I just want to jump in and comment that 30x gains in a year are not really that crazy with out of the money close to expiration options. I've had 2 different years in the past with better than 30x gains (and years where my options account went to 0).
If you had bought out of the money puts with a near term expiration for an index like SPY and it dropped 10%, you could be talking 80-1000 times return depending on how far out of the money and how close to expiration.
Disclaimer: I do not recommend out of the money options trading for anything other than pure gambling on money you couldn't care less about losing.
If you had bought out of the money puts with a near term expiration for an index like SPY and it dropped 10%, you could be talking 80-1000 times return depending on how far out of the money and how close to expiration.
Disclaimer: I do not recommend out of the money options trading for anything other than pure gambling on money you couldn't care less about losing.