Floating losses are really the loudest noise, even if they are just on paper, the mind automatically treats them as "already lost," and then starts to replay: why didn't I take profit back then, why did I hold such a large position... Conversely, unrealized gains are easily seen as "not yet realized, not real," and before bed, I still wonder if I can take a little more. Basically, it's loss aversion acting up—losing a little feels like being deducted points, while earning a little is just "not deducted for now." Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products together, and I stay pretty calm about it: no matter how beautiful the returns look, if the risk premium isn't enough, don't force it, especially during floating losses, the cost of not sleeping is also a cost. My approach is very simple: keep positions small, clearly define stop-loss/stop-profit, and don't gamble with my emotions.

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