I have been trading ES futures and futures options for many years, and I am curious. Who trades when? Folklore suggests that "dumb money" trades at the open (9:30AM) and most of the morning. The "smart money" starts to come in around 2:00PM EST and trades heavily at 4:00 PM EST. Who is trading from 4-4:15 PM? By looking at the volume, it appears that smart money continues to trade during this period. Now, who trades from 4:30PM to 5:30 PM? Institutions, individuals, foreign investors? When the market reopens at 6:00 PM, who trades? I know that New Zealand/Australia markets open--so do those investors trade at 6:00PM? Do any Americans (institutions, individuals) trade overnight? When do American traders begin trading in the morning? Just been curious. Appreciate comments.