That liquidation threshold in lending is really not something to wait until you're "three steps away" to realize; your mindset will instantly become chaotic. I usually stop when I'm three steps away from the red line: no adding to positions, no bottom-fishing, first clarify my holdings and collateral, pay back a little if I can, or simply reduce some positions to widen the safety cushion and sleep more peacefully. If I really don't want to move, I write down the warning price and execute mechanically when it hits, don't tell stories to yourself on the spot.

Recently, I've been interpreting ETF (Exchange-Traded Fund) capital flows and US stock risk appetite together; it sounds quite lively, but this kind of emotional switching back and forth is the easiest way to push someone to the edge of liquidation. Anyway, I take a more relaxed approach—better to miss a move than get liquidated by a single needle. That's all for now.