Never be down 60% on any trade.
Especially a trade that you were only planning to hold short term. If trading short term you need the time to watch that trade. You need to buy it at the right price. If so if you are still down 10% you need to seriously start thinking of selling.
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The market is like a Living Creature. Trying to explain a deep concept in a simple way.
I myself am still learning how the market functions in stages.
It can rally 20% on news in just weeks then drop like a rock on the same news just at a different time period in it's movement