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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 CryptoIntelligence

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Cardano founder Charles Hoskinson faces off against ‘AI roast bot’ in smart contract debate

The debate highlights the growing role of AI in scrutinizing blockchain technologies, potentially influencing public perception and trust. The post Cardano founder Charles Hoskinson faces off against ‘AI roast bot’ in smart contract debate appeared first on Crypto Briefing . CryptoIntelligence