I’ve been thinking about the whole options buyer vs. seller thing again. To put it plainly, time value is bleeding money every day—but who is it really coming out of? The buyer watches their position stay the same, yet they’re still “bleeding,” and their mindset is the first to break. The seller looks, on the surface, like they’re collecting rent, but in reality what they’re getting is paid for by trading away tail risk. And on those days when volatility gets pierced like it’s been stabbed by a single needle, the premium they collected earlier can all be吐 back overnight… So now I care more about whether I’m buying certainty, or selling uncertainty. Last night the group was arguing again about whether extreme funding rates are a reversal or just continuing to squeeze out the bubble—I listened and it just felt like: the more perfectly aligned the emotions are, the more time feels like a knife. Anyway, I place smaller trades, and when I do, I try to use a small position to lock in exactly “the maximum loss.” What I don’t regret is… before every entry, I brew a cup of tea first, and I force myself to take 10 minutes to cool down.