Octa, a global regulated broker since 2011, conducted a survey to learn more about Nigerian 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 Nigerian traders about their stance towards security in life and trading. The survey showed some interesting correlations.
Suspended judgement
According to Octa’s survey, 79% of Nigerian 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 21% 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 Nigerian traders matches their stance towards choosing a financial broker. 89% conduct thorough research and scrutinise online reviews before putting their trust in a broker, while only 11% 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, Nigerian 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 87% of traders pay their utility bills in advance, while only 13% 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 32% 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 those who always pay their bills on time are much more likely to use risk management tools in their trading sessions. 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, 47% of those who couldn’t be bothered to pay their bills in advance tend to skip the risk management tools and often trust their gut feeling.
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, 86% of survey participants chose a meticulously clean, secure, and well-organised environment that emits stability vibes. 14% 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 Nigerian 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.
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities.
Since its foundation, Octa has also won more than 100 awards, including the ‘Best Trading Conditions Africa 2024’ award from Finance Magnates, the ‘Best Customer Support Nigeria 2023’ award from Global Brands Magazine, and the ‘Best Forex Broker Nigeria 2022’ award from Global Banking And Finance Review.
