by Jeff Augen
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| List Price: | $39.99 |
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Average Customer Review:
0 of 2 people found the following review helpful:
 Not yet the holy grail, 2008-06-22
A well-written book with clear explanations. Not enough to make money on a consistent basis.
1 of 1 people found the following review helpful:
This book is valuable to understanding behavior that cannot be explained with common tools!, 2008-06-13
This is an excellent resource for those who want to really understand more complex option positions and trade management. He explains the theory and mathematics very well. I've been able to replicate his "spike" analysis in MS Excel and have back tested many of his examples. Jeff is top notch as far as applying his background from life sciences and technology to trading financial markets. One key thing I learned was to manage the option trade itself and not the underlying or holding until expiration. Also there are several examples of market behavior that are inexplicable with Black-Scholes theory and he shows you how to spot those opportunities. You'll find good suggestions for trading the earnings and expiration cycle too. Volatility and Time are what you are trading with options. One caution, some of the trades involve short positions and he explains delta-neutral tips from professional hedgers. You just have to manage your own risk and work with what you are comfortable with. I've found this book very useful in setting up option income trades like Long Iron Condors and selling Put or Call spreads. You'll need to go through the book a few times. It makes much more sense as you apply these principles to real trades.
3 of 3 people found the following review helpful:
Must read for seasoned options trader, 2008-05-07
Certainly worth the money paid. If you trade options on a regular basis, you will appreciate the fine points that the author has tried to highlight. Although, I must say, its not an easy read; certainly not for people who do not trade options regularly or do not understand options mysterious behaviors. You will find "meeting of minds" between the author and a seasoned option traders.
3 of 3 people found the following review helpful:
EZ Top %5 of all books on How to Trade Options., 2008-05-05
One of the few trading books that instructs the reader on when, where, why, and how to place an option trade that has an excellent statistical probability of success. His Standard Deviation Spike Graphs are useful in that they can help to identify (by scanning), and capitalize (complete trading plan)on profitable opportunities. There are many more useful bits of info. The author is a professional trader using the techniques he writes about; many of which I (20+ yr option student/vet) use, and can confirm that they work. He is also correct in stating that successful options trading is darn near a full time job. For new traders beware, his advice is geared towards bloodied experienced traders, so practice for a while. Micheal Jordan telling us his secrets on how he drove the lane against Jabbar, Worthy, and Rambus is useful but be careful during practice (a pull-up perimeter jumper might be lower risk at first). As always, any advice on trading without a complete trading plan will fail to help any trader. If you are close to making it, continue to learn all that you can while knowing that this book will definitely help push you over the edge into long term trading success. This book is a must for any trading shelf, and is a steal at this price.
4 of 4 people found the following review helpful:
A Tremendous Book--Get It If You Want to Be a Serious Trader, 2008-04-25
I have read many books on options -- from Cox/Rubinstein's mid-80s textbook treatise (now, sadly, out of print) to Bookstaber, to MacMillan, to Natenberg.
This is by far the best book on options I have read in years. A tremendous blend of the academic and practical, the mathematical and the tactical. Jeff's explanations of the various moving parts of option pricing is superb. Great graphs, tables, lucid writing.
Excellent examples of trade progressions so you can see how the value of a position alters dynamically -- whether over a single trading day such as expiration or over a number of days.
While this is aimed at a more advanced trader with a deeper understanding of both the mathematics of option pricing and descriptive statistics in general, I think even beginners should crack it open. Even if it is a bit of a struggle at first, you will be rewarded by reading it.
Highly recommended.
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