I think you either trade futures or options on vix Index or you don't really trade vix.... Idk anyone myself making money trading these vix etfs .....
I read the following on the CBOE website: Stacking and Rolling VIX Futures Positions Because VIX futures of successive maturities track implied volatilities for successive 30-day periods, e.g. May 2004 futures track implied volatility from May 22 to June 21 and June 2004 futures track implied volatility from June 19 to July 19, they can be stacked to cover implied volatilities for longer periods of time. For example, a stack of May and June 2004 VIX futures approximately tracks a 60-day implied volatility (with a two-day overlap). Investors can choose between stacking successive futures at the outset or rolling from one futures contract to the next as the nearby contract expires. This is analogous to choosing between stacking and rolling Eurodollar futures, or choosing between a fixed rate and a variable rate mortgage. Investors who hold the nearby futures position up until the date of expiration rather than rolling it shortly before expiration must remember that the Final Settlement Price will not match the VBI. Also note that the effect of rolling from one contract month to the next is not to extend your leverage from the first to the second expiration date, as it would if these were stock index futures. This means that the spread between the first and second futures prices should not be viewed as a cost of interest or "roll cost". I am going to research more about this 'stacking' when I have some time. Sellindexvol66's suggestion of the 'strip hedge' seems good.