Judging by the response to my previous poll, and assuming that it is anywhere near representative of ET's membership, it seems that a fair proportion of people here incorporate options in their trading: http://www.elitetrader.com/vb/showthread.php?s=&threadid=105442 This brings me to my next question. First, I should point out that I know next to nothing about options trading. However, I assume that, no matter how sophisticated your approach, you essentially have to place a directional bet, be it predominantly long, short or "flat" within a range. (Please correct me if I'm wrong.) Presumably, you folks engage in options trading to either lower risk or enhance return. Therefore, my question is this: all else being equal, that is, for a given level of risk, how much is your trading performance improved with the use of options, in percentage terms? I'm just asking for a ballpark estimate.