Recently, I saw a trading expert's PIPPIN short position that was forcibly liquidated, resulting in a loss of 2.7 million USD. My first reaction was a tense scalp. How much courage does it take to hold such unrealized losses?

But upon closer inspection of this operation, it indeed exposed several thought-provoking issues.

**Issue 1: Insufficient Ecosystem Awareness Leads to Betting**
The community enthusiasm for the PIPPIN project has its own uniqueness, and the project's consensus is quite high. Shorting without first studying the ecosystem temperature and trying to go against the trend increases the risk factor.

**Issue 2: Stop-Loss Discipline Is Virtually Nonexistent**
A major exchange is known for its volatility. Without a strict stop-loss plan and with inadequate position management, the result is being caught off guard by a rebound. This is a textbook example of a cautionary tale.

**Issue 3: Emotional Trading Aftereffects**
After a decline, thinking it will continue downward, only to be hit back by a rebound. This is a classic case of emotion-driven decision-making rather than rational analysis.

That said, being able to hold such a large position definitely isn't for beginners. They probably made big profits earlier. But the crypto market is precisely the place that tends to punish overconfidence. Once risk control slips, the accumulated gains can vanish in an instant.

**My advice is simple**: either set strict stop-losses, accept some losses without regret; or spend time thoroughly researching the project's fundamentals before deciding whether to hold the position. Never gamble with your account balance.

In contract trading, it's not about who is stubborn but who can survive longer. If you manage to come out unscathed this time, remember this lesson of paying tuition to the market.

Honestly, ordinary retail traders should not imitate this heavy-holding, against-the-odds approach. The 2.7 million USD loss for others might just be a small fraction of their assets, but for you, losing 27,000 USD could be the end. Keep an eye on your own positions.