If I go long and short a stock simultaneously, with a 1:50 leverage, and place a stop loss on both for when a 10% loss is reached, isn't this the exact same principle as the long straddle strategy within options trading?

The only difference I can see is you may get both of your buy and sell positions wiped out if the market is volatile. If it isn't however, and the move is a large one up or down, one of your positions will hit the stop loss and close down whereas the other one will have the potential to recover that loss and then some.

Am I missing something?