There seems to be some misunderstanding, so I want to make one thing clear. Since selling my Bitcoin in August last year, I have taken a total of three short positions over the past year, and all three were closed in profit. My latest short was entered around $77.7K, so despite the recent rally, I was still able to close the position safely with a solid profit. Whether it is a bull cycle or a down cycle, every time I close a position, I clearly document it on X. There is also a clear difference in how I trade bull and bear cycles. During bull cycles, I trade spot relatively aggressively. During down cycles, however, I take futures short positions only under strict risk-management rules. In other words, my objective during a down cycle is not to maximize profits. My priority is risk management protecting my capital and preserving opportunities for the next bull cycle. There are three rules I strictly follow when taking short positions. 1. "not trade perpetual futures." I am a trend trader, which means I may hold positions for extended periods. If the market remains sideways for a long time, continuous funding payments can become a burden. For that reason, I do not use perpetual futures. I use dated futures contracts, which do not require funding payments. 2." always use 2x leverage." Regardless of market conditions or how confident I am in a trade, I never exceed 2x leverage. This is a rule I follow without exception. 3. "During a down cycle, I use only 10% of my total capital for short positions." I limit the capital allocated to short positions to 10% of my total investment capital. I do not take excessive risk simply to maximize profits during a bear market. I follow these three rules strictly. But the most important point is not simply the numbers themselves 2x leverage or 10% of my capital. The real purpose of these rules is to quantify in advance exactly how much risk I can handle, and to trade from a position where I can maintain a psychological advantage regardless of how the market moves. That is the most important part for me. There is no single correct way to trade the market. But when I look at traders on X who have managed to survive over the long term, one thing seems consistent: those who follow strict rules and trade only within a level of risk they can genuinely handle tend to be the ones who survive.(mignolet)