When the lending position is only three steps away from the liquidation line, I generally don’t entertain any fantasies of “just holding on.” First, I nail the red line down: either top up the margin into a comfortable range, or directly reduce the position—pick one; the most feared is the third scenario—staring at the order book, scanning large orders back and forth, getting itchy to add leverage to dilute costs, only to be taken out by a single needle. Put simply, liquidation isn’t about losing direction—it’s about not leaving yourself room to make mistakes.

Recently, people developing modularization and DA layer narrative have been pretty excited; users look utterly confused—and so do I: it’s fine to watch the show, but don’t let your position run on emotions.
What I fear missing most isn’t really the opportunity—it’s the moment I clearly see the red line and still pretend I didn’t.