Quote from Option_Attack:
Surfey, Surfey, Surfey...you may or may not win this one. But putting all of your chips in the pot and lettin' 'em ride when you don't have to is a big mistake. At least if you want to keep on trading without the soul-crushing of a blowout (for reference see Neiderhoffer, et al).
Take a cue from Toddo Harrison. He's been working mostly short lately, but what he does (and what any smart trader does) is "trade around" the position. If you had simply closed a few of your contracts after every drop, then reestablished shorts after every pop, you would have at least banked something.
Good luck.