Fat finger trade (FURX)

FURX received a CRL on Wednesday night. When trading resumed today, it squeezed up from mid $13 to the $14.50 area. Conscious of a MAPP like squeeze I still took a short position betting on fades throughout the day. I would have been in the trade for over an hour, in hindsight too long for it not to start fading. I had a stop limit in, but when the share price spiked the stop limit never filled. The stock went nuts through $15 in a minute. I went to adjust my stop to cover on the pull back, but stuffed up and sent the order at market. I ended up covering at 15.13, when I could have got 14.70's!


Mistakes:

• The best shorts work straight away. 
• Need to be extra conservative on low floats i.e. take trade off earlier.
• Need to be more cautious using stop limit on low floats.
• Be calm when placing trades.

The stock ended up surging to $16. So stops were necessary. But that raises another question, was this a high enough probability trade to be taking. I can only day trade so many times a week. I used up this day trade and it arguably caused me to miss two other trades (FURX @ $16 & RGEN @ $4.7's - another bad news bounce trade). 


But this is what really hurts - FURX is at $14 today...

I think I will wait for the squeeze next low float 'bad news short' trade.


Open Trades Short
VRML, MBLTY, GTIM, HUSA, CLNT 

Open Trades Long
UNIS, CLDX, HZNP, ALXA, SVVC

April Returns,  -3.5%