The FOREX market is a very huge market, it is the world’s largest financial market, consists of big monetary transactions. Many people consider the forex market as gambling, but this is totally a myth. They carry this myth because they have seen many people facing a huge loss in this market.
They are not aware of the reason for their loss. The forex market is the legal market consisting of trading participants who come across for various financial transactions. If you are a trader, you must know about the different holidays in which the market is closed.
So, are forex markets open on Thanksgiving? No, Forex markets are not open on Thanksgiving day. Forex market is closed to retail traders; but, it is always open for central banks and other related organizations. During public holidays like Thanksgiving Day, the volume of transactions to be carried out reduces greatly, which results in the less volatility trading day. Mostly, brokers are also not available during the public holiday like Thanksgiving Day.
Forex Trading Year Round
The people who carry myth in their mind that, the forex market is gambling, they are unaware of the reality. They believe in this myth by seeing other people who were in this market and faced a huge loss. So, they need to understand the reason, why many people face loss in this forex market? Here is the answer to this question.
- Lack of Maintenance of trading discipline
- Learning through trial and error
- Trading with no plan
- Unrealistic expectations
- Poor risk and finance management
These are some top reasons why most forex traders fail. If a person starts trading in the forex market with proper planning and trading discipline, there are chances of earning huge through this market. So, for brand new traders, it is significant to get started in this market with having proper knowledge of basic concepts.
If basic concepts are not clear, a newbie trader would face difficulties in trading. So, how could a brand new trader learn basic concepts of the forex market? Demo account is the best option for a brand new trader. Forex demo accounts are funded with fake money, a new trader trades via fake money. Demo account helps the trader in experimenting with new methods and understanding forex market concepts practically. Gaining practical knowledge is very important for a newbie trader because when you start trading practically, there you can find a difference between understanding concept theoretically and practically.
When you are trading consciously in the market and suddenly come to know that the forex market is closed on a particular day, it could be a public holiday like thanksgiving day. What you should do then? There are many crucial activities to do when the market is closed, which may help you in improving performance.
Some people believe that forex markets are closed during the weekend, but the fact is, the market is closed only to the retail traders. It is always open for central banks and other related organizations. The forex transactions are always done electronically hence; there are no chances of the market being closed. During holidays, unbelievable change occurs to the market and due to the holiday, it results in low volatility, thin trading volume and unavailability of most brokers.
What should I do on Thanksgiving Day when the market is closed?
Thanksgiving Day is generally celebrated in Canada, Liberia, the United States and some of the Carribean Islands, it is the national holiday for these countries. So, what you should do to improve your performance when the forex market is closed? Here is the elaboration of those factors:
1. Check out your previous performance:
Checking out your previous performance lets you know about what earnings you have made and what losses you have bear in the forex market trading. When you check out your past performance, you should list down the strategy you’ve used which worked and that made you earnings.
2. Analyzing present performance:
Your present performance lets you know about where you are right now, whether you are in profit position or in a loss position. So, during the Thanksgiving holiday, you can analyze your present performance.
3. Comparison of present performance with past performance:
This is the final and important step, following this step carefully is very significant. You need to compare your present market performance with past market performance. Comparison helps you in knowing what your position earlier was and what your position right now is.
It also gives you an idea of the mistake you did earlier, which you have to bear. You can also check out some steps you’ve taken earlier that helped you in increasing your revenue. So, this is the process you should follow and by following this process we can improve the performance.
Thanksgiving Day is a national holiday for countries such as Canada, U.S., Liberia etc. Thanksgiving Day begins as a day of giving thanks for the blessings and of the preceding year. In the United States, Thanksgiving Day occurs on the fourth Thursday of November month. In this year, 2019, the Thanksgiving Day is on 28th November (Thursday), the celebration includes, prayer, spending time with family, feasting, giving thanks, parades, playing football etc. There are various changes occur in the market due to the holiday.
Changes occur in the market on Thanksgiving Day
Thanksgiving Day is the national holiday for some countries. So, on this holiday, there are numbers of changes occurs in the market and the market begins to change. Most of the brokers are not available during holidays and hence such changes occur.
1. Low volatility:
The reason behind low volatility on Thanksgiving day is less trading volume. Most brokers are not available and the market is probably closed so, this results in low volatility.
2. Unavailability of brokers:
During national holiday like Thanksgiving day, most brokers are not available and this results in less trading volume. Due to this change, the forex market day starts with thin trading volume and low volatility.
3. Low trading volume:
Trading volume is the total amount traded during the given period of time. On the Thanksgiving holiday, the forex market initiates with low or thin trading volume which effects into low volatility.
Forex market is the market which is opened 24 hours a day, it never closes because currencies are on high demand. Forex market closes only during public holidays like Thanksgiving Day, Christmas Day, New Year’s Eve etc. Forex market does not include any specific or central location for trading; it is traded via different electronic communication networks or via phones by participants.
If you are a forex market trader, you must be aware of holidays in the forex market. For a focused and consistent trader, holidays like Thanksgiving day is the break to evaluate and analyze the performance. Evaluation of market performance helps you in taking crucial steps of trading in the future.
Therefore, here, we can conclude that forex markets are not open on Thanksgiving day, the market is closed to retail traders, but it is always open for central banks and other related organizations. Public holidays may bring unbelievable changes to the market so, it is very important for a forex trader to implement his trading method after testing it out on the demo account.