[Arthropraxis]

Options are great for short term trades up or down, more bang for your buck than buying the stock. Buy several months out in time to decrease the loss due to time degradation, one or two strike prices out of the money. Sell the option contract when you would sell the stock for a trade, not an investment.
Like others have said they can be used as insurance. Or, on stocks you own and don't plan on selling sell the out of the money calls/puts monthly, depending on the market movement, use that money to buy more of that stock when the stock is at a good price.