Thoughts on Polymarket for macro events – any experienced users here?

I'm relatively new to Polymarket but finding it quite fascinating, especially how the odds move in real-time. Been following a few of the larger macro-oriented markets, things like election outcomes or Fed rate hike probabilities. It's almost like a live sentiment indicator, but with real money behind it.

I'm curious to hear from anyone who's been using it longer. How do you approach the markets there? Do you mostly focus on events with a clear catalyst, or are you comfortable with more ambiguous ones? And how do you gauge the 'smart money' versus general public sentiment within the odds? I'm still trying to figure out if there's a discernible pattern in how some markets mature towards resolution. Any insights on risk management or common pitfalls would be greatly appreciated as well. Just trying to learn the ropes beyond simple directional bets.