Today I saw someone treat on-chain large transfers and exchange hot and cold wallets as "smart money" chasing after every move. I almost had my ice cream melt into a waterfall... To put it simply, the AMM curve is designed to automatically buy low and sell high for you. When prices rise or fall significantly, you are passively rebalancing, and impermanent loss is not mysticism; it's a mechanism. Market making is definitely not just lying around collecting fees. If the fees aren't enough to cover volatility, you'll still go in smiling and come out crying.

What I fear most isn't losing money, but losing control—positions drifting, rules getting chaotic, and people starting to operate blindly. Anyway, now I always set exit conditions before becoming an LP; otherwise, when emotions take over, no amount of tricks can save me.