Forex Traders: Elements that Influence Trading Decisions
This research was conducted to study the main elements that affect FOREX trader’s trading decisions. The independent variables in this case were inflation rate, political climate, tools and technical analysis knowledge such as Fibonacci and Elliot wave the dependent variable used was the FOREX trading decision; Semi-structured interviews of experienced FOREX market traders were used for data collection. Hypothesis testing showed some differences in tools used by respondents for technical analysis in the FOREX market. Various tool differences featured in the hypothesis were Fibonacci and Elliot wave and the Meta Trader 4 platform and other applications. Core factors influencing FOREX market trading were inflation rate, political climate actions, technical analysis tools such as Fibonacci and Elliot Wave and the Meta Trader 4 platform. These were applied to study respondents’ FOREX market knowledge. Evidence of the study showed that most respondents used hedging tools or technical analysis to study market conditions before making decisions.