So this morning I ate a 4% loss on my position due to such a careless mistake that it really makes me reevaluate my competence. I had an order to short 1k shares of LTBR if the previous day close of 1.48 held on this morning gap down (shoutout to Tim Grittani). After pussying out of a nice 20 cent/share morning fade, I decided I was not going to chase weakness and I would look for another play.
I went straight to my top watch: WNDW. This pump had 4 massive green days that took it all the way to $10 - it was begging for a morning crash; that is exactly what we got today. I put in an order to dip buy 200 shares at 8.92 (THE EXACT BOTTOM BY THE WAY), and instead I got a nice shortsell order filled for 200 shares. Little did I know I forgot to switch the action from sell to buy after I bailed out of my LTBR play. After my heart skipped a beat, I frantically put in a cover order at 9.08. I didn't get it (LOL). The offer skipped to 9.28 and that was when I really started to panic. I moved my bid up to 9.30 and luckily a seller came in and took me out. Seeing as it bounced another 60+ cents, it could have been a lot worse.
I have no problem with cutting losses quickly, but on trades like this you really need to know what you're doing. The worse position you could be put in is one where you CAN'T cut losses quickly. Luckily I was only calling for 200 shares, which is the minimum block that a market maker is required to fill. I can't imagine how scary it would have been if I had double or triple that. I probably would've gotten a partial execution at 9.30 or worse, a market maker could have looked at my order and skipped it all together.
Needless to say, always check your order forms before placing your order. This wasn't exactly the best time and place to learn this firsthand, but better now than later. Getting caught in a bulletin board ramp like this is not something you want to experience as a beginner trader.