Lately, when watching my lending positions, I always get a suffocating feeling of being "three steps away from the red line"… To be honest, those three steps are now my fixed routines: first, write down the liquidation price and the margin I can add in a memo, don’t rely on memory; then immediately reduce a little leverage / pay off a little debt, even if it’s just increasing the breathing space from 3% to 6%, it makes people much calmer; finally, separate the thoughts of adding to the position and stop-loss, don’t panic and use everything to "save the position," because even if you save it, it’s easier to get wiped out on the next spike.

These days, the funding rate is extremely volatile, and the group is arguing whether to reverse or continue squeezing the bubble. I don’t guess the plot; I just follow the liquidation line: survive if you can, don’t let the exchange make decisions for you.

What I’ve learned isn’t skills, but— the closer you get to the red line, the more you need to clearly calculate the “loss you can bear,” and the rest is up to fate.