Benefits:

1. **Leverage**: Options allow you to potentially make a large profit from a relatively small investment. You can control a larger number of shares for the same amount of money compared to buying the underlying stock directly.

2. **Hedging**: Options can be used to protect your portfolio from adverse market movements. For instance, put options can be used to hedge against a potential drop in the value of a stock.

3. **Income generation**: Options can also be used to generate income through strategies such as covered calls.

Risks:

1. **Potential for large losses**: While leverage can amplify gains, it can also amplify losses. If the market doesn’t move in the direction you expected, you could lose the entire investment.

2. **Complexity**: Options can be complex and difficult to understand, especially for beginners.

3. **Short-term focus**: Options are generally more suited to short-term trading strategies, which can be riskier and more demanding than longer-term investing.

– Reference: [Investopedia: The Basics of Options Profitability](https://www.investopedia.com/articles/basics/13/profitability-options.asp) 

Remember, trading options involves risk and isn’t suitable for every investor. Options trading can be complex and to be successful, you’ll need a robust understanding of the concepts presented in this module.