Free Ebook The Option Trader Handbook: Strategies and Trade Adjustments, by George Jabbour Philip H. Budwick
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The Option Trader Handbook: Strategies and Trade Adjustments, by George Jabbour Philip H. Budwick
Free Ebook The Option Trader Handbook: Strategies and Trade Adjustments, by George Jabbour Philip H. Budwick
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From the Inside Flap
If you want to be a successful trader, you need to consistently improve your skills and never assume you know everything about the markets. That's why authors George Jabbour and Philip Budwick have returned with the second edition of The Option Trader Handbook. Following the same structure of the first edition, this updated guide delves deeper into the mechanics of option pricing and trade adjustments to provide you with a new perspective on the art and science of option trading. Designed for both intermediate and advanced traders, this book skillfully highlights numerous strategies for minimizing risk and volatility; discusses stock and option positions; and details the various types of trade adjustments that can be made, what situations are appropriate for each adjustment, and the best time to make those adjustments. An unparalleled resource for today's volatile investment climate, this Second Edition features fresh material that will help you hedge or even boost profits, limit losses, and create risk-free trades. Page by page, it offers in-depth insights and expanded coverage on: The nature of Implied Volatility (IV) and how it can change with respect to the market as a whole and to individual stocks The "Greeks" and how they can be used to make better trading decisions and reduce risk Implementing more sophisticated option spreads and combinations Numerous charts and graphs that clearly demonstrate how each trade adjustment is done With even more tools and tips to improve your understanding of how options work and how to make better trading decisions, The Option Trader Handbook, Second Edition will become one of the most valuable assets in any trader's portfolio.
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From the Back Cover
THE OPTION TRADER HANDBOOK If you want to be a successful trader, you need to consistently improve your skills and never assume you know everything about the markets. That's why authors George Jabbour and Philip Budwick have returned with the second edition of The Option Trader Handbook. Following the same structure of the first edition, this updated guide delves deeper into the mechanics of option pricing and trade adjustments to provide you with a new perspective on the art and science of option trading. Designed for both intermediate and advanced traders, this book skillfully highlights numerous strategies for minimizing risk and volatility; discusses stock and option positions; and details the various types of trade adjustments that can be made, what situations are appropriate for each adjustment, and the best time to make those adjustments. An unparalleled resource for today's volatile investment climate, this Second Edition features fresh material that will help you hedge or even boost profits, limit losses, and create risk-free trades. Page by page, it offers in-depth insights and expanded coverage on: The nature of Implied Volatility (IV) and how it can change with respect to the market as a whole and to individual stocks The "Greeks" and how they can be used to make better trading decisions and reduce risk Implementing more sophisticated option spreads and combinations Numerous charts and graphs that clearly demonstrate how each trade adjustment is done With even more tools and tips to improve your understanding of how options work and how to make better trading decisions, The Option Trader Handbook, Second Edition will become one of the most valuable assets in any trader's portfolio.
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Product details
Hardcover: 400 pages
Publisher: Wiley; 2 edition (January 26, 2010)
Language: English
ISBN-10: 0470481617
ISBN-13: 978-0470481615
Product Dimensions:
6.3 x 1.2 x 9.3 inches
Shipping Weight: 1.4 pounds (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
24 customer reviews
Amazon Best Sellers Rank:
#366,603 in Books (See Top 100 in Books)
Most of the time when I buy books in the hopes of learning a thing or two about trading options, they are written at a cursory level and don't really add much new to the general pool of information. This book has me pleasantly surprised.I have been trading options for a few years, mostly just buying or selling options or verticals. It was time to learn more. I also wanted very much to learn how to save a trade that moved against me when I wasn't paying enough attention. This was the one book I found that seemed to offer such information.It's not easy reading, mostly because it is so in depth. But it's not mind boggling, just deserving of a little extra time and patience, and perhaps a re-read where the info won't soak through the first time. I think it has given me greater understanding of why my good trades go well and my bad trades don't. And it has made me feel ready to perhaps try some new strategies that I had a cursory uderstanding of, but now seem to make sense in the framework of the characteristics of the options being traded.I think this is a must read for anyone beyond the beginner stage of options trading. It might be a bit much for anyone who hasn't got a little experience.
