Last night, I saw on the blockchain that several lending positions were just a little bit away from liquidation. The group was also sharing images about "a certain stablecoin being regulated, reserve audits having issues, possibly de-pegging," and the atmosphere immediately tightened. I also felt a bit guilty—nothing major was happening, but I still found myself clicking to check the positions, and the more I looked, the faster my heart beat.

When I’m three steps away from the red line, I usually stop thinking "hold on a bit longer" and start taking the worst-case scenario seriously: either top up the margin (but don’t use the same stablecoin that might de-peg to do so), or reduce my position to push the liquidation price further away—I'd rather earn less and get some sleep. Another simple method is to prepare automatic alerts and replenishment funds in advance, so you don’t panic when the blockchain is congested or transaction fees spike. To put it plainly, liquidation isn’t about losing because of the market direction; often, it’s about reacting slowly and being led by group messages. Survive first; only then does the experience have meaning.