Are leveraged ETFs too risky?

A lot of noise is being made that leveraged ETFs (my favs are UCO, UYG, and URE) are too risky and not for average investors (I am one).  Apparently lawsuits are being filed against ProShares that they have no disclosed the risks (who said stocks did not have risks and I think investors should do their own research to understand risk).

A lot of analysts argue that these should not be held for more than a day while others suggest that one can hold them for days, weeks, or even months and still manage their portfolio.  Guess what?  I have held them for all periods of time and made money.

The secret: keep your eyes on the portfolio daily and get in or out fast.