I used to think that not being able to hold spot was “a lack of conviction.” But when I look back and listen to old bull-and-bear news recordings, I finally get it—plain and simple, it’s because my position is too large: when it goes up, I’m scared of giving it all back; when it drops, I’m scared of ending up at zero. My emotions get yanked around by K lines.

Futures are even simpler. Once leverage is on, the market can shake a little however it wants and wipe people out—liquidation isn’t a technical problem; it’s that you treat “volatility” as an “enemy.”

My personal translation of human language for myself right now is: don’t let any single needle prick you and be fatal—keep your position small enough that you can sleep, keep your stop-loss small enough that you’re willing to accept it, and leave the rest to time. Don’t try to force it out.

By the way, when you look at chain games with that kind of inflation + studio-wash brush + a coin-price spiral, it’s exactly the same as so many “high-yield narrative” stories in the past. When things are exciting, everyone feels like they’re the survivor; only when it goes cold do you realize you’re just not getting your share… That’s it for now.