Shared by
WildThingTrading
Not gonna lie...I was feeling the pain on this one for a while. Reason for short was the fact that this is a garbage company and lots of bagholders connected to this company made me believe any spikes would be sold into.
I should have been paying more attention to the daily chart as one could make the case for a run into the 3 - 3.20 range quite possible.
I started scaling in shortly after open and plan was to add into the 2.50s which I did but then it started spiking more than I expected and I considered covering it up but basically decided to get stubborn and fight it so I kept adding to my position into the 2.70s and added more as the initial trend was broke and price retreated under moving avgs and VWAP.
Even though it was about a $1200 gain, these are the types of trades that can cause huge losses and I don't feel like I can be proud of this trade at all. I was down over $2k with 14k shares at one point and am lucky to have a profit on this one. Luck is not a strategy.
Should have probably cut it off and covered in the 2.60s and looked for a better opportunity in the high 2s.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-10-14 09:33:00 | MGT | sell | $2.420 | short |
| 2016-10-14 09:35:00 | MGT | sell | $2.590 | short |
| 2016-10-14 09:45:00 | MGT | sell | $2.480 | short |
| 2016-10-14 10:01:00 | MGT | sell | $2.740 | short |
| 2016-10-14 10:15:00 | MGT | sell | $2.730 | short |
| 2016-10-14 10:28:00 | MGT | sell | $2.590 | short |
| 2016-10-14 10:49:00 | MGT | sell | $2.560 | short |
| 2016-10-14 11:16:00 | MGT | buy | $2.510 | short |
| 2016-10-14 12:36:00 | MGT | buy | $2.480 | short |
| 2016-10-14 13:20:00 | MGT | buy | $2.510 | 0 |
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