Are you talking Covered Warrants or equity warrants?
Covered warrants are a (generally) leveraged derivative of some underlying, which might be a share, or an index, a currency, oil price, commodity....
They have two or 3 major uses:To reduce risk - gain exposure to the same number of underlying shares but with less money - as the warrants are cheaper (often much cheaper) than the underlyingTo increase gains - invest the same amount of money as you would have spent in the underlying, but take advantage of larger %age movements (or be wiped out quicker!)To take advantage of declining prices - use Put warrants which increase in value as the underlying declinesMajor caveat: this is a gross simplification - the rate by which warrants move relative to the underlying is not linear - it is a function of a number of values (generally known as the "greeks"), which specify how much they will move, how much the amount they move will change, how much the price of the warrant will decline as it goes towards the expiry date etc.
Have a look at
UK Warrants for some good material - don't think about trading for real until you understand what their "WarMap" is telling you.