11/20_PACB, KBIO, Lessons

-did 2 trades simultaneously today and fucked up both. I can't watch 2 opening positions at same time!

-I didn't regret my PACB short because it's overextended on daily chart. Again, the problem is I refused to stop out when it couldn't go red and stayed below big significant psychological number-$10. My assumption was there are supposed to be lots of sellers at $10 but again I was wrong. Another undisciplined trade.

-I thought I was lucky that I didn't short KBIO. Frankly after I saw Greg's post on KBIO's short, I was considering to take short position as well but there was no shares to borrow both at my brokers ST and IB and I got really busy yesterday with AVXL but today especially after 2 super squeezes I was looking for shares to short at IB. I was looking to pay any price to get myself involved so I put limit order at $14.02 because I wanted to get shares not others. IB's shorable shares is first come, first serve basis so I have to put in order early and low to get myself filled and that's the beginning of my debacle. 

-I held my 400 shares at avg $14 through the ridiculous squeeze and at peak my unrealized loss was $3000 but I didn't get shaken out to cover. 

-it's got 2 volatility halts and then finally exhaustion red candle came and I was happy about it and said "finally"! 

-I added another 100 shares at avg $18 and ended up holding 500 shares at avg $15.20 through the weekend. This is trading: a small, tiny and careless mistake can turn into a huge and ridiculous agony. I already made the mistake, feeling bad about it isn't gonna change it, I will have to fix it. 

-I saw a big trader on Twitter posting "T+3" squeeze got me thinking, "if today's squeeze was caused by T+3, i should be fine. I did the math, KBIO started running 4 days ago, prop firms which lent shares on 11/16 demanded 3 days to cover up the position which is today 11/20. this is supposedly the last squeeze we've got and all the shorts replaced should hold their positions tight from now. 

-based on my experience on AQXP, CANF, when the exhaustion and momentum shift red candle came, it is the backside of the move! So I held my position over the weekend not due to hope but after my consideration-3 squeezes already, exhaustion candle, crowded longs, possibility of financing/offering could be announced soon, fundamentally flawed company. I decided to hold short into Monday morning!!! Will get to work earlier tomorrow to manage it!

Lessons/Takeaways:

1) Never Ever take eyes off your position No Matter what!!! market is dynamic and conditions're constantly changing, even in premarket & after-hour session ($KBIO)

2) the ONLY reason for shorting is anticipation of it coming down, NOT fear of shortable shares runout, NOT FOMO, NOT weakness, NOT because everyone on twitter and chatroom talking about it,etc. 

3) Cut your position at predetermined risk level NO MATTER what. No adding, no rationalizing, no thinking

4) Trade what you see, NOT what you think. 

5) Fight quick battle, close position before market close and start your next day fresh unless with sufficient unrealized P&L so worst case scenario happens next day, up/down 50%, you gotta be okay with that. 

6) Cut attachment to P&L, do the right things~
7) No bias, even if a stock spike big doesn't mean it's a short, it can keep going!!! remember that!!!! Trade the price action, Not your thought!!
8) Take pride in taking the position off when it blows through your stop loss point! Combat "freezing"!
9) "you never really know how you’ll react until you’re faced with that situation"...thoughtless and 100% robotic is not a choice but a MUST to stay in this game.