Three steps away from the liquidation line, that’s when your brain is most likely to get lazy: thinking, “It’s just a little bit more.” I usually stop first and stop adding leverage—don’t go feeding the fire. Then I split up the position and take a look: which ones are highly volatile and which ones I don’t want to stubbornly hold through; reduce a bit first, don’t wait for the system to reduce it for you. If you really want to keep your position, then be straightforward and top up some collateral or repay some debt—don’t think you can add it all at once. Send it in two or three rounds so you don’t get stuck on a bridge or when the chain is congested for a few minutes and end up getting liquidated… The incidents I’ve seen basically all died because of those three words: “it’s almost there.” Recently, the new L1/L2s have been issuing incentives to boost TVL; once the rhythm of buying the incentive and selling the extraction starts, the volatility is even more frightening than an audit report. Bottom line: if you’re close to the red line, don’t put on a brave face—stay alive first, then talk about returns.