Its obvious that all these etf's are a sham.their just on the other side of the trade buying the market sending it higher while the up volume percentage shrinks the lower the etf trades...then a reverse split and start over..big rip off created here folks...don't buy,,,, ever......................!
I agree that it is a ticket to riches. Oh boy do I agree with that. And, I hope it never goes away. I wish I had known about this product from the day it went public.
I also agree that anyone losing money and upset with VXX or other similar etn's simply do not understand how to use these products to their advantage. Instead, they try to time, and jump in, thinking they are going to make that 5 to 10% gain that happened just the other day, and they end up losing 1 or 2%, then 3%, then 2%, then 3%, and when that volatile day finally comes, they get a brief window period, typically in middle of trding day, to cut their losses in half, and if they don't, they just keep losing money and go around cursing about how much of a scam this is.
I personally find much of the other #$%$ going on in the market a scam. At least VXX is consistant with the way it goes down over time! What other trading device is more consistent in its direction, over time, than VXX?
It is amazing that people still play with this ETF. Huge market volatility today, and this thing is down again. LOL, truly a scam. Built to lose money, such an easy short, but as soon as a retail guy does that for a short term trade the thing will spike for a couple of days. Only way this does not hit zero is splits and the fund dumping money in to play with to keep the fund alive.