Nano Dimension (NNDM) was the HTB (hard-to-borrow) du jour, doing 639,000 trades and $1.93BB in volume. I paid 4.14 cents per share ($414 per 10,000) for the borrow. I went a bit on tilt in this thing, alas. I shorted it pre-open and during the opening range and stopped out quickly both times. Then I got long it at 1.37, yes, you read that right, LONG it at 1.37, then I said, no, I’m uncomfortable long this, let me sell it for a four cent loss, which I did. I think that’s when things went off the rails.
I shorted it TEN more times (including once after hours). I did not revenge size anything. My bet size was consistent throughout, which was good, “planned” losses. But I kept on trying to pick a turn, and I didn’t lose every time, just three-quarters of the time (ha!), but I was clearly tilted, I knew better, I knew I was irrationally fighting it. Without tilting, I would have taken two losses on this thing, max. Be clear: I cut my losses, I don’t “add,” I don’t martingale, I simply stop out with a hard stop. But then I get back in. Bad.
I am CERTAIN that people blew up in this, just like every other runner. In fact it hit $6.13 after hours! This one murdered people, and of course they paid a hefty borrow fee for the privilege.
PIXY was also in play, doing 158,000 trades and $334MM in volume. It gave me a good spot to short and I didn’t take any partial profits and closed it end of day even though my target was $8 (no way to swing it when the brookie charges 7x overnight). The only bad part was the brookie didn’t have borrow, then they later did and I got some at a mere 16 cents per share, I’m joking about “mere,” but it really was mere compared with the 60 !!! cent borrow I found when I went back for another slug of shares. True, I was targeting $8 so it sort of made sense at $13+, but still, sticker shock!
ACB was also in play, just faded from the get-go, total no-brainer, I missed it completely. YCBD, something which did me dirty yesterday, just faded all day today, total Day Two collapse, I missed it completely.
So it was a world-class shitty day, a single day loss that I haven’t seen since last December (when I also fought something with abandon). But I’ll reflect on things, play smaller tomorrow, and just get back on the horse, that’s all we can do, assuming we have money left.