I can't hold onto spot positions; as soon as it rises a little, I want to sell; as for futures, even more so, holding it leads to liquidation. I mainly tell myself "market education." Later I realized position management is simple: don't let one trade crush your emotions and your account. If you want to try a new protocol, use a small position as your entry fee; if you want to bet on the trend, that's fine, but don't get carried away and leverage up. Once leverage is used, you're not losing money—you're losing sleep.

Recently, everyone compares RWA, US bond yields, and those on-chain "yield products." I look at it and just want to laugh, but also feel a bit scared: on the surface, they all call it yield, but underneath, the risks are completely different. Don't just see a number that looks good and treat it like a deposit.

As for "long-term," my current definition is pretty cautious: being able to withstand two drawdowns without wanting to cut positions, probably about a month; being able to hold through a quarter, then it's probably not me anymore... For now, that's it. Staying alive is the most important.