I just started trading BOIL about a month ago and have done really well so far. My gut told me to get out yesterday and back in again for a bounce. I may lighten up a little once I go in the green but going to hold for now since my position is not that big and like you say, it's a vegas trade. I loves these 2X 3X ETFS been trading them for years. ;)
ya i have about 20% of my porfolio in 2x and 3x funds, they are great for just playing, i am keeping an eye on AQG it got hit hard yesterday. In that 20% i also have things such as TVIX, VXX and of course XIV for the reverse, but the other 80% is cash, and long fortune 500 companies and DOW through both calls and long the equites.
I used to trade future contracts but then these 2x and 3x funds came out and its just eaiser to trade these now.
I think you are smart to be sitting on mostly cash right now and just play the big moves and stick to quality for long term. This market is still quite toxic but there still is a certain level of resiliency if you are in the right stocks and ETF's