357,
If the reason you chose the .22 magnum is that it is the only gun you have, then it is better than nothing. Also, if you chose it because you cannot accurately handle any greater recoil, then it is a reasonable choice. I would choose a .22 LR or .25ACP pistol over going unarmed. That being said, it is a WEAK CHOICE, even with GOLD DOTS!
I passed on the .22 magnum as a pocket pistol, which is an effective hunting and vermin round in a rifle, but its performance in a handgun is overrated in my opinion. I think it is better than a .22LR, but not by much. I would rather carry my old WALTHER PPK in .32ACP, but I prefer semi-auto pistols to revolvers for defense, you may not.
If you are stuck because of the recoil or you live in a local which prohibits you getting a better weapon, then you have no other choice.
If you can handle the recoil, then I would upgrade to at least a .38 Special and not a 5 shot snubnose. I would feel comfortable with a mid-size 4 inch barreled .38 Special weighing about 2 pounds and fitted with HOGUE grips, very comfortable in fact.
If the recoil is a problem, then just keep practicing, otherwise, save up the money and move up to a more effective caliber.
Good luck,
Jim