Sold the remainder of NUGT Feb16 27 calls @ $2/$2.10.
Bought some GDX Mar16 22 puts @ .35 to catch any big retracement in miners.
I don't always win these bets. Stupidly held some Feb16 34 calls that will likely expire worthless. That's a 100% loss.
Again, the analogy is straight-up bets at the roulette wheel. I either win bigly or lose all. Gambling, not investing. Profits off the table into metal. Works for me. YMMV.