I find that people are really strange: earning a little more on paper might make them happy for a moment, but even floating losses—before they’ve actually been turned into realized losses—your brain automatically starts playing out, “what if it keeps crashing?” And before going to bed, you even flip through the K-line chart twice. Basically, it’s loss aversion: the loss feels like pain, while the gain feels more like an itch—pain is definitely harder to put up with.

Recently, the funding rate has been swinging to extremes. The group is arguing whether it’s going to reverse or whether the bubble will keep getting squeezed. My first reaction isn’t to guess the direction—instead, I first figure out the position: in the worst case, can I accept it? If I can, then don’t keep staring at the chart to torture yourself; if I can’t, then don’t stubbornly hold on. The market won’t get any gentler just because you can’t sleep. In any case, I’d rather miss out than wake up in the middle of the night scared by myself.