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Options as a Strategic Investment
written by Lawrence G. McMillan
Studio : Prentice Hall Press
by Prentice Hall Press
Release Date : 2001-04-03
Publisher : Prentice Hall Press
Released : 2001-01-01
Availability : Usually ships in 1-2 business days
Number of Items : 1
EAN : 9780735201972
Avg. Customer Rating: (based on 71 reviews)
List Price : $80.00
Our Price : $45.94
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Product Description |
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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. |
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This is a Money Maker |
I am only 100 pages into this book and it has already made me money. (My review is based on the hardcover not the workbook) I have been investing my own retirement funds for years and have dabbled in options from time to time.
I was focused on one strategy and didn't think of all the others. Mr. McMillan provides good examples of all the strategies and refers back to previous charts to reinforce his points. My options trading is now more focused because of the discussion on the discipline and psychology of trading.
At first I was hesitant about paying $50 for a book but it made me 8 times that much in one day. I would recommend this book to anyone who already knows what an option is. While the book starts with the basics it quickly moves on to strategies. Mr. McMillan I may be retiring a bit earlier than I thought. Great book!!!! |
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"Food for Thought" |
Don't get me wrong, I do like the book but the author has an annoying habit of providing an example to illustrate every point that he makes. The book has 962 pages of main text including the appendix but there is really only about 100 - 200 pages of commentary - the remainder is constituted by the authors examples. You can read the book to the exclusion of the examples.
The author, McMillan,is an experienced arbitrageur and therefore does not focus on directional trading. The first 410 pages concerns option strategies. EXAMPLE: buying and selling calls and puts, 3 advanced strategies for professionals, calenders and butterflies.
He describes each strategy then suggests follow-up action to apply if the trade goes right or wrong EXAMPLE: leg out, roll down, roll up, roll out, adjust the delta neutral ratio, close the trade.
He then states how to select the best option for the strategy EXAMPLE: " stock nearing striking price initially, 2 to 4 months remaining until near term expiration, near term straddle price at least two - thirds of long term straddle price" (page 354)
He then applies the option strategies to different markets EXAMPLE: futures, structured products, stock indexes.
The author also discusses pricing models however Sheldon Natenberg's book "Option Volatility & Pricing" provides a superior discussion to that of McMillan.
I recommend the book.Options as a Strategic Investment |
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More relevant than any other review here |
I worked at Larry's office for over 3 years and anyone who would rank this book a 1 or 2 simply doesn't have the mental capacity to be a true options trader. First of all, I left his office only because I wanted to get out of sales. I still trade options and the lessons I learned from him and his books are used daily. I read people's review about his presentation style and it makes me laugh at how people want to be sold. They want to be duped by a con artist guru so bad and don't even realize it. Larry is a former mathematical programmer turned Wall Street trader - not broker. What do you expect from someone like that? Believe it or not, Larry likes to sell him seminars, books etc. simply for exposure and to get out of his office to have a beer with like minds. Anyone who likes an option book because it's an easy read is a schmuck!
Nate - Nashville |
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Terrific book for beginning and intermediate traders |
Well written with lots of examples to help you understand the concepts. I've used it as a reference many times as I've constructed trades. It's a big book but it's value will pay off for you handsomely.
One cautionary note on this book is that it was written when trading costs were substantially higher. There are examples in the book where it will discuss trading 500 shares and paying $300 in commissions which clearly doesn't apply anymore. As you read through the book, you may need to alter your strategies accordingly. |
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Decent reference material |
I actually ended up finishing this FAT book, even though I felt I was reading the same rhetoric again and again all along the book. This book could have been a lot SLIMMER. Although not a bad book to have in the library. I use it every now and then for reference (like margin requirements, prospective gamma changes, etc.).
Considering there are very few books on options trading out there that has good substance (although, there are decent amount of articles and research papers on options out there), it's a must have for your library, whether you are seasoned options trader or an intermediate options trader. |
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