1. Options and futures aren't for the faint of heart.
These are highly complex, highly leveraged investments that require close watching and a high tolerance for risk.

2. Nor are they for the lazy.
Unlike stocks, which can be purchased and held for years, options and futures are time-based assets with deadlines for action.

3. Beginners shouldn't get into options or futures without help from a qualified advisor.

4. Options require a basic knowledge of the stock market.

5. Futures are highly leveraged investments because small amounts of money can control -- and make you liable for -- large amounts of a commodity.

6. Futures funds are sometimes a good option for getting into the market.

7. Those who move on from here to choose individual futures should concentrate on just a few after studying those individual markets closely.

8. Futures, if purchased in relatively small amounts, can be helpful in providing portfolio diversification.

9. Practicing these investments on paper is a good way to learn mechanics, but doesn't simulate the emotions of financial risk.

10. Avoid uncovered options -- i.e., those not backed by shares you own -- since they can be a good way to lose your shirt.