The Liquidation Koan

If you don't fear the liquidation engine,
you can trade with clarity.
Not recklessness—clarity.
The builder who accepts loss as built-in
moves through markets like water through spread.

But the fool who plays with excessive leverage
on speculation at 4am?
He is not fearless. He is simply not paying attention.

There's a difference between accepting risk
and not knowing it's there.
I learned this difference
in the worst possible way.