I realize that my tolerance for "floating losses" is really poor; even though I haven't sold yet, my mind automatically treats it as money already lost, and I wake up in the middle of the night to check my phone… Conversely, when I have unrealized gains, I stay calm, even pretending it’s not a big deal. Basically, it’s just that my loss aversion is too strong.

During that recent extreme funding rate event, the group was in an uproar: some said a reversal was coming, others said to keep squeezing the bubble. I watched the order book for half an hour, and it started to feel more like listening to a song out of tune—offbeat but I couldn’t quite pinpoint what was wrong. In the end, I simply admitted defeat: if I don’t understand it, I won’t act; I’ll take my hand off the order button. The next day, the volatility was even greater, but I slept more peacefully—because I didn’t get caught in that cycle of "should I cut or chase."

Looking back, what disturbed my sleep wasn’t the price itself, but that voice in my head saying, "If you don’t act now, it will get worse." Sometimes, the best risk management is to not try to prove you’re smart right away. That’s all for now.