I had nothing to lose, so I have shorted gold at market close Friday. ...GULP?

Question

Can't make the mortgage or car payment, so I cashed in all credit cards and placed all bets on the table with put options.

Now I can't sleep, coz I'll be a millionaire or homeless by next weekend.

Have you ever done anything like this? How did it pan out?

http://www.youtube.com/watch?v=4HhAcvlCPb4&feature=related

.

Answer 1

you are not making smart choices.. if it works out for you then you need to stop and cancel every account that you have to trade anything,,,, because once it works the first time,,, you will keep doing it to double up.... good luck and take care of your family.

Answer 2

You won't be a millionaire.

You are a Gambler.

If you win then you will try to win again and you will do the same thing because life is better if you have $10,000,000.00 USD.

You could keep winning all the way to a billion but one day you will lose it all and you will be homeless.

Even if you win, you cannot win.

I suggest you to sell your car and your house and start over (This time, without gambling) and maybe one day you will be a millionaire.

Answer 3

So how did it go? Looks like you lost even more since gold is up today. How long do you plan to keep your puts? It may work out, since gold might correct a bit in the short-term. But after that gold should resume its uptrend.