During a recent discussion, I asked Tony if he truly felt that options were overly complicated. He confirmed that they were. I then inquired if this was the reason he chose to trade perps instead. He agreed, and when I asked if he was executing these trades with 20x leverage, he verified that this was correct. Following that, I brought up the subject of his recent account history, asking whether he had been liquidated four times within the current month. Tony promptly corrected my count, clarifying that the actual total was five. Given that track record, I asked if options were still the primary source of his anxiety. He assured me they were, confessing that he practically passes out every time he looks at the options screen.