Trader Who First Made $3 Million This Month In The Cryptocurrency Market And Then Lost It All, Tells His Story

Eugene Ng Ah Sio, a prominent cryptocurrency trader, shared his views on social media reflecting on a turbulent August while expressing cautious optimism for the long-term market outlook despite the uncertainty in September.

Ng described August as a challenging month marked by rapid market swings that led to both missed opportunities and small losses. “The theme of this month is that you miss every opportunity you don’t seize,” Ng wrote, summing up his approach during a period of heightened volatility.

Bitcoin’s sharp drop to $50,000 earlier in the month triggered stop-loss orders for Ng, who initially placed his stop-loss above $60,000. Attempts to catch the bottom at $50,000 with long positions also failed, resulting in controlled losses. However, Ng managed to recover somewhat by successfully identifying entry points in Solana (SOL) and Ethereum (ETH), and achieved a 10% return after applying stop-losses.

According to his statement, Ng made a significant profit by going long on SOL on August 8, buying at $141 and selling at $157, netting $3 million.

Despite this, the analyst was forced to close most of his positions after netting $62,500 in memecoins as the market continued to fluctuate, nearly wiping out his previous profits.

Looking ahead to September, Ng expressed uncertainty about the market’s direction but remains bullish in the long term. “Despite this, I will continue to use the strategy of going long before the market turns because the reward of being right far outweighs the risk of being wrong,” he concluded.

*This is not investment advice.