I find that I can’t sleep; it’s basically not because I earned less, but because that bit of paper unrealized loss has been hovering there, like sand stuck to a tentacle—impossible to shake off. For unrealized gains, I’ll think, “Anyway, I can still run.” But for unrealized losses, my mind automatically fills in the worst-case scenario. The more I think about it, the more I feel like I should pick up my phone and change my position… Honestly, it’s just that loss aversion is too good at fooling the brain.

Recently, I’ve also been seeing news that some areas are raising taxes and tightening or loosening compliance in waves. As soon as my expectations for deposits and withdrawals change, that string in my mind snaps tight immediately. Even though my positions haven’t moved much, anxiety moves first. My approach is still the same: spread things out, hedge wherever I can, and cut the tail of “potentially losing a lot” a bit shorter. And I need to be reminded: don’t treat unrealized losses as an accident that must be fixed right away—it often just is volatility. Sleep on it first, then decide.