Just checked out a testnet project—I've racked up a whole bunch of points, and everyone’s still wondering whether the mainnet will actually issue tokens. To be honest, I’m pretty Buddhist about it. Since my position is light, the most important thing is that I can sleep.

About the word “long-term,” I used to get stuck on it too—weeks, months, or quarters? Later I realized that for me, “long-term” means being able to get through this quarter steadily and not being woken up by liquidation notifications. If you can’t hold spot, and you get liquidated on futures—plain and simple—that means your position is so heavy it leaves you uneasy; once the market even jitters, you start to panic.

One sentence in human language for position management: a position is good if it’s light enough that you can still sleep at 3:00 a.m. No matter whether the mainnet issues tokens or not, make sure you’re still at the table first.