I’ve always treated lending and borrowing as a “red line game.” When the liquidation line is only three steps away, don’t keep fantasizing that the market will give you face. My usual order is to first cut my position down to a level where I can sleep at night, then bring the collateral ratio back into the safe zone (adding some margin is fine, reducing debt is fine too), and then check all automated warnings and stop-losses to make sure I don’t get popped by a single needle in the middle of the night. To put it simply, staying alive matters more than “making a little more profit.”

Lately, I can also understand the backlash against that whole approach of re-pledging and “sharing security,” where the returns get stacked and people call it “stacking dolls.” On-chain, the interest looks very tempting, but if you keep layering one thing on top of another, in the end what you think is yield turns into a liquidation accelerator when the market starts swinging wave after wave. Anyway, when I see positions getting close to the red line now, I can’t help but feel a bit restless… The plan was written clearly from the start, yet I still get the itch to hold on and see it through. Forget it—if I can’t hold it, I’ll withdraw. Discipline is more valuable than pride.