I've been diving for a long time, but I still want to say: Don't wait until you're "three steps away" from liquidation to pray. When you're close to the red line, I usually do three very simple things first: bring your health back to a level I can sleep soundly with (add some margin or reduce positions first), then recalculate the interest rate/fees, don't risk losing yourself just to save that tiny trading fee, and finally, treat the worst possible trade as if it will happen, and decide whether to close based on whether you can accept that outcome.

Recently, everyone has been watching large transfers on-chain and unusual movements in exchange hot and cold wallets, shouting "smart money is coming/going," but honestly, that has little to do with your liquidation line. Your enemies are more about volatility + slippage + your own hesitation. When you're really at the red line, the most expensive thing isn't losing a little, but not having enough time. That's all for now.