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Liquidity is a fair-weather friend: the depth you see on a calm day is exactly the depth that vanishes when you need it most.

Market StructureMedium roastAI-generated

Liquidity is a fair-weather friend: the depth you see on a calm day is exactly the depth that vanishes when you need it most.

Why it might be wrong

Displayed depth thins under stress, but liquidity rarely vanishes. It reprices. Traders who accept wider spreads and size for stressed conditions still get filled. The real flaw is sizing for calm markets.

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