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Options as a Strategic Investment

Reflecting today’s market realities and the new innovative options products available, this fourth edition features an in-depth analysis of volatility and volatility trading; updated information on all stock option strategies, reflecting recent market conditions; buy and sell strategies for Long Term Equity Anticipation Securities (LEAPs); detailed guidance for investing in the growing field of structured products; the latest developments in futures and futures options; and the market impact of the most recent changes in the margin rules.

Packed with graphs and charts to clarify profit and loss potential, margin requirements, and criteria for selection of a position, this classic remains an indispensable resource for investors determined to master the world of options–and profit.

Rating: (out of 77 reviews)

List Price: $ 85.00

Price: $ 46.99

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#1 written by Anonymous 1 year ago

Review by for Options as a Strategic Investment
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I won’t say I’ve read every book on Options out there, but I’ve looked at a range, from the very complex, full of calculus equations and whatnot, to the very simple, and to my mind, this is the best. First of all, it is very thorough and well organized. It goes step by step through virtually every option strategy, analyzing the various payoffs, follow-up actions if the market goes against you, etc. It is written clearly and concisely, with lots of examples. One reviewer says it’s too complicated. If you think this book is too complicated, then you simply should not be trading options. Period. Another critic says there are too many examples. Yes, there are a lot of examples, and if you find you understand the concepts the author describes just fine without the example, then you’ll probably just skip them. However, if there is something you don’t quite get, the examples are a real help. I think some reviewers were hoping for a book that would tell them how to get rich in a few months trading options. Well, good luck, and let me know when you find it. But for a terrific reference that every serious amateur will go back to time and again, then this book should be the first on your Options bookshelf.

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#2 written by R. Braun 1 year ago

Review by R. Braun for Options as a Strategic Investment
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If you like detailed descriptions of every option strategy known to man, then this is an excellent book. I have spent thousands of hours pouring through this book; analyzing and trying many of the numerous strategies. To be honest, I have learned a lot about options, but I have also lost a lot of money. I still trade options. But now, most of my trades are limited to the basics: straight calls, puts, and vertical spreads.After learning things the hard way, I believe that the small investor should focus on a few simple strategies and avoid the temptation to get into the more complex strategies. For some reason, I thought that the more complex,”advanced” strategies were better than the simpler ones. That isn’t true. There is still plenty of money to be made in options without getting overly complex. If, in spite of my recommendation, you are dying to try out some more advanced strategies, then this is the book for you. Good luck!

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#3 written by Anonymous 1 year ago

Review by for Options as a Strategic Investment
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When I began trading options on the floor of the Chicago Board Options Exchange (early 1980s) an earlier edition of this book was the most complete options reference manual available. Ditto for the current edition. I’ll admit that the book is rather dry, but I am curious as to the expectations of some readers who wrote reviews. Do they need reference works to provide them with stimulating prose? If you want an options manual you will return to time and time again, buy this book. True, the bulk of the material is theoretical, but so is every options valuation model in existence. The hedge ratio of an option (delta) is theoretical too, but understanding the hedge ratio gives rise to many applications. Those of you who want interesting trading “stories” read “Reminiscences of a Stock Operator”. Those who want track records read my Disclosure Document. Those who believe “striking price” is not correct terminology should call the Options Institute as some of the questions on the required entrance exam for perspective market makers at the CBOE commonly refer to “striking price”. If you are looking for applications in lieu of foundational knowledge, buy a “black box” system. For those readers who want to understand options well enough to design their own trading systems, this book is the best. I will venture to guess that those critical individuals who do not want to understand the theoretical aspects of options also believe that PE ratios don’t mean anything anymore. If this sounds like you, consider hiring a professional to trade for you. If not, I hope to trade with you soon…..and then we’ll have lunch. Yours!

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#4 written by Rob Ryley 1 year ago

Review by Rob Ryley for Options as a Strategic Investment
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Most people who trade either stocks, options, or futures lose money. This is because they 1) are undercapitalized, 2) have no system or 3) don’t understand the instrument they trade. 4) some combination of 1, 2, and 3. This book won’t help you if you don’t go into the market with enough money, but it will help you develop your own system (after a lot more research) and figure out how to use options to increase returns or limit risk.This book describes just about every fundamental strategy you could try with options. It covers the total return concept of covered call writing, the pros and cons of option buying, examines various types of spreads (vertical, calendar, and diagonal) and the various delta (price) neutral strategies. There is some advanced math here (in an appendix), but anyone of average intelligence and stock market knowledge could follow it.Don’t pay attention to those reviewers who trash the book–they have no clue. I constantly refer to this book in order to gain a better understanding of different option strategies. No matter which direction option markets evolve, the information of this book will still apply.

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#5 written by FreeAtLast 1 year ago

Review by FreeAtLast for Options as a Strategic Investment
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Try as I might, I cannot understand the negative reviews here. This is THE book on options. McMillan writes clearly and well. There is nothing glib here — no promises of great wealth, no hype, no pandering to fools. What is here is solid information presented well and thoroughly. A criticism that came up more than once (copy cat reviews?) is that the book doesn’t show practical stuff. What! It provides all the information that any reasonably intelligent person needs to UNDERSTAND exactly what the strategies are and when to apply them. To ask for more is to ask for easy and oversimplified answers that will part you from your money.The book is thick. True. You don’t need all that is in it. True. The book is frightening or dull or not as useful as (gimme a break!) Wade Cook!!!Hey! It’s a text book, not a novel. Wake up! You can use it to find what YOU want to know. There is more useful information in this book than in any hustler’s high-priced and hype-filled seminar. It’s all you need and it’s currently selling for less $. Don’t get scared off by the negative reviews or you’ll miss out on the most respected and best of all the many books written on options. If you’re not willing to spend $ and a little effort to learn about options, you’re not likely to profit from them. Buy the book. Then, sit down and read in it to find the definitive answers to your option questions. It simply doesn’t get any more accurate, any clearer, or any better. (Oh yes, one or two reviewers suggested that the book is out of date.

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