I only realized after I started recording that holding spot positions is not sustainable, and getting liquidated on futures contracts isn't a matter of not understanding—it's that you always think "the acceptable loss" is too optimistic. A simple way to describe position management: first, clearly write down the worst-case scenario (for example, will I be able to sleep if I lose the most on this trade), if I can sleep, then go ahead; if I can't, then reduce the position. Don't be stubborn with yourself.

Recently, someone was complaining about on-chain data tools and address labeling being laggy and potentially misleading, so I’m even less willing to use "appearing to be smart money" as a reason. Anyway, right now I’m focusing on two things: don’t let the position size be so large that it affects judgment, and even if it gets wiped out, it won’t hurt. The rest can be left to time; it’s okay if infrastructure is a bit slow.