I realize that my biggest problem isn't misreading the direction, but that once I get overleveraged, it turns into "either I can't hold the spot position or I hold the futures to the point of explosion." To put it plainly, position management is just straightforward: first, make sure you can survive until tomorrow, then talk about making money or not. Don't use "emotional positions" for spot trading; if you want to hold long-term, set aside the part that can stay untouched for half a year. For futures, treat it as a temperamental tool, keep the position small enough that you can sleep well, set stop-losses at a loss you're willing to accept, and don't try to reason with the market. Recently, there's been a lot of noise about ETF capital flows, and explanations that link US stock risk appetite to everything... I also get caught up in the rhythm, so I need to be reminded: look less at the excitement, focus more on your account's capacity to withstand, and don't treat volatility as fate. That's all for now.