Do you think you're arbitraging, when in fact you're just paying tuition to others? Recently, I've had this feeling when watching those "sandwich" attacks on the chain—getting sandwiched from both sides, just as you confirm a transaction, slippage seems to be pulled away... To put it simply, opportunities do exist, but most of the time what you see is just the fee pool that others have already set up. Especially lately, everyone has been interpreting ETF fund flows as tightly linked to US stock market risk appetite; when emotions run high, chasing the rally is the easiest way to get caught. Anyway, I now prefer to do fewer trades, slowly wait for the narrative to break down, step back when it overheats, and have a sip of tea first.