Position management and trading discipline are the rules for survival!

Recently, I’ve been hedging with a few group friends, covering fees/spreads, and I’ve been on RAVE these days.
From day one, we repeatedly emphasized: plan your hedge positions, follow trading discipline, set proper take-profit and stop-loss levels, never gamble on the direction, and close positions promptly.
We review our trades every day, and every day we say, we’re here to arbitrage, not to gamble.
Today marks about three weeks of playing, and the most impressive is M’s three-week return reaching 50%.
But last night, at the exact fee collection time.
B suddenly said: Hey, fees are coming again!
Immediately, J, who knows B best, said: You’re not going to close your long positions, right? Now you only have shorts, right?
B said: Yes.
Seeing this answer, I immediately felt something was wrong, so I asked J to call B.
However, after the call, J said: B is already emotional, thinks RAVE has risen for so long, it must fall.
It was 9 PM at that time, and B never spoke in the group again after that.
Until around midnight, when RAVE dropped a bit, L and M called B again.
But there was no message in the group.
In the morning, B said: I’ve quit the network, I’m not playing anymore.
B roughly explained the situation: he was exhausted and couldn’t sleep, wanted to sleep but didn’t dare, constantly thinking about what to do, whether to add to his position and hold on.
In the end, he lost 77% of his entire position.
If B had set a stop-loss when he turned into a one-sided short, he would have only lost 10% at that time.
If he had followed his trading record, that single trade might have only lost 5%.
I hope every partner doesn’t experience holding a position through the night!
I hope every partner can manage their positions well and follow trading discipline!
I rarely use leverage in futures trading, but I will always remember:
Once, I almost lost all my principal during LP mining with leverage, and those two days of holding positions not only made me lose my appetite but also made me want to vomit!
This post is both a reminder to everyone and a reminder to myself!