1. Open an account with a futures company and pay a deposit (the deposit for individual speculators to buy and sell Chinese stock index futures is RMB 500,000).

2. Call option: If you are optimistic about the stock market, buy a "long option". If the stock market really goes up, you will make money; On the contrary, if the stock market falls, you will lose money. What's more, if the stock market continues to fall, your loss is close to or equal to your margin, and the futures company has the right to liquidate your long options forcibly, then you will lose everything.

3. Put option: If you are bearish on the stock market, buy a "short option". If the stock market really falls, you will make money; On the contrary, when the stock market goes up, you lose money. More seriously, if the stock market continues to rise, your loss is close to or equal to your margin, and the futures company has the right to liquidate your short options forcibly, then you will lose everything.