Forex, or foreign exchange, is the marketplace for the world’s currencies. This week, our data researchers asked over 200 active forex traders if they felt their portfolio would be better served by making the switch over to crypto, in favor of continuing to trade forex.
We also asked which events forex traders believe influence their trading behaviors the most.
The following are the results for this week’s study.
Decision Making In Trading
Which of the following influences your trading decisions the most?
- Economic Events: 39.1%
- Financial Data Releases: 23.2%
- Technical Analysis: 32.9%
- Broker Education: 4.8%
In this week’s report, economic events (39.1%) and technical analysis (32.9%) were cited as the two most impactful reasons influencing how and when traders make decisions.
Meanwhile, one in four traders see financial data releases as the most influential vehicle in their decision-making. Broker education (4.8%) lagged behind in our polling, and our surveying revealed educational tools provided by brokers are not necessarily the most influential decision-making vehicles for traders.
Forex Vs. Cryptocurrency
Are you considering leaving forex trading in favor of cryptocurrencies?
Overwhelmingly, three out of four forex traders told us they’re not currently considering making a switch from forex to the world of crypto.
On the other hand, one in four respondents are indeed actively considering making the switch over to trading cryptocurrencies.
One commonality traders often cite between forex and crypto- the ability to trade over weekends. Forex opens at 5 p.m. ET on Sunday and remains open until 4 p.m. ET Friday. Crypto on the other hand trades 24 hours, seven days a week.
But just because forex and crypto may be traded over the weekend, doesn’t mean all trading hours offer equal opportunities. Know that building a schedule is key to preserving your decision-making abilities when trading forex.
For example, your most optimal trading time may take into account any of the following:
- What time each market is open
- When markets overlap for the currency or currencies you trade
- When important news announcements are made
How To Trade Forex 2020
Are you deciding whether trading FOREX makes sense for your portfolio? We’re here to help.
If you’re interested in making the most of your Forex trading experience, our guides can help forex traders learn more about the best time to trade forex, the best forex indicators as well as the best free forex charts.
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