Top trader Eugene: All positions have been closed, not sure whether $60,000 can be maintained

2024/08/04 19:36

Odaily News Top trader Eugene Ng Ah Sio posted on X platform, To provide some updates on how to deal with losses in real time, I recently experienced two drawdowns when trading perpetual contracts, and also had a larger drawdown in spot trading due to recent price action. The first trading mistake was due to a lack of discipline in executing my ETHBTC trade and closing the BTC short position too early. Ultimately, I closed the ETH long position and lost a net of $1.1 million on both trading pairs. Although I avoided some pain, I decided to go long yesterday after the market crash on Friday. However, the market clearly did not reward this decision and the spot price continued to fall to 60k. The entire account lost about 3-4%, a total of $750,000, and I have closed all positions. After this, I clearly realized that the unknown unknown factors have increased. Although the risk-reward ratio of buying support is generally better than chasing momentum, I am not sure about 60k. Will it hold? Also, I am feeling emotionally unbalanced for the first time in a while, so I have decided to step away from trading for the next few days and adjust my mindset. It won’t always be easy, but we will pick ourselves up and keep going.”

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