Interesting, Fred Schwed seemed to be fascinated by options back in 1930 :

In defense of the Pure Gamble : Perversely enough, it is the use of options as sheer speculation that exercises a malign fascination on this writer. I do not know of anyone else who has a good word to say about this form of gamble. It would however be monstrous to leave an impressionable reader with the idea that the buying of options is a reliable way to make money. Bu the practice has such few spokesmen that I have taken it on myself to suggest that is has at least as much to recommend it as more approved speculative methods. But before buying the option, at least mull over for a little while the fact that there exists a group of gentlemen who seem to be willing to wager that this stock is not going up in the next 30 days after all.

Most of the great speculators either ended their days in penury or cam sickeningly close to it one or more times. An interesting exception was Hetty Green, but Mrs Green was both a realist and a woman, few great speculators are either.

Statisticians of a nervous, sensitive sort, after a few experiences develop a prose style which would make a German nineteenth century meta physician envious.. Quote from WSJ... If the thoughtful reader will now read that statement backwards, he will discover that its original lucidity is not impaired.
When there is a boom and everyone is scrambling to buy, take everything and sell. Invest the proceeds into conservative bonds. No doubt what you sold will go much higher, but pay no attention to this - just wait for the depression which will come sooner or later. When this depression becomes a national catastrophe, sell your bonds and buy back stock. No doubt the stocks will go lower, again pay no attention. Repeat.