These days, I see everyone tying ETF capital flows, U.S. stock risk appetite, and crypto market ups and downs into one line for interpretation—like you’re watching a show and, halfway through, they suddenly change the screenwriter. I can’t be bothered to pick a side… Anyway, once the emotions kick in, that little “time” embedded in options starts to collect rent.

To put it plainly, what the buyer pays is a time tax: if the underlying doesn’t run at the speed you wanted, even if the direction is right, the time value will slowly grind you down until you’re gone. What the seller takes is a time meal—but really, they’re betting that “nothing will go wrong.” Once a real big swing hits, the bit of premium they collected earlier isn’t enough to spit it back out.

What I fear most isn’t losing money; it’s that I clearly wanted to act as an observer, but ended up being pushed by that K-line to chase short-term momentum. In the end, I can’t even explain why I got out. For now, I’ll just keep watching—like a spectator.