The downsides are these - with options you pay a time premium and you have to be correct on the timing. If you go VERY far out in time (a year) then you do not make anything unless the option goes up and you usually find that extrinsic value and the delta make a not so good deal. Studies show the best time to own options is on the 45-20 days to expiration range. This is the time when they are right priced and they act according to similar moves in the stock. You still pay a time premium, and in general you are lucky if your options move 50% for every $1 move in the stock. So - like anything else, they are a gamble. I have made some good money in long-term options deep ITM that I bought as "stock replacement" - but I have also lost pretty big sums when the underlying went against me. So - weigh your risk. I would contend it is a good idea in a growth stock with wide swings, as long as you don't pay too much premium and you set up a GTC sell order to take profits during the times when you cannot be watching the market.