The third time, I was swept along by the lively meme; looking back, it wasn’t the price that taught me a lesson—it was that I hadn’t made clear in advance how I lose. Now I start by watching the on-chain details: whether the large holders are shuffling back and forth among the same set of addresses, whether contract calls are always being made through batch authorizations, whether there are traces in the transfer notes that look like “uniform phrasing” at a glance… Once there are more of these things, I just assume it could break the narrative at any moment.

I’m also not doing any mysticism with stop-loss anymore. To be blunt, there are only two rules: before entering, set a “point of narrative failure” (for example, the hype doesn’t continue / the capital flows start to pull back / in the group, only slogans remain), and when it happens, leave; also, make my position so small that I can sleep—I’d rather miss out than hold through it. Recently, new L1/L2s have been issuing incentives to pull up TVL, and I can understand the complaints from old users about “mine, take profits, sell.” The on-chain paths where you claim and then transfer away are just too obvious… Anyway, I trust evidence more now, not emotions.