I made quite a bundle on ARNA trading both ways. VVUS also. Shorted VVUS at 26 after FDA approval using puts. MNKD is another but still holding onto until they get FDA Approval. Bought some JCP a few days ago. Get it while you can before private equity and hedge funds go back into it. Scale in and don't buy all at once. Buy Puts or a spread for protection. You can sell the $5 Put and pocket that money with the premiums so high. Only trade what you can afford to lose.
When you trade TZA on a daily basis your chance of failure is about 99.99% in the long run.