When it comes to borrowing and lending, I get the most nervous not when I'm close to the liquidation line, but when there are still "three steps" left. It's not about watching the market, but about whether my brain will start making excuses. My approach is pretty simple: first, write down the "red line," and then casually calculate a safety cushion based on the current price fluctuations. If I can add a little to the margin, I do; if I can't, I reduce my position a little first—don't wait until I have to choose between fully topping up or fully cutting off in an extreme situation.

Recently, there's been a lot of talk about rate cut expectations and the dollar index moving in sync with risk assets—basically, during such times, the correlation tightens into a single cord, and the waterfall effect becomes more orderly... So I prefer to lower my leverage early, slowly picking up bargains is better than passively facing liquidation liquidity. Anyway, when I'm three steps away from the red line, survival comes first, and only then do I have the qualification to talk about narratives. In the end, it's that same advice: don’t argue with the "red line," it only recognizes numbers.