Finally I got my first double-bagger in my investment career. My bearish bet in Microsoft ZMFME (MSFT Jan 05 $25 Put), now trading at $2.85, has more than doubled my cost of $1.35. (I purchased 10 contracts of ZMEFE on January 21, 2004.)
These passing two months gave me some first-hand experience watching and thinking about option trading. The double-bagger result is encouraging, but it is more a direct result of inherent volatility in the option structure itself. I do, however, see the value of using options to limiting risk and bet against the market.