I'm not very good at talking about psychology, but I find that unrealized losses really bother people more than unrealized gains and keep them awake. When there's an unrealized gain, the mind defaults to "I haven't cashed out yet," and a small pullback can be easily comforted; but with an unrealized loss, it's different. Even though I haven't sold yet, I already treat that piece of meat as "mine," and losing even a little feels like it's been stolen. The more I think about it, the angrier I get, and I can't help but check the candlestick charts. Recently, I've been watching everyone rush to testnets for incentives, stacking points, guessing whether the mainnet will issue tokens—it's all the same anxiety: afraid of missing out, afraid of wasting effort for nothing, afraid it will all end up as just an announcement. Anyway, my current approach is: keep the position small, don't treat expectations as fundamentals, and being able to sleep is better than anything.

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