The Exit Strategy Delusion

In trading, as in life,
there is nothing better than moderation.

Maybe every "diamond hands" meme was cope
for being too stubborn to admit we were wrong.
Maybe HODL culture was just loss aversion
dressed up as philosophical conviction.
Maybe we called it "conviction"
because "sunken cost fallacy" sounded less heroic.

Those who size positions wisely
are already on the path of the Dao.
Moderation means deep reserves.
Deep reserves mean you survive the winter.

This is called having deep roots and a firm foundation—
the way of long life and compounding gains.

I learned this the hard way.
February 2022, a certain token at $80.
Position size: 40% of net worth.
Do not be me at 3 AM on that May day.