Get Rich With Options: Four Winning Strategies Straight from the Exchange Floor (Agora Series)

After numerous years as a market maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. In this well-rounded resource, Lowell shows both stock and commodity option traders exactly what works and what doesn't.

Filled with in-depth insight and expert advice, Get Rich with Options provides you with the knowledge and strategies needed to achieve optimal results within the options market. The book quickly covers the basicshow options are priced, strike price selection, the use of Delta, and using volatility to one's advantagebefore moving on to the four options trading strategies that have helped Lowell profit in this arena time and again: buying deep-in-the-money call options, selling naked puts, selling option credit spreads, and selling covered calls. Using these strategoes decisively, he says, is the fastest route to riches in the options trading game.

Get Rich with Options is packed with real-life examples of actual trades and detailed discussions of how options can be used as a hedging, speculating, or income-producing tool. You'll learn how to set up a home business with the best options trading software, tools, and Web sites. And you'll begin to see options in a whole new light and discover how to become part of a small group of investors who consistently win.

---

All Customer Reviews
Average Customer Review:
0 of 0 people found the following review helpful:

Nice Overview for new Option Traders., 2008-07-24
Geared towards new option traders, and those that want to move beyond buying out of the money short term options. The author presents his favorite trading strategies (vertical credit spreads, naked puts, covered calls, deep in the money call options, and ratio spreads-- bread and butter stuff, but unfortunately while informative, new option traders can't use this book alone to trade successfully. I would have preferred that the author give his when, what, where, why, and how to guide; along with his trading results using these well known conservative strategies.


0 of 0 people found the following review helpful:

A Practical Guide, 2008-07-15
This is a down to earth guide on how to make money with four option strategies that will work for most people most of the time. For a novice a single trade will more than pay for the cost of the book.


1 of 2 people found the following review helpful:

Doesn't deliver on most important representation, 2008-07-07
As others have noted, Mr. Lowell provides a basic explanation of options and of five of his pet option strategies. It's fine as far as it goes, but he fails to deliver on the book's most important promise, right there in the title: Get "Rich" with Options. Honestly, after the title, there is never a single mention in this book, not one, that anyone trading options in the way directed by the author will become "rich." The title is clearly a misrepresentation.

The five option strategies explained by Mr. Lowell are said to have "allowed [him] to be successful over the years" and that they can "potentially increas[e] your wealth" and they have "given [the author] the most success in the markets" and even that they have "greatly rewarded" him and "allowed [him] the opportunity to succeed."

Okay, so what? I purchased the book to see how to get "rich" with options. Once past the title, the author never says that he, himself, is rich, let alone that the five option strategies can make us rich.

Moreover, all of the option strategies explained by Mr. Lowell are hedging and sale strategies with very little discussion of how, under the best of circumstances, these strategies will do more than provide some additional income. But make anyone "rich"? I highly doubt that selling strategies will cut it to make us "rich."

Once again, to sell books, an author has misrepresented the substance of what he presents. No affirmative representations about his own wealth. No brokerage account statements revealing the wealth generating properties of these strategies. No third party (like a CPA) certification that he has made millions or, at least, hundreds of thousands, of dollars, which are now in his bank account, by using these trading strategies. Truth be told, there is no coherent explanation about using these strategies individually or in concert to make yourself rich.

There is an explanation of the strategy, for sure. But, honestly, experienced option traders already understand this. There is, sometimes, a very rudimentary explanation of a vague counter-tactic when a trade goes bad, but nothing specific enough for his defniend audience ("the average, everyday investor" who, prior to reading the book, had no idea these option strategies existed, see page x) to actually use as protection from a busted trade.

For example, many covered option sellers understand that your covered trades will, over time, tend to sweep out surging shares from your account (as your shares on very successful buy-writes will be assigned) and cause your "dogs" to linger. Sure, you kept the premium from the sale, but several of these inevitable down drafts, usually caused by a whole-market downturn, may have wiped out much of your gains from covered option sales over the past years. Yet, there is no serious discussion of this risk and how to avoid it on the way to using this technique to, presumably, get rich.

Disappointing in the extreme. As I've said in other reviews, I'm sick of these authors touting "get rich," but not providing proof positive to us, the readers who shelled out the money for the book, that the technique worked, at least enough to get the author rich, if not anyone else.


1 of 1 people found the following review helpful:

Very basic - not much meat on the bone, 2008-04-30
If you know nothing about options, this is not a terrible place to start. But if you already know what a naked put is, you won't learn much here. The "Get Rich" title should have warned me away, but the jacket was convincing.


2 of 2 people found the following review helpful:

Great book, but could have been more in-depth, 2008-03-21
I consider this a great book, but only gave it three stars because it is very very basic. There were plenty of little nuggets of information within the book, and since it is written in a very easy to read manner, which some find annoying but not me, it's easy to get these nuggets. There are really only two problems: 1. The author was a professional commodities trader, and as such, most of his examples are commodities, which are obviously much different than regular stock. I wish there were more examples with regular stocks, indexes, or ETFs. 2. The strategies are explained in a very basic manner. While one could easily write a book on ratio spreads by itself, I feel the author could have gotten much more in-depth with explaining the four strategies, how to manage them during the trade, mitigating risk, how to "counter play" when the underlying moves against you, etc. Overall, I think the book is a worthwhile read, but I'd try and get a used version instead of putting down the $$$ for a new book.

Price is accurate as of the date/time indicated. Prices and product availability are subject to change. Any price displayed on the Amazon website at the time of purchase will govern the sale of this product.