I often can't hold onto spot positions, and contracts are easy to get itchy with leverage, ultimately either selling too early or getting liquidated, which is pretty embarrassing… Later I realized a simple truth: don’t let any position be so large that it affects your sleep. Only positions you can sleep soundly on are worth holding long-term; if you can’t sleep, it means you’re not investing, you’re gambling.

Recently, that mainstream chain is about to upgrade/maintain, and everyone in the group is guessing whether the ecosystem will migrate. I instead treat the risk as “assuming there will be unexpected issues,” and automatically reduce my position size: the greater the uncertainty, the smaller the bet. To put it simply, position management isn’t a talent, it’s a habit; in the long run, I survive by this: first don’t die, then talk about experience and returns.