I made a rule for myself: when the liquidation line for margin lending is still “three steps” away from the red line (not like waiting until there’s only one bar of health left), don’t keep acting calm—stop adding leverage first. Then check the collateral ratio, the oracle price, and changes in interest, and only after that decide whether to top up margin or reduce your position. To put it bluntly, I’m not afraid of losing money—I’m afraid of that kind of “wake up to a liquidation” moment, having to go back and flip through the trade records to reconcile everything… the social-death scene. Anyway, I’d rather make a little less, than let the system “automatically execute my life.”

Recently, I’ve been seeing a heated argument over NFT royalties: one side says creators need to eat, and the other says secondary liquidity is important. I get it, though—no matter how well the rules are written, once market sentiment turns, everyone prioritizes keeping themselves alive. Lending is the same: don’t bet on human nature when you’re up against the red line.