The crypto circle has been busy again these past few days—memes keep popping up one after another. Honestly, I feel like the narrative tempo is like winter wind: gust after gust. When it’s hot, it’s really heady; when it cools down, you can’t even find a shadow of it.

Before I light each position, I usually ask myself first: if this “story” is gone tomorrow, can I still sleep soundly? So I’ll scale in in batches, and each batch has a hard stop-loss—no matter how loudly it’s being hyped. A few days ago I saw people in the group discussing privacy coins. Someone got on right away and then panicked because of compliance news. Honestly, all of this is within expectations—there’s always tension at the boundary between mixer use and regulation. Once the emotion passes, the narrative changes taste.

I generally don’t chase the parts with the biggest “bonuses.” Instead, after the hype has gone quiet—when everyone starts calling it “garbage”—that’s when I slowly flip through the cards. I set the stop-loss a bit looser, so the kindling in my head doesn’t burn too fast. Anyway, the strategy now is to shut out the noise and listen to myself.

Next time I run into a similar narrative, I’ll still first draw up a picture of “what happens if I lose it all.” What about you—how do you write stop-loss lines for your own positions? When you look back later, which narratives can still stay hot, and which have already frozen over? I’m still that cabin night watchman—slowly adding fuel, no rush.