The feeling of being three steps away from the liquidation line in a lending position, like the spaceship's hull being hit a few times by gravel, not broken but you know if you delay any longer, something will happen. I usually don't wait until it's "one step away," I lay out the data first: collateral ratio, borrowing interest rate, volatility range, and calculate the worst-case scenario of how many bearish candles I can withstand. Then it's execution, nothing romantic: either add some collateral, or repay part of the loan to lower the red line; if I really don't want to add to the position, I reduce leverage, preferring to earn less and sleep well. Recently, the group has been talking about stablecoin regulation, reserve audits, and various "de-anchoring" rumors. Honestly, the most exhausting part is the spread of emotions. I treat it as noise, first changing the position from "possibly being liquidated" to "I can proactively close." Anyway, liquidation isn't punishment; it's a reminder that it's time to tidy up the desk.