Lending and borrowing, to put it simply, is like falling in love with the liquidation line... When you're three steps away from the red line, I usually stop pretending: first, cut your position to a level you can sleep soundly with, then decide whether to add margin or pay off some debt directly. Don’t think “just a little more, I won’t hit it,” the market loves to target confident people like that. There's also a simple trick: take screenshots of key parameters, really, don’t laugh, you'll realize the next day that your brain was waterlogged last night.

Recently, I’ve heard rumors of some regions raising taxes and tightening regulations, then loosening them again, causing deposit and withdrawal expectations to shift, and the on-chain liquidity immediately starts to shake, making the liquidation line even more like a spring. Anyway, my current principle is: if I can unwind leverage early, I do it; surviving is more important than winning once, so that’s how I’ll go for now.