Last night, my limit order for a short position around 0.28 (
$IDOL ) was filled, so I went to sleep.
When I woke up, it was a disaster.
In the middle of the night, the market maker pushed it up to 0.43. My leverage was low, so I wasn’t at risk of getting liquidated.
On reflection, I’d fallen into the market maker’s way of thinking. In the previous few rounds, they’d always placed orders based on liquidation levels, and I’d followed the same approach a few times. But getting lazy and not thinking things through just once can lead to disaster—especially with short positions.
As they say, profits and losses come from the same source. I’ve given back all the profits I made on
#IDOL in those previous rounds.
Short positions are quite risky right now, with the market maker having too much control. I’ll think this through carefully. No trades today.
#IDOL