Plain Vanilla options

Hi all,

I wanna know if anyone uses Plain Vanilla options for risk management...i am sure there are many strategies with options (straddle , butterfly etc) and people make money out of it...

I am here to look for some out of money Putl when i am going Long and out of money Call if i am going short to cover some risk management....

questions...

1: Which broker u use...
2: what is the minimum size you can trade as this impacts the margin....
3: how u guys use it if u any...

V

I've considered using options for risk management before, but here's why I don't:

1) You pay a premium for the option. I'd just scale back in the trade and take the premium cost out of the amount you're willing to lose to reduce risk.

2) Options are great for hedging risk, but for me (day-trader), they're practically useless.