Lately, I've been watching everyone argue about whether privacy coins and coin mixing are considered "crossing the line," but what I actually feel more nervous about is: can your position withstand the fluctuations... To put it simply, not holding onto spot is because your position is too large, and a small dip causes panic; the same problem applies to margin liquidation, just faster and more brutal.

I used to stubbornly say, "I only look at on-chain data," thinking all the data was there, but when a wave of emotional sell-off hit, before the on-chain data could even change, I had already exited. Later, I changed to a more human approach: first, reduce your position to a level where you can sleep peacefully, then discuss whether your view is correct. The rest is slow watching—don't rush. Being able to survive and see the next opportunity is more important than anything.