Options allows flexibility with different strategies typically to reduce risk of your current stock holdings, or use as an advantage for bigger profits through higher risk exposure by leveraging.
Success trading options can define in several ways – for example, receiving full premium with out-of-the-money upon contract expiry for option sellers during lower volatility periods, or alternatively such as more intensive technical analysis trading during the day i.e. day trading. This requires higher risk appetite and understanding of technical readings which is not all suitable for retail investors.
During present times of high volatility, huge profits can be made however that would term as higher risk higher returns. Indeed, if it can be closely monitored and perform correctly with technical analysis also taking market events into account, more often than not, profit taking can be high during day trading in these zero-sum trades.
There can be limited upside risk as a buyer with only premium paid upfront, however that would avoid unlimited losses as compared to a seller briefly mentioned above. There are several strategies to manage risk consider such as the common understanding of straddle and strangle with potential unlimited gains with limited cost in premium paid; covered call to generate some income while reducing some risk of being long in the stock; or such as married put, which works quite similarly to an insurance policy, to protect downside risk while holding the stocks. These few examples indicated are mostly as a buyer that requires initial layout, which probably more suitable to whom has lesser appetite for risk. It is also important to consider and understand the timeframe, option parameters such as implied volatility, the Greek characters influencing options, and accept the risk involved.
In brief conclusion, options should be viewed widely as another tool to manage your downside risks, and consider as an opportunity to arbitrage or double up profits when you are seasoned professional investor / trader.