1. Maximum pain is at the Backing price = NAV = peak OI
2. A clever degenerate gambler will learn from each liquidations.
3. Always assume the -99% drawdown. If you can't stomach it, STOP.
4. Never get your portfolio liquidated, liquidations is the sign of over-leveraging.
5. Market always tries to liquidate the most people at the most efficient way. Don't...
