In the evening, I reviewed some on-chain trades from today, and the more I looked, the more I felt that the "sandwich/arbitrage" thing is basically you thinking you're grabbing opportunities, but in reality, you're often just giving others a cut of the fees. Especially when slippage is large and orders are placed quickly, it feels like you're racing, but in fact, you're just being manipulated to eat at someone else's pace.

Recently, Layer 2 has been arguing about TPS, fees, and ecosystem subsidies. I also get tempted to move to "cheaper and faster" places to make a few more trades, but cheap doesn't mean safe. When the market is crowded, there are still people watching liquidity and attacking. Anyway, I now prefer to do fewer trades, keep my positions small, set limit orders, and establish acceptable loss limits. If I miss out, I miss out.

What I’ve learned isn’t techniques, but: don’t mistake "being able to execute" for "getting a good deal." Many trades are just someone else’s business.