Options provide many opportunities to balance risk vs. reward to your liking. Unfortunately, there's only so much you can do with vanilla calls or puts. Here are five strategies to take your trading to the next level. The ability to manage risk vs. reward precisely is one of the reasons traders continue to flock to options. While an understanding of simple calls and puts is enough to get started, adding simple strategies such as spreads, butterflies, condors, straddles and strangles can help you better define risk and even open up trading opportunities you didn't have access to previously.
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