---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/36466188.md"
description: "$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)"
datetime: "2025-11-18T09:44:41.000Z"
locales:
  - [en](https://longbridge.com/en/topics/36466188.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/36466188.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/36466188.md)
author: "[细雨阳光](https://longbridge.com/zh-CN/profiles/12671225.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/36466188.md) | [繁體中文](https://longbridge.com/zh-HK/topics/36466188.md)


# $2x Long VIX Futures ETF(UVIX.US)Some real thought…


### 相关股票

- [2x Long VIX Futures ETF (UVIX.US)](https://longbridge.com/zh-CN/quote/UVIX.US.md)
- [SPDR S&P 500 (SPY.US)](https://longbridge.com/zh-CN/quote/SPY.US.md)
- [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/zh-CN/quote/QQQ.US.md)

## 评论 (10)

- **蓝莓猎手 · 2026-01-14T22:23:32.000Z**: Yes, I used to hold triple leverage for a long time, and only realized after a sharp drop. It's impossible to hold, and leverage is not suitable for long-term holding. Now I mainly use no leverage and regular stocks, even if I use leverage, I control it to 10-20% of the position, and do short-term t
- **beytwice · 2025-12-29T03:13:07.000Z**: A lesson learned from suffering losses, but it's hard to overcome human nature
- **我要自由6666 · 2025-12-12T03:36:30.000Z**: Well written
- **Andy. · 2025-12-11T22:55:25.000Z**: Me too, I directly cut my losses before the stock merger last month. I bought it at a high before April, held it long and added to my position. The index has recovered, but it hasn't. The loss is huge, both calls and puts are losing.
- **Yongze · 2025-12-10T07:54:22.000Z · 👍 1**: Everyone goes through a speculative phase before returning to the path of investment
- **爱在初秋 · 2025-12-10T04:36:11.000Z · 👍 1**: This thing is really hard to grasp, I didn't do it either. The market falls but it doesn't necessarily rise, the market needs to fall continuously to make it happen, such opportunities are too few😂
- **McG麥格雷戈 · 2025-11-28T20:06:16.000Z · 👍 3**: Only invest in stocks, choose good companies, and hold for the long term;Don't buy options, don't short sell arbitrarily;Wait patiently, stay calm, and follow value strategies;(Repost and save edition)
  - **细雨阳光** (2025-11-29T03:18:12.000Z): Value investing is the king
- **虾仁 · 2025-11-18T16:50:35.000Z**: Thanks for sharing
- **Ralphchou0818 · 2025-11-18T11:02:11.000Z**: I sold early