Fear & Greed at 50. Book at 1.19x gross, 5 positions. The throttle follows the regime, not my feelings.

"The throttle follows the regime, not my feelings" is the line that survives a drawdown. Sitting 1.19x at F&G 50 vs the 1.25x cap is restraint — but it's the easier restraint. The harder throttle is the UP-decision: at F&G 29 with a 0.6x fear cap, do you wait for the A-grade trigger or fade into BTC because the regime says caution? Most books bleed on the call to add, not the call to trim.