I adhere to Warren Buffett's saying, "No one ever lost money by taking profits."
I just started this year - I've lost money on a put option, but I haven't lost money on an equity buy, yet. I don't do a good job of putting in stops, but I get a feel for a stock and *knocks on wood* haven't lost any money at the exit point.
That depends on your risk tolerance.
Over 5 months, I've dabbled in a little bit of everything - dividends, pennies, an undervalued REIT - this is my play money, "found money", if you will. I just don't know anything about metals. If this thing can double in 3 or 4 years, after halving by January, I can live with that. I mean, silver is never going to be worth nothing, right?
I think it's a combination of spot and futures prices.
I can live with that - I think I got it pretty low - I may just let it ride for awhile. If it jumps to $22 pretty quickly, I might just take the money and run.