I’ve found that I’m really more sensitive to unrealized losses. I can still sleep when there are unrealized gains, but with unrealized losses I keep wanting to pick up my phone to check the perpetual funding rate and whether liquidation heat is shifting toward me… Even though it’s just numbers from positions that haven’t been closed, my brain treats it as if I’ve already lost them. Put simply: when I’m up, it doesn’t feel like it’s mine—when I’m down, it feels like it’s being pulled out of my pocket.

Recently, people have been talking about rate-cut expectations and the US Dollar Index, this whole idea that risk assets rise and fall together. I complain while I’m doing it, but I’m even more afraid to close my eyes, worried that if the wind changes overnight, someone will move and take my position away. Anyway, my current method is pretty crude: when I place orders at night, I first set my exit/stop level—once it hits, I accept it. Don’t fight sleep.