To put it simply, people like me have only two faults: when spot goes up, I think it’s slow and want to add; when a futures contract opens, I also want to “improve efficiency,” and in the end, that efficiency improves right up to liquidation… Later, I realized one plain truth about position management: separate the “money to stay alive” from the “money that itches.” Don’t touch the money to stay alive—don’t use it to gamble on the judgment you make on a whim; treat the money that itches as buying a lesson—if you lose on it, don’t let it affect your sleep.

Recently, I’ve seen everyone putting RWA, U.S. Treasury yield rates, and on-chain yield products side by side, and I’m tempted too. But the more something “looks like it has stable returns,” the easier it is to lower your guard—then your position quietly gets bigger. Anyway, I’m doing just two things right now: every time I place an order, I first think about how much I could lose in the worst case—if I can afford it, I place the order; if I can’t, then I’ll just let it go, and I won’t force myself to pretend I can withstand the volatility.