I shorted GLD and SLV at 80 and 145, these were pretty hefty positions and I kept adding more and more to my short position as these skyrocketed up. I have lost a ton of money so far. I refinanced my family's home and liquidated my kid's college funds as well as mine and my wife's retirement fund in order to short more at these highs, I am hoping I can get the money back on a correction. When I told my wife how much money we lost, we had one of the worst fights of our marriage and she said she couldn't deal with me at home for a while. Here I am posting this from my laptop in a hotel room dreading what might happen next in the market. I never expected gold and silver to go up so high, so fast. The so called experts all said to sell sell sell and look where it's gotten me.
I hate to see anybody loose money. We all make mistakes. But I think you use this an oportunity here to develop an investing discpline that forces you to cut losses. Investor Business daily calls it the 7% rule. There are other rules out there, but this is the one I use.
If wrong you don't stay wrong, if your down 7% you sell. Period. Case closed. No wining no crying.
"The so called experts all said to sell sell sell and look where it's gotten me."
This is not a level playing field. There are agendas at play here. Wall Street is one gigantic conflict of interest. Stock pimps like Cramer and CNBC cheerleadrs will have you buying high and selling low all day long.
I would like to wish you good luck on your short gold position, but I am long gold so I can't. So I will wish you luck on your next position as long as your not betting against me.
As for pick a spot on the chart and call your "enough is enough line".
You NEVER short coming freight train, be GLD, google, Oil, whatever it is. Pure and simple. You have to wait for technical / fundamental breakdowm, which HAS NOT and will NOT happen until long time in this particular case. Gold can fall 800 and stil be in bullish technically. So never put your head against, freight trains, however good or bad it is