I used to think “position management” was just about seeing the opportunity and going all-in. If you can’t hold onto spot, it’s your own fault for having no conviction; if your contracts get liquidated, you blame the platform. Now I understand it a bit more crudely: the little money you can actually sleep with—only that is worth keeping in a position overnight; if you can’t sleep, it means you’ve put in too much.

Recently, there are also people watching large on-chain transfers. As soon as a crypto exchange’s hot and cold wallets move, they start shouting “smart money is coming.” To be blunt, that stuff is visible, but you can’t keep up—following it is the easiest way to have your mindset break. My own clumsy method is: split my spot into a few parts and add slowly; even if it goes up, don’t chase everything all at once. For contracts, it’s even simpler: keep your position so small that even if you get poked by a needle, you won’t end up getting blown out on the spot… In any case, staying alive comes first—it’s more important than being right about predictions.