Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor | Date: 28 April 2011, 05:36
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Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor (Agora Series)
By Lee Lowell
* Publisher: Wiley
* Number Of Pages: 256
* Publication Date: 2009-10-05
* ISBN-10 / ASIN: 0470445890
* ISBN-13 / EAN: 9780470445891
Product Description
A detailed guide to successfully trading stock and commodity options
After numerous years as an options market–maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn?t.
Filled with in–depth insight and expert advice, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options market. It quickly covers the basics before 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 put options, selling option credit spreads, and selling covered calls.
* Breaks down four of the best options trading strategies currently available
* Explains how to set up a home–based business with the best options trading software, tools, and Web sites
* Contains detailed discussions of how options can be used as a hedging or speculating instrument
With this book as your guide, you?ll quickly see options in a whole new light and learn how to become part of a small group of investors who consistently win.
From the Inside Flap
The best way to learn about options is by listening to someone who knows how the business works. After numerous years as an options market–maker in the trenches of the New York Mercantile Exchange (NYMEX), few analysts are more familiar with how to make money trading options than author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn?t.
In order to survive and thrive in today?s financial markets, you must seriously consider the use of options in your investment endeavors. Options allow you to reap the same benefits as an outright stock or commodity trade, but with less risk and less money on the line. The truth is, you can achieve everything with options that you would with stocks or commodities—at less cost—while gaining a much higher percentage return on your invested dollars.
Updated to reflect today?s dynamic times, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options arena. It quickly covers the basics—from how options are priced to using volatility to your advantage—before moving on to the four options trading strategies that have helped Lowell capture profits time and again: buying deep–in–the–money call options, selling naked put options, selling option credit spreads, and selling covered calls.
While none of the strategies highlighted here have changed since the first edition—because they?re still as sound and successful as they?ve ever been—more examples of Lowell?s favorite strategies are included in this Second Edition. In addition to outlining his proven options trading strategies, Lowell also shows you how to set up your own home business with the best options trading software, tools, and Web sites.
Options can be an essential part of your portfolio, when used properly. The Second Edition of Get Rich with Options shows you exactly what it takes to make it in this field and will put you in a better position to profit from the power of options. With this book as your guide, you?ll quickly discover how—through safer speculation and hedging techniques—selling options can generate immediate income.
Summary: VERY PRACTICAL OPTION GUIDE
Rating: 5
I enjoyed the 2nd addition which has a few updates to the original issue. You have to put credibility into any Option book written by a former "market maker." He brings to the book years of experience, and his 5 "trading scenarios" are very interesting. The book is a good read for the beginner or intermediate option trader. As Lowell says, no one book will give you the "holy grail" of option trading. It certainly gives me more types of trades and verifies the recent popularity of "Option Selling." It will give you many examples of the different trade alternatives and provides actual account statements. Maybe the title isn't appropriate because there are vastly more more losers than winners in the Option Game. But if you are practical, use money management, follow specific trade strategies and avoid greed...you can earn a comfortable living depending on your tolerance for risk.
Summary: good stuff with real life illustrations
Rating: 4
Very well done. It's helped me with my real trades. I especially liked the credit spread chapter. It's helpful to see what percent away from the market he selected his strike prices. I also benefited from the chapter on the correct way to go long with calls.
Summary: Good Basic Introduction
Rating: 4
Having a basic knowledge of options and option trade strategies I was excited to read Lee Lowell's Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor (Agora Series). The primary appeal of the book was its promise to provide a four specific option strategies for making a profit in bull and bear markets (the second edition includes a fifth, 'bonus' strategy).
For a beginner option trader who may have never heard of a call or a put, this book will move you quickly from defining some basic option terms to trading specific strategies. The book is ideal for an investor with a basic understanding of options but who has never put together a game plan for trading specific strategies. Lee Lowell details five of his favorite strategies:
1) Purchasing Deep-In-The-Money Calls in lieu of purchasing the stock outright.
2) Out-of-the-Money Naked Put Selling (only on stocks you may want to own someday)
3) Credit Spreads, a strategy he refers to his as an 'All-Star Strategy'
4) Selling Covered Calls
5) Ratio Option Spreads
The primary theme of his strategies, besides purchasing DITM calls, is that investors should seek to get paid when they trade options. Most beginning investors think of options as a lottery ticket, however, as Lowell details there are several strategies an investor can implement to get paid to sell options. The title of the book and its promise to 'get rich' may be apt if you are on a long enough timeframe (years). I would stress that there is no magic ticket in investing, option or otherwise. Thus, once you have read this book you will still need to a) familiarize yourself with an options software platform to analyze potential trades, and b) identify potential securities on which you are bullish/bearish/neutral on. The option strategies in the book can help you profit from your security analysis but this book is not going to help you actually pick the securities on which to trade options.
If you are an experienced option trader or have ever traded a ratio spread, then this book is too basic for you. However, I think it has substantial value for the beginning to intermediate options trader.Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor (Agora Series)
Summary: Get Rich - not so fast
Rating: 3
No where does the author give any proof of his theories. Some of the strategies, such as put writing are okay, but he does not show how to use stops or anything new that isn't in the literature already. I ordered this book on the recommendation of a friend and it basically is for novices - it certainly isn't any verifiable get wealthy strategy
Summary: System Trader-Designer
Rating: 4
This is probably one of the best investment books I've read, but you still need solid pick strategies, practical systems to bring v
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