Lately I keep seeing people linking ETF fund flows with US stock risk appetite. To be honest, I was anxious for a few days too, but then I figured it out — what does this macro narrative have to do with me running a small position? I should first keep an eye on my own margin trades.

Block builders, bundles, and such — I spent some time last year grinding on them. After reading the papers, I went to look at mev-explore, but the more I learned, the more I felt like I was swimming naked.

Once I figured out the bidding logic of bundles, I actually became more hesitant to act, because I realized I couldn't even tell if my own trades would be sandwiched.

Around that time, I had a small leveraged position that was close to the liquidation line. Staring at that number, I suddenly realized: I don't even understand how blocks are produced, so what makes me think I can outperform those who specialize in writing bots?

Later, I set a rule for myself: for any part I don't understand, I default to being the prey and stay put. For now, since it's a small position, being able to sleep well is what matters most. I'll leave the rest for later.