The third time I see a friend's position just three steps away from the liquidation line, my first reaction is never "hold on a bit longer," but to lower the leverage first: if I can add some margin, I will, but more importantly, I cut the position down to a level I can sleep peacefully with. To put it simply, what’s most feared in borrowing and lending isn’t misreading the direction, but volatility pushing you out of the game.

I usually treat the liquidation price as an alarm clock, not a target price: if it’s close, don’t worry about face, just stay alive. As for recent discussions where everyone combines ETF fund flows, US stock risk appetite, and crypto market rises and falls… it sounds lively, but when liquidation happens, the market won’t tell you a story. Anyway, I’d rather earn a little less than get popped by a single needle. That’s all for now.