Options are a great way to add another level of sophistication to your investment strategy. Most people like to think of options as risky, speculative offerings. However, options are a great way to decrease risk. Investors can write covered calls against their current stock positions to generate additional income in a sideways or down market. Protective puts can help limit your stock’s downside around points of uncertainty.

But for those who are looking to take a flyer on a riskier stock, options can give you the upside potential while only risking a fraction of the money.

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