Comments on: Option Trading Books Reading List

By: James Oliver

James Oliver — Fri, 30 Dec 2011 13:21:40 +0000

My favourite options trading book is

Options, Futures, and Other Derivatives and DerivaGem

It’s not cheap but money well spent.

By: Jespercorp

Jespercorp — Mon, 12 Dec 2011 13:06:17 +0000

As bad as it is, Wade Cook made me so much money from $3k to $190K during the late 90′s. with no experience(just read his books and follow it verbatum. My heart goes to him. My trouble begins when I start attending expensive sexy seminars, Now I’m a consistent credit spread writer.

By: Genius

Genius — Mon, 07 Nov 2011 20:05:48 +0000

Yeah the Wade Cook book has very few facts in it that are totally accurate. While the claims are totally outrageous, the style is simple and easy to understand.

By: Genius

Genius — Mon, 07 Nov 2011 20:03:40 +0000

Thanks Judge.

By: Judge Thomas Zilly

Judge Thomas Zilly — Sat, 05 Nov 2011 10:32:22 +0000

FYI, defiant Wade Cook is due to get out of jail in Portland Oregon sometime in 2014 (for tax evasion, fraudulently selling unregistered securities, conducting illegal enterprises, and lying under oath.)

By: Timothy McCready

Timothy McCready — Tue, 20 Apr 2010 01:13:23 +0000

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

Genius — Tue, 12 Jan 2010 20:46:35 +0000

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

Xueren Zhang — Sun, 10 Jan 2010 23:41:12 +0000

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 ?