Last night I had another slip-up, a small loss, but after reviewing it, it’s quite typical: I looked at the order book thinking there was depth, but as soon as I entered the position, slippage immediately pushed my cost up. Basically, I was too impatient, didn’t wait for liquidity to return, and took a quick bite, placing orders twice. The second time, I just happened to hit someone’s cancel order, and the position suddenly became thinner… In such situations, the order timing is more important than I thought; don’t compete with the market for those few seconds.

What I fear most isn’t losing money, but feeling like I’ve “got it” and then starting to trade carelessly. Recently, with the stacking of yields from pledge and shared security, I’ve been criticized for “overcomplicating,” which I can understand. On the surface, it looks like an extra layer of yield, but underneath, it’s actually an additional pit of liquidity and exit risk. Anyway, from now on, I’d rather go slower, first check the depth, split small orders, wait for volatility to breathe before acting. That’s it for now.