Last night I paid another tuition fee. Even with the funding rate for just that one coin turned this negative, I still couldn’t hold my deep position. I was in a hurry to place the order, and the slippage ended up wiping me out. When I looked back, that thin layer in the order book was nowhere near enough to hold up against a small order like mine. To put it plainly, I didn’t work out the timing and rhythm properly, either—I also didn’t wait for liquidity to come back a bit before making my move. Recently, whenever everyone talks about ETFs and risk appetite in the U.S. stock market, I always feel that the deeper question is: in the market, exactly how much depth is there that’s truly willing to step in and take the other side? In any case, every time I save screenshots after each liquidation blow-up, I find myself thinking—next time, should I hang a limit order first and wait? For now, that’s it: discipline is being fed to me one round of slippage at a time.