Thanks for that. 3000 shares at $30 loss per share. Loss of...

Thanks for that. 3000 shares at $30 loss per share. Loss of $90,000.
Could have covered a once in a lifetime event like this by ticking the insurance box and paying 0.3%. Then the max loss would have been 5%.Just letting you guys know if you already don't, that shorting can burn badly. Statistically the share market heads in the upward direction more than 2/3 of the time.
If you need a little more info on what the market can do then I can tell you that I know of a guy who had $1.8mill in the market of which $600,000 was a margin loan. He did not sell off his holdings in the financial colapse and lost the lot as a result. All the years of builiding up the wealth were wasted.

With my own loss above I have received a refund from the tax office on tax paid of $32,000 this year and will get the rest over time. Instaed of writing off losses against gains I call myself a trader and therefore write off any losses which do not balance out against tax paid in my first job. That allows me to experiment a little more.
Hope the above info is usefull to some of you.