Basically, my biggest lesson in the past two years is: not holding spot positions is because the position size is too large, and getting liquidated on futures contracts is because it's still not big enough... Thinking about it now, it's quite funny. A straightforward way to describe position management: first assume you'll make the wrong judgment, then prioritize "still alive after the mistake." Don't go all-in on spot; split it into several parts, so you can add more if it drops, and there's no rush to chase if it rises; futures are even simpler, if you don't want to be educated by the market, treat leverage as air—don't use it if you can, and if you must, keep it small enough to sleep peacefully. Recently, meme and celebrity calls are rotating wave after wave, looking lively, but in fact, many people are just catching the last leg and feeling self-satisfied. Veteran players really shouldn't be stubborn, and newcomers shouldn't be too impatient. Anyway, I now prefer to earn less rather than wake up in the middle of the night to a forced liquidation text message.