There could be truth to that if you cover. Bottom line is that just like those who buy stocks low and sell high...the key is you only make money if you sell. If the stock is up (or down in your case) it's an unrealized gain. I've been down and up stocks frequently, but selling to realize and lock in those gains is where I fell short. Hypothetically, shorts could be up big time, however, if this were to reverse quickly, that could disappear. Not saying that is what is going to happen, but still the fact of trading.
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