Original Post March 12th 2015
Please note, this post was corrected 1-3-16 to account for a short-side error in the original calculations. Apologies for this.
This NUGT trading strategy (Direxion Daily Gold Miners Bull 3X ETF) gave a theoretical $1.8 million profit for a $10K initial investment over 2.1 years. The trading strategy required once a day attention. Signals were triggered by rising prices on both the buy and sell side. The buy side reference was 1.0629 times the average of the previous day high, the previous day low and the current day open. You would need to calculate it every day after the open and then put in the buy and cover orders, if you were short. On a few occasions this meant buying at the open price, but usually there was time to get the stop orders in.
The sell side target was a bit simpler, 1.0536 times the previous days low. You could enter the sell and short limit orders after each close, if you were long.
There is a Bear version of this fund, the Direxion Daily Gold Miners Bear 3X ETF (DUST), however the results would have been different if you had used it for the short side.
Here is the list of trades.
Since it peaked at the end of Aug 2015 the algorithm has not recovered: