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BitcoinSistemi 2024-12-24 18:58:07

Trader Who Opened a $60 Million Long Position in This Altcoin Lost Big: Talks About His Mistakes

Trader Who Opened a $60 Million Long Position in This Altcoin Lost Big: Talks About His Mistakes

Prominent trader Eugene Ng Ah Sio recently shared a detailed trading summary, sharing the single largest loss on his account to date: a $6.2 million loss on a $60 million long position in Solana (SOL). Despite having a strong track record, Eugene outlined a series of mistakes that led to this costly misstep, while also noting important lessons learned. Eugene started by taking advantage of Bitcoin’s rise and made a profit from a long position between $102,000 and $107,000. He then shifted these gains into long positions in the Solana ecosystem, such as 220 SOL, 2.75 WIF, and 0.037 BONK, achieving a favorable risk-reward ratio. Initially confident due to Solana’s strong performance on lower time frames (LTF), Eugene later increased his SOL position from $20 million to $30 million when the market started to decline. Related News: Data Revealed: This Memecoin Has the Strongest Community Eugene admitted that his usual discipline in cutting losses had broken down. When SOL fell to $215, he resisted exiting the market, thinking $200 was a significant support level. Instead of reducing his exposure, he increased his position to $45 million, increasing the risk in an already volatile market. When SOL fell below the $200 support level, Eugene continued to wait, fearing that closing his large position could trigger a price cascade. Succumbing to “desperation,” he added leverage between $187 and $193, increasing his position to $60 million and increasing the potential downside impact. Eugene, whose unrealized losses were $7-8 million, decided to close 70% of his position at $193, losing $6.2 million (approximately -10.2%). Eugene explained that the transaction went awry due to an accumulation of errors and a “sunk cost mentality.” *This is not investment advice. Continue Reading: Trader Who Opened a $60 Million Long Position in This Altcoin Lost Big: Talks About His Mistakes

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