My recent feeling is: not being able to hold spot positions isn’t because your willpower is weak—it’s because your position size is too large. Getting liquidated on futures isn’t because your skills are poor—it’s because you’re treating “volatility” as if it won’t come. Put simply: only the position that lets you sleep soundly really counts as a position. If you can’t sleep, that’s just gambling.

I usually start by checking whether the pool is deep, and whether the slippage curve suddenly turns steep. Then I take a quick look to see if big players are quietly pulling liquidity. Once liquidity gets thin, a small price wobble can send your emotions flying—spot traders panic and sell at the floor, futures traders get overexcited and add leverage, and in the end it all turns into paying tuition to the market… Anyway, I’d rather make a little less right now than become Exit Liquidity.

It also reminds me of the recent “chain game” economic breakdown: once inflation kicks in, studios start printing, and coin prices spiral—liquidity is instantly drained as if it’s been yanked out. It looks familiar because it’s basically the same story: it’s not that the project suddenly turns bad; it’s that once the money pulls out, you realize you’re standing on thin ice. Survival first. That’s it for now.