Q4 2025 Trader Client Sentiment Survey

A quarterly study exploring the outlooks, expectations, trading patterns and points of view of clients at Charles Schwab–who actively trade equities or trade options, futures, or forex.

Key findings

Trader sentiment remains positive: 57% of retail traders feel bullish about market performance this quarter.
The market may be overvalued: About two-thirds of traders feel the market is currently overvalued as AI stocks remain the “most crowded” trade, followed closely by Mega-Cap Tech stocks.
Political concerns are still high: One in five traders (21%) report concerns about a market correction or volatility, though the political landscape in Washington, D.C. remains traders’ top investing concern.
Sticking with the classics: Roughly a quarter of traders report investing in gold (27%) and crypto (23%) due to their market expectations, but more (42%) are moving assets into the stock market and/or engaging in options hedging (32%).

View findings Read press release

About the survey

The Charles Schwab Trader Sentiment Survey is a quarterly study exploring the outlooks, expectations, trading patterns and points of view of clients at Charles Schwab–who actively trade equities or trade options, futures, or forex. The study included 1,070 Active Trader clients at Charles Schwab and was fielded from Sept. 30 – Oct. 10, 2025.

Media Contact: Margaret Farrell