My short position has been held for over a month now, let me briefly talk about the changes in my mental state during this time.

Stage One: You are all idiots! There was no time to accumulate (or I didn't see it), the moving averages are all over the place, no pullbacks, no adjustments, can this kind of rally really go far with one divergence after another???

Stage Two: Still relatively rational, feeling that it's too early for the short sellers to pop champagne at 93, there might still be a ways to go up to 103; this wave of induced buying is really impressive, but luckily, I controlled my position well, averaging above 10 isn’t a big problem; fishing with a long line, sitting steadily on the fishing platform;

Stage Three: The previous high has been broken, I’m not convinced! This market can break the previous high in this state? The noise in my ears has gradually increased, everyone around is shouting bullish, feeling the pressure growing, it’s starting to get a bit uncomfortable;

Stage Four: Now, I realize the overall prediction was wrong, the only thought is how to handle this short position well, I don't have the energy or time to care about other things, a bit regretful that I even posted about why I didn’t study Binance Alpha back then, but instead impulsively predicted and opened a short, is this the fate of a secondary gambler?

Summary:

1. This kind of dollar-cost averaging short position is nowhere near as comfortable as a dollar-cost averaging long position because it fundamentally goes against the market trend;

2. The previous shorting techniques were mostly about light stop-losses and catching breakouts, but this time using this method feels particularly ineffective, won't use it next time;

3. If the position is trapped for too long, various pressures will cause the operation to deform, and in terms of operation, one can only make passive defenses;

4. Most importantly, spreading too much energy is not cost-effective.