ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[eric4x]

Don't EVER buy UVXY with unsettled funds!*

I was being careful for a long time to avoid doing this, but then I got complacent. See my previous posts:

#1098 BOUGHT UVXY at $26.50, couldn't stand the suspense.* eric4x 11/14/12 09:57:43 AM

#1097 SOLD XIV at $17, waiting to buy UVXY.* eric4x 11/14/12 09:05:14 AM

I sold the XIV on Tuesday November 13, with the settlement date on Friday Nov 16.*

I bought the UVXY on Wednesday November 14, with the settlement date on Monday Nov 19.*

I was logged in and ready to sell the UVXY for about $31 on Friday morning, (November 16). I then got a warning notice saying that, because I bought with unsettled funds, I MIGHT NOT be allowed to sell yet. Apparently, this message was in error. I should have been allowed to sell on Friday, Nov 16. Because of a glitch in the software, the warning about having "bought with unsettled funds" remains forever, even after the funds have settled. Since I am not very experienced, I wondered if somehow I was limited by the second settlement date. However, when I logged in Monday morning, I got the same warning.*

I don't think the settlement date for BUYING affected me here for the SALE.*

Of course, UVXY dropped like a stone later on Friday (November 16), and just kept on dropping. Someone on another forum advised everyone to "sell Monday, at any price!" (last week, November 19). I should have heeded that warning. I could have got $25, or at least in the 24s.*

I figured out later that if I really wanted to sell that morning at "any" price, I could probably have set up a MARKET order to be executed just as the market opened. But I didn't sell, and I am still stuck with it.*

Now it is heading down again, and many say it will keep dropping. I was hoping for at least $23 this week, and I am only selling half of my shares. I will keep the other half, and see how that goes.*

Eventually this will hit bottom, and then it will go up at least 20% from the bottom. Maybe 25%, or 30%, or more. But where is the bottom?*

(I only have a small "starter" account, so it isn't that much money. But it's REAL money).*