All this talk of risk, inexperienced traders and tax considerations has me thinking about a quick retreat to my happy place in real estate. I've never had a house drop to 0 or watched it double when I'm short. The leverage on options is great, but so is the leverage on RE. The tax code is favorable to index options, but even better for real estate. The ability to receive cash flow that is offset by a non-cash expense (depreciation), then take cash out via refi without paying taxes on the distribution is a huge advantage. I'm trying out trading more for entertainment in a small account, while keeping my primary focus on adding more real estate.