Lately, the more I think about it, the more one word comes to mind: slow. When interest rates tighten, risk appetite shrinks first, and the transmission to positions is actually very simple — when you want to rush in, the market depth first becomes thinner, slippage increases, and it's even harder to exit if you want to run. To put it plainly, it's not that I suddenly became conservative; the market is forcing you to slow down.

In the group these days, there's been talk again about stablecoin regulation, reserve audits, and various rumors of "de-pegging." A bunch of people are emotionally triggered and want to switch positions immediately. I usually just pause for ten minutes first, check the on-chain deposits and withdrawals and the order book depth on a few exchanges, so I don't get led astray by screenshots. Falling behind by half a beat isn't shameful; rushing in too fast is more likely to land you in a liquidity trap. Anyway, I prefer to do less rather than become fuel during the loudest moments.