Bitcoin Trader Who Lost $1.1 Million in Recent Downturn Reveals What He Did Wrong

Famous cryptocurrency trader Eugene Ng Ah Sio recently shared a post on social media, expressing his doubts about the market's ability to maintain the $60,000 level and announced that he closed all his trading positions.

Ng detailed recent trading activity, including two declines in perpetual contracts and larger declines in spot trading due to recent price movements. He admitted that his lack of discipline in executing the ETHBTC transaction and prematurely closing his BTC short position resulted in a loss of $1.1 million on both trading pairs.

“Although I had avoided some losses, I decided to take a long position yesterday after Friday's market crash. However, the market clearly did not reward this decision and the spot price continued to fall to $60,000,” he said.

Ng said that the presence of unknown variables in the market is increasing:

“While the risk-reward ratio of buying support is generally better than chasing momentum, I'm not sure if $60,000 will hold.”

*This is not investment advice.