Recently, I realized my old bad habit: I want to sell as soon as spot prices rise, and I hold on when contracts pull back; as a result, I can't hold onto spot, and I get liquidated on contracts... To put it simply, position management boils down to one thing: the part you can't sleep at night over is the part you should reduce. Others think I look calm because I’m watching macro liquidity and drawing charts, but in reality, I also get emotional driven by expectations of rate cuts, the US dollar index, and those "risk assets jumping together or falling together." Now I simply split my positions into smaller parts, only keep the spot positions that can withstand volatility, treat leverage as a short-term tool, set stop-losses and accept defeat, anyway, I won't fight against my own capacity. That's how I’ll do it for now.