Interviewers ask this kind of question to surface how you think, not what you remember. The strongest answers are specific, calmly told, and end on what changed.
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A liquid position is down through the drawdown level you'd pre-set, but it's an illiquid morning, the tape is gapping on a macro headline, and your fill would move the stock. Do you cut now or wait for depth, and how do you decide?
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