When it comes to lending and borrowing, I usually stop when the liquidation line is three steps away from the red line—don't leverage further... Honestly, at that point you're no longer "making money," you're just gambling on luck. Then I do two things: either add some collateral to increase the buffer, or simply reduce my position and pay off some debt so I can sleep peacefully. Don’t think “just hold on a bit longer and it’ll rebound,” I’ve told myself that too many times.

I used to be very stubborn, “I only look at on-chain data,” thinking I was very calm when I saw changes in collateralization ratios; but later I realized that the collective madness of the market also needs to be watched, especially recently with testnet incentives and point expectations soaring, everyone guessing whether the mainnet will issue tokens. During times like these, it’s easiest to mistake risk for opportunity. Anyway, my current principle is: when you're close to the red line, prioritize survival first, don’t rush to prove your judgment is right. That’s all for now.