I recently realized I’m quite typical: when spot prices go up, I want to cash out; after a couple of pullbacks, I want to buy back in; futures are even more ridiculous, even if I get the direction right, leverage and emotions can blow me up. To put it simply, position management boils down to one human phrase: don’t mistake “possibly right” for “must act now.” I now first determine how much I can lose, then work backwards to how much to allocate, preferring to miss out rather than hold on stubbornly; buy/sell spot gradually in parts, treat futures as seasoning, keeping my position small enough to sleep well. Recently, RWA, US Treasury yields, and on-chain yield products have been compared side by side, and the more I look, the more it seems like “seemingly stable” things are squeezing through a door, and if any volatility hits, no one can run fast enough… better open the umbrella first. Anyway, I’m reducing leverage first.