After a night, from unrealized gains to cutting losses

Last night before bed, I opened a BTC short position, entry price around 63,200.

At that time, the price was going down, looked okay, with a little unrealized profit. I thought: "Hold on to it, should be able to make money when I wake up." I didn't set a stop-loss, felt it wasn't necessary, anyway the position wasn't big.

Then I turned off the lights and went to sleep.

Woke up once in the early morning, groggily glanced at my phone—price had gone up a little, unrealized profit was gone. I thought: "No big deal, a normal pullback, sleep a bit more."

Woke up at 8 a.m., opened Gate, and was stunned. Price had risen to around 63,100, unrealized profit turned into unrealized loss, and I was losing quite a bit.

Stared at the screen for two minutes, two voices fighting in my head:

· "Hold on a bit longer, what if it drops back down later?"
· "Close it now, holding on will only lose more."

In the end, I closed the position. Short at 63,010, -9.12%, losing about $3.63.

Not a lot of money, but that feeling was really uncomfortable—not that I can't afford to lose, but because I could have avoided it. If I had set a stop-loss last night, I would have lost at most 1%. If I had just checked and closed it when I woke up in the middle of the night, I wouldn't have lost so much.

Holding a position overnight, maybe seven or eight times you can hold through, but the remaining two or three times will wipe out all your previous gains. This time, I reviewed that lesson again.

For overnight positions, either set a good stop-loss before sleeping or don't open one at all.

#My Gate trading moments
$BTC