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This is a trading-loss diary about an ETH leveraged short and the lesson the trader learned from it. 📉 What happened? The trader shorted ETH at $1,912. ETH initially stayed weak, so they kept the short open instead of taking profit. After the US NFP data, ETH suddenly jumped to around $1,944. Their liquidation price was $1,942, so they came extremely close to liquidation. They reduced part of the position and moved the liquidation price to $1,954, believing ETH would eventually fall. A few hours later, ETH rose enough to liquidate the remaining position. Their account fell to 46U. 🧠 The real lesson The trader's biggest mistake wasn't necessarily having a bearish view. It was using too much leverage and allowing the position to get dangerously close to liquidation. The important lesson is: > Conviction is not risk management. You can be completely right about the overall direction and still lose because the market moves against you first. For leveraged trading, surviving the trade matters more than proving your prediction correct. A stop-loss and position size should be planned before the trade, rather than moving the liquidation/exit level after the market starts going against you. And honestly, the line “the market missed my liquidation by two points and came back to finish the job” perfectly captures why high leverage can be so unforgiving. 😅