Comments on: Option Trading Books Reading List http://optiongenius.com/blog/option-trading-books-reading-list/ The Option Genius Blog Thu, 29 Jul 2010 19:48:21 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Timothy McCready http://optiongenius.com/blog/option-trading-books-reading-list/comment-page-1/#comment-490 Timothy McCready Tue, 20 Apr 2010 01:13:23 +0000 http://optiongenius.com/blog/?p=200#comment-490 This is a great list of options trading books. Your note about McMillan's book is right on (you mention Options as a Strategic Investment - McMillan on Options is another great example of his work). The only thing that surprised me? You mention Wade Cook's Wall Street Money Machine without gagging. :) It sure is a motivational book (even more so if you get a copy with the audio CD, where he gets his broker on the line and initiates several trades in front of a live crowd), but it was only germane during the crazy late 90s. The claims and his thought process could get many beginning traders into trouble in today's market. Outside of that - great list. Every trader should read the books you mention. Stay timid! Timothy (Timorous) McCready This is a great list of options trading books. Your note about McMillan’s book is right on (you mention Options as a Strategic Investment – McMillan on Options is another great example of his work).

The only thing that surprised me? You mention Wade Cook’s Wall Street Money Machine without gagging. :) It sure is a motivational book (even more so if you get a copy with the audio CD, where he gets his broker on the line and initiates several trades in front of a live crowd), but it was only germane during the crazy late 90s. The claims and his thought process could get many beginning traders into trouble in today’s market.

Outside of that – great list. Every trader should read the books you mention.

Stay timid!

Timothy (Timorous) McCready

]]> By: Genius http://optiongenius.com/blog/option-trading-books-reading-list/comment-page-1/#comment-283 Genius Tue, 12 Jan 2010 20:46:35 +0000 http://optiongenius.com/blog/?p=200#comment-283 That's a great point. I know a fellow trader who likes to do condors but wants a 90% probability of profit. That provides very little premium and his returns are about half of mine. But he also has to adjust his trades less than I do. He prefers not having to mess with his trades once he puts them on. I don't mind adjusting every other month or so for a higher return. It is a personal choice. That’s a great point. I know a fellow trader who likes to do condors but wants a 90% probability of profit. That provides very little premium and his returns are about half of mine. But he also has to adjust his trades less than I do. He prefers not having to mess with his trades once he puts them on. I don’t mind adjusting every other month or so for a higher return.

It is a personal choice.

]]> By: Xueren Zhang http://optiongenius.com/blog/option-trading-books-reading-list/comment-page-1/#comment-282 Xueren Zhang Sun, 10 Jan 2010 23:41:12 +0000 http://optiongenius.com/blog/?p=200#comment-282 I read through The Complete Guild to Option Selling back a few months ago when I started as a member of this service. One concept I learned and felt impressed from the book is to sell FAR-OUT-OF MONEY spreads which actually do not need fancy and complicated techniques.Now,the trick is how far we should look at them in terms of striking prices,especially in OG's SPX and RUT short condor spread trades?If we initially sell two strikes out than OG suggests,we are "safer",but a lot less ROI.let's say 15% ROI for OG , but 8% for two more strikes out ( for instance,OG sold a credit of 1.45,and we got 0.80,).For good and safer incomes,members and OG may have more discussions about the topic. Risk and reward comparisons always are psychological.Chasing for higher returns or for lower,but sustainable returns for long term ? I read through The Complete Guild to Option Selling back a few months ago when I started as a member of this service. One concept I learned and felt impressed from the book is to sell FAR-OUT-OF MONEY spreads which actually do not need fancy and complicated techniques.Now,the trick is how far we should look at them in terms of striking prices,especially in OG’s SPX and RUT short condor spread trades?If we initially sell two strikes out than OG suggests,we are “safer”,but a lot less ROI.let’s say 15% ROI for OG , but 8% for two more strikes out ( for instance,OG sold a credit of 1.45,and we got 0.80,).For good and safer incomes,members and OG may have more discussions about the topic.

Risk and reward comparisons always are psychological.Chasing for higher returns or for lower,but sustainable returns for long term ?

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