Last night I also had a slip-up: seeing the price move quickly, I impulsively chased in at market price, and the slippage woke me up. The order book looked like there was volume, but it was actually empty in the middle; after a few levels were eaten up, it started to "pin," and I even placed two consecutive orders, effectively helping others drain the depth... To put it simply, the timing of placing orders is more critical than the direction.

When I was a beginner, I always misunderstood "having trades = liquidity"; now I understand that a lively trading scene doesn't mean you can exit easily, you need to see whether your order will push the price into an area with no buyers.

Recently, after cross-chain bridge hacks and oracle errors, everyone is saying "wait for confirmation," but I become more cautious: before confirmation, the order book will thin out, don’t think it will execute smoothly like usual. Anyway, from now on I’d rather go slower and split orders into smaller parts, and stop chasing that one needle.