About 3 years ago, I had answered this question here on Quora.
My understanding of the question was:
I understand that your question is about a regular individual trader with a capital of about Rs. 2–3 lakhs converting it into Rs. 10 lakhs or above in a period of about 12–24 months.
While concluding that answer, I had mentioned:
“To Sum Up:
Yes, you can become a millionaire by trading options.
If you believe in your trading ability.
If you believe in your trading strategy.
If you maximize profit when the trade goes right.
If you cut your losses, when trade goes wrong.
If you trade within your comfort zone.
If you repeat the process month after month taking the profits market gives you without being overly aggressive.”
This answer was on January 08, 2017 and I had no idea that I would be revisiting it three years later.
What Next ?:
Having stated that something was possible, it was time to see that it gets done.
I began my blog OptionNext in January 2018.
From May 2018, a series about Options Buying was started on this blog.
That series is now completing two years.
All the points mentioned above ( from previous answer ) were followed in this option trading journey.
And the result was:
Beginning with a capital of just Rs. 200000 and trading less than 1 contract per day on an average, a profit of Rs. 1245413 was possible. This is 1.24 Million in Indian Rupees.
Was it worth it? :
Each and every day of the journey was worth it.
Living through the pain of continued losses was worth it and enjoying the euphoria of big gains was worth it.
Sharing it with the readers of my blog was worth it.
To get criticized by the readers when trades went wrong was worth it and to get the abundant praise when profits came was also worth it.
I enjoyed the journey and most part of the enjoyment came from the fact that this journey was not the lonely pursuit, it had many people for company at various stops along the way. Those readers too learnt how to trade options. That makes it more worthwhile.
The way ahead:
We keep following the same simple set of rules to take our trades and let the market do the rest. It has worked so far and may work again.
There will be losses and there will be profit; we just have to keep going.
We do not look for the destination. Journey is its own reward.
Thanks for reading.
Enjoy the weekend.
Be back here tomorrow.
Stay at home. Stay healthy and safe.