The lesson here is that you need to form a thesis. When the trade goes the wrong direction, reevaluate the thesis. If it still holds, it means you now have a better entry and you should double down. If it continues to move and the thesis holds, bet more.
Conviction pays. Emotional trading decisions do not.
Easier said than done, but this trade outlined why the above is how to make $$ but so few people have the balls to fire when they're deep in the red.
Oh and also, always have reserve capital...and only leverage trade with a small portion of your overall portfolio/wealth.
Best trader I know shorted $20m ETH @ $4240
When price kept climbing he added $5m collateral
24hrs later with -$2m unrealized he deposited another $2m
Finally he shorted $20m BTC @ $123k, another $20m ETH around $4650, and $25m across SOL & other shitcoins
What's the lesson?
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