Lending positions are three steps away from the liquidation line, that feeling is like, honestly, just stop pretending to be calm. I usually do two things first: figure out the account clearly (current health/liquidation price, don’t rely on impressions), then write down how to survive if I take another hit. If I can reduce leverage, I’ll reduce it a bit; topping up margin is also fine, but I’m more afraid that after topping up, greed will take over, and it will turn into slow suicide.

Recently, the practice of pledging and sharing security to stack yields has been criticized as “layered traps,” and I can understand that: what looks simple—“adding another layer for a little more yield”—actually means one more potential explosion point. Anyway, my current warning is: I mistake simplicity for a trap. When close to the red line, prioritize cutting down controllable complexity, survive first, then talk.