Hey, honestly, I’ve been turning over and over the words “position management” for years. In the end, all that’s left is one sentence in plain human language: **Don’t treat “can’t hold spot” and “contract liquidation” as two separate things—at the core, it’s because you’re impatient with how slowly you’re making money.**

The other day I saw a protocol I really liked. The logic was sound, I read through the audit report twice, thought it was solid, so I went all-in on spot. Then the market moved, I couldn’t hold it, so I cut my losses and switched to contracts to try to catch up—ended up even worse, with my position wiped out. Later, when I calmed down and thought about it, it wasn’t the market working against me; it was that I never actually figured out how much that money could realistically lose.

Recently I heard that a certain region is raising taxes and tightening compliance, and everyone in my circle has been discussing whether deposits and withdrawals will get harder. Honestly, I don’t think it’s a bad thing. If anything, it makes me more vigilant—since the environment is changing, I need to psychologically leave more room for buffer. My current approach is especially simple: **Before every trade, ask yourself one question: “If this money goes to zero tomorrow, can I still sleep at night?”** If you can’t answer yes, then you reduce your position.

Looking back, I’m glad I caught myself. Last month I almost went in with a heavy position on a new protocol, but that night I couldn’t sleep. I went back and read the audit report and found a logical loophole—so the next day I backed out. Later it dropped 80%, and I’d effectively saved myself. In any case, being light on risk + cutting losses is more reliable than any oracle.