You can use forex options to reduce your total exposure to market risk. For example, if you are long a particular currency pair, and want to cover some of your risk without using a stop loss, you may decide to buy a bearish option (put). Likewise, if you are short a currency pair and want to hedge some risk, a long call can be used. In this section we will talk about why you might want to do that and how it works. {mos_fb_discuss: 26}