Biggest loss of my career.
I was aware of potential short squeeze on market open. About 30% of the float was short interest, and market gapped up about 30% before market open. I was actually sitting on nice profit about 2k before I decided to reenter my shorts. I needed to take action when the stock turned against me.
Critical mistake was to hold 2 tickers on market open. When both of them turned against me, I literally froze. I am not experience enough to play both tickers at the same time.
I need to always realize that the loss that I am facing might not be the worst. Always bigger loss could come. Blindly hoping for stock to turn into my favor does not work.
Even though I am well aware of these facts, when the stock turns against me, I keep on ignoring my rules. I need some measures to stop me from taking big losses.
Execution detail:
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