Top trader Eugene: I have closed all positions, uncertain whether $60,000 can be held.
On August 4th, top trader Eugene Ng Ah Sio posted on social media that "to provide some updates on how to respond to losses in real-time, I have recently experienced two drawdowns in trading perpetual contracts, and due to the recent price trend, I have also experienced significant drawdowns in spot trading.
The first trading error was due to a lack of discipline in executing my ETHBTC trade, as I closed the BTC short position too early. Ultimately, I closed the ETH long position, resulting in a net loss of $1.1 million across the two trading pairs.
Although I avoided some pain, I decided to go long yesterday after the market plummeted on Friday. However, the market clearly did not reward this decision, and the spot price continued to decline to $60k. The entire account lost approximately 3-4%, totaling $750,000, and I have now closed all positions.
After this, I clearly realize that the unknown unknowns have increased. Although the risk-reward ratio of buying at support levels is usually better than chasing momentum, I am not sure if $60k will hold. Additionally, I have experienced emotional imbalance for the first time in a while, and therefore have decided to stay away from trading for the next few days to adjust my mindset.
This is not always easy, but we will regroup and move forward."
