: Buy a Put . This gives you the right to sell 100 shares at the strike price.

: Select a broker that supports options, such as Fidelity , Tastytrade , or Charles Schwab .

: The deadline for the contract. Options lose value every day as they approach expiration (time decay).

: Use a Straddle (buying both a call and a put at the same strike) if you expect a massive swing but aren't sure of the direction. 3. Select Contract Details Use an Option Chain on your platform to pick:

: Unlike stocks, you must apply for options trading. Brokers will ask about your financial situation, experience, and goals to assign you an "options level".

Buying options allows you to speculate on a stock's price movement with less capital than buying the shares outright, but it comes with a high risk of losing your entire investment if the stock doesn't move in your favor before the contract expires.