On August 4, trader Eugene Ng Ah Sio posted on social media X, saying, "For some people to provide updates on how to deal with losses in real time, I recently experienced two retracements when trading perpetual contracts, and due to recent price movements, there are also large retracements in spot trading.
The first trading error was due to a lack of discipline in executing my ETHBTC trades, prematurely position squaring BTC short orders. Eventually, I position squaring multiple ETH orders, resulting in a net loss of $1.10 million on both pairs.
While avoiding some pain, I decided to go long yesterday after the market plunged on Friday. However, the market clearly did not reward this decision, and the spot price continued to fall to $60,000. The entire account lost about 3-4%, totaling $750,000, and I have position squaring all positions.
After this time, it became clear to me that the unknown unknowns increased. Although the risk-reward ratio of buying support is usually better than chasing momentum, I'm not sure if $60,000 will hold. In addition, I felt the emotional imbalance for the first time in a while, so I decided to stay away from trading and adjust my mindset in the next few days. "
Trader Eugene: All positions squaring, not sure if $60,000 will hold
2024-08-04 11:34:41
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