Options as a Strategic Investment: Fifth Edition

Best ptinting quality ,i read very useful fot trading

A very detailed book explaining ins and outs of various option trading strategies. Recommended for those with basic knowledge of options universe to upgrade and streamline their thinking. I especially liked the part where author discusses the follow up actions and how to go about selecting a specific stike price for a given strategy.

The book is voluminous. It has grown over the years. It contains lot of information and author's wisdom, no doubt. I think one trying to trade options should buy this book and refer to it to get theoretical understanding of option strategies, P/L curves, nuances of each strategy etc. But the following are the issues I have seen with the book... 1. Although it has tons of strategies, the key strategies used by traders these days are missing...e.g. Iron Fly, Jade lizard, unbalanced strangle etc. 2. Overall emphasis is on defined risk strategies. That is fine in US market where you can dramatically reduce your margin requirement using defined risk strategies. But in India that does not work. Sebi in her infinite wisdom has decided to ask for same margin even if risk is lot lower in defined risk strategies. So for iron condor (defined risk strangle) and strangle (undefined risk) will need almost same margin. In India you have no advantage using defined risk strategies from return of capital standpoint. Keep this in mind while reading this book. Adapt to Indian market conditions. 3. If you are option seller like me then you may want to get hold of the book that focuses only on option selling. Because you get tired of reading only about option buying. Option buying is low probability trade. 4. The author had trashed straddle as high risk trade and covered it in few pages. If people are trading straddle ( or options are being traded at strikes same as CMP) then those traders are not idiot. There must be some risk-reward that encourages traders to trade those options. The actual quantitative research on straddles is eye opening. Look at actual data and then decide not because some book says straddle is to be avoided. 5. Important variable for the option seller is current IV with respect to past history. This is not highlighted in strategies. One reason is author has not focused on option writing. 6. No advice or suggestion on managing profits and trade. The option traders hardly wait to get last paisa or wait till the last day of epiry to take the profits or take the loss. The option trading is very volatile and it has its own best practices discovered by veteran option traders over the years. The author does not touch this important topic. 7. Although this book covers tons of strategies the professional option traders only trade few profitable ones. And few of those are missing in this book. In Indian context it is even more important. In Indian context you may rely on 3-4 strategies max. So you may want to be selective while reading his book because otherwise you may spend lot of time reading something which you may never use in life. Use this book as reference book only. Do not read from first page to last page. Looking at such weaknesses it is clear that, based on this book you cannot successfully trade the options. You need to learn from the practitioners the nuances of option trading like managing profits, stop-loss, entry criteria etc. But you can get the theoretical underpinning of different strategies though from this book. That is why I said it is good place to start your journey.

Voluminous and exhaustive,but definitely it's bhagavat Gita of options,best reference book,..

This book provides a thorough overview of the mechanics of options, and different trading strategies. A must read for any who wants to start trading options.

Thanks to the Lawrence McMillan

Liked to read

I like the content and the way the author explains strategies in this book "Options as Strategic Investment". Easy to read. This is my second book on options. First I purchased "Understanding Options by Michael Sincere" to know about options. It is also good book for beginners. I recommend both of these two books to investors.

Title says it all. Haven’t finished reading it yet and so far so good 10/10

This book is universally hailed as the "bible of options trading." This comprehensive reference is absolutely indispensable for anyone serious about mastering the options market. It covers all modern strategies and market innovations, from basic calls and puts to complex volatility derivatives. It provides unparalleled depth, explaining the mechanics, ideal market conditions, and risks of every strategy. Simply put, this book is the definitive, essential resource for turning theoretical knowledge into strategic, profitable option investing.

Thick book, very informative and easy to read.

オプション取引のバイブルとして1冊は持っておきたい本。 オプション取引の中級レベルから上級者レベルが対象。 「現物オプション」だけでなく「先物オプション」まで網羅されている。 「先物オプション」について書かれた書籍は稀有なので重宝すべき。 オプション取引では、その構造から「買い」よりも「売り」に優位性があると様々な書籍で書かれているが、その常識が覆される内容が満載。様々なオプション戦略の具体例が示されていて、各ポジションのメリット＆ディメリットが理解できる。また、相場変動によるポジション調整のフォローアップまで詳細に解説されている。

Es un libro no apto para principiantes. No tiene visión de inversión a corto plazo. No es para vendedores de weekly's. Explica cada estrategia y las follow up actions e ideas de selección de posiciones. Creo que merece la pena.