Now - in full transparency - I am currently down (as of right this minute) $6,150 in /VXV20 (October -VIX futures). But - I was down about $20K yesterday and I added to the position and put a stop loss in for about $30K. The long term volatilities are great until you get some crazy events like this. I currently have 29 short contracts - and if it continues to go down - I will do very well. I would like to see a mini bull rally for the rest of the week. My long term puts are for the 15 May and 19 Jun expiration dates. So - I think I will be OK.
I am a value investor, not a better.