It’s not foolproof, but generally the idea is to keep positions small (relative to portfolio size) and quickly take profits - which is critical when dealing with something as insanely volatile as options. With options one can also improve their odds with intermediate strategies (such as call debit spreads, straddles/strangles during earnings). I often will temporarily buy calls on something like TECS (-3X Inverse Technology ETF) when I’m speculating on multiple tech earnings plays within the same week - that way if my calls on Apple or Microsoft don’t pan out it’ll be offset by the inverse ETF gains. Options can be an incredible tool, and used properly can be excellent for managing risk effectively.