Thanks so much Randy! Yeah I was hoping Brexit would move TVIX up, but it didn’t quite reach $4. I guess I had to learn the hard way, will be scaling out at the next opp.

Well said & so true. Thanks for the info & the recommended sites/links Art.

To add to my reply, TVIX is probably one of the worst of the VIX tracking ETFs out there. I posted a chart of NUGT a while back highlight the nearly 100% loss if held since inception. TVIX is even worse, showing a 99.99% loss since the Oct 2011 high (pull a long-term chart). While a break-even or profit above your $4.xx cost is still possible, you should consider picking a stop (or few stop levels to scale out) just in case this market either rallies for a few days, weeks or more or even grinds sideways for a while, which is also likely to bring the $VIX & TVIX down substantially.

@astoria26 I can’t recall trading any of the $VIX tracking ETFs in years, other than maybe an intraday or 1-day trade here or there. My favorite vehicles for shorting the market are individual stocks, sector ETFs & broad index ETFs. Particularly with sector ETFs, I like to short the 3x leveraged ETF that is positioned in the opposite direction of where I expect price to go, such as the LABU, GUSH & NUGT shorts that I’ve posted taking in the trading room over the last few months (still short with all but NUGT paying off so far although I was able to book partial profits on the recent GDX correction).

Here’s a post that I made regarding trading the $VIX a few years back, including why I typically avoid the $VIX tracking ETFs: http://rightsideofthechart.com/trading-the-vix/

I still have my shares. Holding until October the latest, most I can lose is what I invested. If need be I will average down one more time, probably to a 2.5 level, if we get to a 1 handle.
This thing lost more than anytime in its history, percentage wise, from the Feb highs to the Jun lows. Not even last year was it this bad when we were in a bull market. Manipulation at the highest level. See today’s action as well. Never again.

Thx, I am hoping to avg down to $4 or lower, then sell all of it when the market takes its next leg down, just to get out. I had some success last fall with TVIX, where it bottomed at $5.50 or $6 I believe and didn’t keep going down and decaying like it did this spring. What happened with your shares, did you just get out at a loss? I think there’s also a seasonal thing with TVIX, maybe wait til Aug or Sept when the market always seem to go through a big correction.

I just bought some SQQQ as I don’t have a margin account, otherwise I would have shorted TQQQ. I believe this is Randy’s preference as well as shorting TNA for the Russell (sorry Randy for speaking on your behalf).
Shorting XIV doesn’t work as that instrument goes higher 80% of the time. You could average down in this area and sell the same amount on a pop, then wait for another move down to buy in and average down until you come out even. It is pretty risky but the only thing I see as a strategy. Once you are out, stay away. 4.xx is not a bad average, I am in at 6.37.