Third time being educated by myself: I can’t hold spot, and with futures I always end up thinking, “Just hold on a little longer.” In the end, it’s either chasing the pump right at the summit—or getting popped like a needle prick. Put simply, position management comes down to one plain truth: don’t treat one decision as the answer to your whole life. If you want to buy, buy a small bite first; if it drops, you can add, and if it rises, don’t feel the urge to chase. For futures, it’s even simpler—only positions that let you sleep soundly count as “positions.” If you can’t sleep, that’s gambling.

Recently, the fee rates have been extremely crazy again. In the group, people are arguing about whether it’s reversing or continuing to squeeze more out of the bubble, but I basically treat it as noise: the more outrageous the fee rate, the more I want to slow down. I’d rather miss a move than use liquidation to “participate in the narrative.” Slowly picking up bargains is pretty boring, but at least I can stay alive and wait for the next chance.