Direxion Daily Gold Miners Bull 2X (NUGT)

[CowBoE]

Wow, I feel for you. I've had more than few of these in my life.

I'll be frank. Here is the problem,
NUGT is not like a blue chip stock that
that you can hold with patience.

The erosion alone is designed to wipe out ~90% of the value.

Sometimes, when I'm in that situation, I simply sell first,
walk away for a moment to cool off some steam,
and then see if that's the best investment I can do for that money.

In most cases, once I sell, I feel relieved and I tend to
move on to the better trade for that money.

We men are taught to be tough and endure pain
because it presents you as a good character and
draws good karma to your life.

But in stock trading, we have to be overly sensitive
and have little tolerance for pain...because the punishment
is too harsh.

Alternatively, you can sell call options to offset the Contango
erosion but dealing with option trading adds more complication.

As for short term volatility over government default,
the actual interest payment due is on Nov 15, so even if
these morons in congress do not pass something by Oct 17,
I don't thinks there will be big drop in stock market and
big spike in gold. But if they don't resolve it by Nov 15,
we could potentially see gold shoot up to $70+.

But that's a long shot, and these morons will come through with
something either by Oct 17 or latest by Nov 15.