Lesson Learned: Not respecting Kalshi's expiration for time value

One mistake that cost me a good chunk early on with Kalshi was not fully appreciating the time decay inherent in their event contracts. Coming from options trading, I understood theta, but for some reason, the fixed, shorter duration of many Kalshi markets made me complacent. I'd often hold onto a position hoping for a late swing, even when the probabilities were clearly shifting, simply because the underlying event hadn't happened yet. The market was already pricing in the dwindling time to resolution, and I was consistently overpaying to maintain a losing bet, rather than cutting it when the edge disappeared. It's a stark reminder that even in seemingly simpler markets, the clock is always ticking.