Yes. My experience is that you will lose your money.

The leverage you get with borrowed money does increase potential returns. (Buying out-of-the-money puts and calls increases it still further.) The more leverage you reach for, the greater the pot of gold you have an outside chance of winning — but the more outside that chance becomes. Sooner or later, you will in all likelihood lose it all, because even gamblers who do win rarely quit while they’re ahead.

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