefer getting to know a new person for several months before entirely relying on them. The remaining 18% approach this aspect of their life in a much more nonchalant manner, saying they only need several hours or less to start trusting a new person. 

This reserved general attitude towards new people displayed by South African traders matches their stance towards choosing a financial broker. A whopping 96% conduct thorough research and scrutinise online reviews before putting their trust in a broker, while only 4% make this decision without proper groundwork. 

This symmetry in attitudes speaks volumes about people's mentality, but the key takeaway is this: in life, as in trading, South African traders tend to display a cold-headed approach. They opt for transparency and require as much information as reasonably possible before making a crucial decision, whether in their life or finances. 

As a broker with a long and successful track record, Octa fully supports this stance and advises traders to test its advantageous conditions and fast withdrawals first-hand instead of mindlessly trusting advertisements. This way, traders can ensure Octa discloses all its fees and conditions without any hidden tricks—just fair and transparent trading.

A disciplined approach to finances

The survey showed that 84% of traders pay their utility bills in advance, while only 16% do it at the last minute, despite having no money issues. Surprising though it may seem, this lifestyle choice does not entirely match the participants' stance towards risk management in trading. About 29% of respondents use stop-loss and take-profit orders only when attempting an especially hazardous trade. In most cases, they rely on their intuition and experience.

It is worth noting that regardless of whether traders pay their bills on time or leave them until last minute, they display the same proclivity towards using risk management tools in their trading sessions. 71% said they carefully set stop-loss and take-profit orders, keep track of their equity level, and calculate potential financial outcomes before taking a position. On the other hand, 29% tend to skip the risk management tools and trust their gut feeling—and this number is the same for those who aren’t concerned with paying their bills on time and those who show impeccable discipline in this regard.  

To sum up, traders often transfer their financial stance in life to their trading routine. In wealth management, taking a proactive stance often pays off, as you mitigate the risks and avoid unnecessary complications. 

Another crucial step to mitigate risks is to choose a broker with fast and efficient withdrawals. For example, Octa taps into its extensive global expertise to ensure a secure and reliable withdrawal procedure whose efficiency is supported by thousands of user reviews.

Aspirations vs. reality

When asked how they envisage their dream workplace, 85% of survey participants chose a meticulously clean, secure, and well-organised environment that emits stability vibes. 15% opted for a beautiful and unique, yet chaotic and unpredictable environment. This shows a strong tendency towards an organised, disciplined approach.

On the other hand, according to Octa's research, 44% of South African traders don't plan their trading sessions and access their trading app whenever they feel like it. This statistic reveals a distinct tendency to approach trading with a degree of nonchalance that can harm financial outcomes. 

The conclusion is simple: leaning towards discipline and efficient planning is one thing, but putting this principle into practice and strategising each session in advance is much more challenging. 

Disclaimer: This article does not contain or constitute investment advice or recommendations and does not consider your investment objectives, financial situation, or needs. Any actions taken based on this content are at your sole discretion and risk, and we and Octa do not accept any liability for any resulting losses or consequences.