Top Trader Eugene Ng Ah Sio Discusses Recent Trading Losses

On August 4, BlockBeats reported that top trader Eugene Ng Ah Sio shared an update on social media about his recent trading setbacks and how he is dealing with them. Ng revealed that he faced two major losses while trading perpetual contracts and also incurred significant losses in spot trading due to recent market fluctuations.

Ng explained that his first trading mistake resulted from a lack of discipline in executing his ETHBTC trade. He prematurely closed a BTC short position, leading to a net loss of $1.1 million across both trading pairs. Following the market crash on Friday, he decided to go long, hoping for a rebound. However, the market continued to decline to $60,000, resulting in an overall account loss of around 3-4%, totaling $750,000, prompting him to close all positions.

Reflecting on these events, Ng acknowledged the increasing presence of unpredictable factors. While he typically finds a better risk-reward ratio when buying at support levels rather than chasing momentum, he expressed doubt about the $60,000 level holding. He also mentioned experiencing emotional imbalance for the first time in a while, leading him to step away from trading for a few days to reset his mindset. Ng concluded by expressing his determination to recover and move forward, despite the challenges.

This candid reflection on his trading losses serves as a reminder of the importance of discipline and emotional balance in trading. Ng's transparency about his experiences provides valuable insights for both seasoned traders and newcomers, emphasizing the need for careful risk management and the ability to adapt to market conditions.

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