Lending and borrowing really is a heartbeat test... When the liquidation line is just three steps away from me, I usually don't pretend to be tough: I patch the leverage on the spot, small fixes are enough, add some margin or reduce some positions first, better to earn less than to have a needle pop the balloon. Then, turn down the volume on thoughts like "I thought it would rebound," a slight price shake can easily make people get emotional.

Recently, I've been talking about rate cut expectations, the US dollar index rising and falling with risk assets, and honestly, during these times, it's easier for fake moves to become real hits. Don't expect macro to bail you out near the liquidation line... I now have only one principle: the closer to the red line, the more clumsy the operation should be, survive first, and translate the heat into position size, that's all.