I used to make mistake and lost money but now I shifted to another way of making mistake which is doing well at the beginning but my overstay and adding short into the weakness got wiped out the money that could be made had I just locked in the profit.
The reason I added to my position was because I wanted to $5 breakdown and I planned to cover in the high $4.90's. Again I traded it on my expectation rather than what chart was telling me. It made two attempts but couldn't breakdown so the same mistake as before the right thing would be "cover" not "reshort". I ended up squeezed and covered into panic pullback. Terrible trade. In this market, you really have to wait for the opportunities!!! As a short seller, you take advantage of emotional covers, let those people freak out so you could short into their covering!!! You refuse to be one of them which laid foundation to pro short sellers' success.
mistake1) overstay, 2) short into weakness, 3)didn't respect the signs of danger, I threw away what michael shakin said" entry entry entry".
Didn't trade it but this is the pattern we have in this market. The stock doesn't have to gap up and para then enter short, it could weak open and momentum dry up and fading, therefore it's important to enter partial position at premarket. lx21 shorted it. yesterday's EOD squeeze presented a perfect opportunity for shorting!!!!!
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