🚨 HOW A TRADER LOST $1.2M LONGING OIL
Trader Cgpunks.eth opened a large long position on oil, entering 87.78K CL contracts at $102, a trade worth roughly $8.95M.
As oil began to dip, he doubled down on the position, adding 34.83K CL at $101, bringing his total exposure to 150K CL, valued at around $15.2M at entry.
However, the market moved against him.
Within two hours, oil dropped sharply to $95 per barrel.
The trader eventually closed the entire position, locking in a $1.2M loss.
A reminder of how quickly volatility in the oil market can turn even large positions into major losses.
#OilPricesSlide #IranIsraelConflict
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