What do traders do when the market is closed?
Each week, Benzinga conducts a survey to collect relevant data from traders from all walks of life. With the markets closed for Independence Day, we wanted to know how traders were spending their day off. As a result, we asked the following question to over 500 traders:
What do you do to relieve the itch of trading on days when the market is closed?
- Exchanging cryptos
- Trade in the FOREX market
- Trade foreign stock markets / indices
- Nothing, I’m enjoying my day off!
After counting the results, the highest response was “Nothing, I’m enjoying my day off!” Overall, 60% of respondents opted for this selection.
Since the initial r / WallStreetBets meme stock market phenomenon began in early 2021, more eyes than ever have been on the stock market. This resulted in a greater number of new traders who jumped into the action to trade hot stocks such as GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings, Inc. (NYSE: AMC).
Despite this recent trading frenzy, 60% of traders will drop the charts and enjoy a market holiday.
While most traders took their vacations, 23% of traders said they would trade in cryptocurrency markets.
Over the past month or so, many cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) saw their values drop by more than 50%.
Additionally, interest in Dogecoin has recently waned, with daily trades dropping 93% in less than a month. Despite this, traders are not taking their eyes off the crypto market as many turn to altcoins instead.
As a result, it’s no surprise that nearly one in four traders said they would trade the cryptocurrency markets during the holidays.
The crypto market is not the only currency market traded on public holidays, and 9% of those surveyed said they would trade the foreign exchange market (FOREX) instead.
The forex market allows funds, banks and individuals to buy and sell various currencies. The FOREX market is in fact the largest financial market in the world, with a daily volume of over $ 6 trillion.
The forex market also operates 24 hours a day, 5.5 days a week. Essentially, the market opens at 8 a.m. on Monday local New Zealand time (2 a.m. EST Sunday) and closes at 5 p.m. EST on Friday.
Last but not least, 8% of respondents indicated that they plan to trade foreign stock markets / indices during the holidays.
While Independence Day is a national holiday in the United States, it is not elsewhere. As a result, several stock markets are open for trading like any normal Monday.