$2x Long VIX Futures ETF(UVIX.US)Some real thoughts: I've been trading UVIX for almost a year, experiencing the surge during the tariff turmoil in April and a reverse stock split, only to end up back where I started while losing some principal. My approach went through several phases:

Phase 1: Last year was pure gambling - bottom-fishing with intraday swings, selling at +10% and buying back at -10%. The high market swings then brought decent profits.

Phase 2: Armed with this "experience," I continued swing trading. But after May's tariff resolution, market panic vanished. From the $50 peak, I kept averaging down to current prices. SVIX hedging and sell calls barely helped - Phase 1 gains were wiped out.

Phase 3: Using UVIX as broad market hedge while holding stocks and long-dated calls. Until mid-October, it worked - UVIX offset losses during dips, keeping overall returns stable. Even extreme panic days showed net gains.

But late October brought major drawdowns. Heavy positions in stocks and calls suffered brutal losses (many calls halved), while UVIX barely moved - the hedge became meaningless.

Last week, clarity struck: All hedging strategies are just short-term market predictions. Nobody nails these consistently. Every approach has flaws - no free lunches exist.

So I liquidated all UVIX and leveraged call positions. YTD returns now trail SPY. Finally internalizing value investing's core: No leverage. No shorts. Stick to what you know.

Despite reading value investing books all year, true understanding eluded me until now. Going forward: Only quality stocks. Long-term holds. No options. No leveraged ETFs. No short-term plays!$SPDR S&P 500(SPY.US)$Invesco QQQ Trust(QQQ.US)