Yes you have to pick the right sector at the right time and then...

Yes you have to pick the right sector at the right time and then go after stocks that have had a bit of bad news with some puts. You only pay about lets say 10% of the price of the stock at the time and in Australia you can buy them at 1000 a time.
The problem is if the stock doesn't drop or rises then you have to buy the shares at a higher price to return them by the expiry date you are screwed. Best done by bigger funds that have the resources to keep the SP down.

To easy for little players to get burned.