Bottom line: If you want to trade options, or are already trading options and you are not an expert, buy this book, and read it carefully.I have looked at lots of option trading books, and bought and read quite a few, not to mention looking at MANY websites and even taking a personalized Option trading course.This is, beyond doubt, one of the best and most useful I've seen.Aside from the usual basic information which is a must-have in a book aimed at non-experts, which is done an a good, efficient manner, this book really shines in covering positions adjustments and discussing their plus and minus implications. Where "adjustments" are follow-on-trades to be done after you open a position, and then the stock behaves as expected, or behaves opposite to as expected.In this respect, this book is almost alone in explaining what to do, and the implications of the action.My one quibble is that a lot of the worked-examples are done in text, mostly, where a table-form or flow-chart presentation would be better, I think.That said, I HIGHLY recommend this book
You should probably have a bit of experience before reading this book. It is not an absolute beginner's book. However the concepts are presented clearly and there are enough of them so it is likely there will be something interesting for most everyone.You will need a level of mathematical sophistication necessary to multiply by two or three as well as addition and subtraction. This book contains no mathematical concepts beyond that level.If you are looking for theory, keep looking as you won't find much of that here. Practicality is the hallmark of the book.There have been thousands of books written on investments and options over the years. It would be quite hard to come up with much that is truly original. Instead the better books come at things from a different perspective. This book is certainly better than most on the subject. Here are some of the things that make this book different than most.There is no super secret no risk sure fire rags to riches in 30 days plan presented. Instead there is an emphasis on trading should be looked at for what it is; a business. A healthy respect for risk is shown throughout the pages. The first chapter of the book is worth almost anyone's time as most people do not seem to realize they are in business when they call their broker or click on their order page.Many options books present large numbers of P/L graphs on the various possible positions. This book is no exception, however they approach things from a slightly different perspective. Here much of the emphasis is on how to move from one position to another. They extensively cover many different changes you would want to consider making as the market or your perception of it changes.Knowing the relationships between different postions is important for several reasons. First you can react quickly by having a good idea as to what to do in a rapidly changing enviroment where a few seconds delay can cost a lot of money. An even better use for this information is in forming your trading plan before you ever place an order. A third use is to avoid situations where there are no good adjustments if things do not go as planned.The first negative that I found had to do with the length. In general having any 2 of the three building blocks (puts, calls, underlying) you can synthetically construct the other piece (indeed a large part of the book is devoted to this concept). The authors built a little more repetition into the book than I personally found necessary by doing the same analysis on mirror image postions. This is not a major downside as some will appreciate the review and others will simply skip a few pages here and there.The second issue concerns the use of the terms free trade or risk free trade. The reality is the trade was not free and there is a price. The price may have been actual money, foregone opportunities, or increased risk. Sometimes the authors mention the cost, other times they do not.An example of a not so free "free trade" would be to buy a call have the stock rise, sell a higher priced call for what you paid for the original. You now have a bull spread. This is free in the sense you now have a spread position at no cost. However it could end up costing you if the stock drops because the spread could become worthless and you could have sold your long call outright. The concept is good but I find the wording to be troublesome.Overall I believe the money spent on this book was a pittance compared to the money made or saved by reading this book and I am very glad to have bought it.
The other reviews point out the highlights of this book. I do think this is a worthwhile addition to any intermediate option trader, but I have to say if you are a net option seller there is little direct reference to your strategies. Still lots you can take from it, but not so much directly to your strategies. If you want to learn what to do when the call spread you sold is being threatened, you are not going to get a lot directly related to this. That being the case, buy and learn from it anyways as you will pick up or remember stuff that will make you a better trader.
This is an excellent book to go that next step after any of the first level stock seminars. It does a great job show you how to protect your play and preserve your money. Making money in the stock market is not about the home runs it about not loosing money and this book will help you do that.
I'm an intermediate level options trader. I bought this book for the trade adjustments, and it definitely delivers. I was weak on how or what trade adjustments to make. Reading this book has definitely changed the way I trade. I now have multiple strategies for locking in profits, and repairing loosing positions.This book isn't for beginners, it's really for intermediate level options traders. I think everyone will learn something from the trade adjustments in this book. Definitely worth the money and time to read it.
A very good base book for options trading. Understandable Greek relationships with good strategies for trading and more importantly, repairs. A novice options trader could return to this book as their confidence and success increases and continue to improve using more advanced information.
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