UVXY, and other leveraged ETF's, can be very rewarding yet don't trade them often. I'd rather go with something like VXX.
The difference between UVXY and VXX is that UVXY will do double what VXX does. So if VXX goes up 10% then UVXY will go up 20%. Contango can play a bigger role with UVXY and that's why it's a great long term short.