$NKY

Thought I was clever holding some $NKY futures through the Lunar New Year a few years back, expecting a quick bounce post-holiday. Problem was, I completely underestimated how much liquidity actually dries up around that period across the region, not just the exact holiday dates. The spreads widened out to ridiculous levels, and any move, even a small one, felt exaggerated because there was just no volume to absorb it. Got stopped out on what probably would've been noise in a normal market, all because I didn't account for the complete shift in market dynamics due to cultural events. Cost me a good chunk and highlighted the need to truly understand local market calendars, not just the major ones.