Lately, memes have been heating up again, and the lane suddenly congests during rush hour: in front, there are narratives shouting loudly, behind, there are reckless lane changers racing to cut in. Honestly, what you see as "lively" is often just the tail lights of others preparing to get off.

My only principle when playing this kind of thing: write the stop-loss next to the reason for entering the trade, otherwise, when emotions take over, the stop-loss becomes "wait a bit longer." Simply put: when the narrative disappears, liquidity starts thinning out, and on-chain transactions flicker like sudden braking, I consider it a red light—better to get out and walk a few steps.

Recently, some people also use ETF fund flows and U.S. stock risk appetite to explain all the rises and falls... which isn't impossible, but don't forget that within the blockchain, there's a bunch of illusions caused by "you think it's the market, but it's actually congestion + queue-jumping." Anyway, I don't really believe that a macro story can carry me through drawdowns; in the end, I still have to set my own braking strength. As for how tight the stop-loss should be, which do you prefer?