No-Hype Options Trading: Myths, Realities, and Strategies That Really Work (Wiley Trading) Reviews
No-Hype Options Trading: Myths, Realities, and Strategies That Really Work (Wiley Trading)
A straightforward guide to successfully trading optionsOptions provide traders and investors with a wide range of strategies to lock in profits, reduce risk, generate income, or speculate on market direction. However, they are complex instruments and can be difficult to master if misunderstood.No-Hype Options Trading offers the straight truth on how to trade the options market. In it, author Kerry Given provides realistic strategies to consistently generate income every month, while debunking ma
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Tags: Myths, NoHype, Options, Realities, Really, Reviews, Strategies, Trading, Wiley, WorkTagged with: Myths • NoHype • Options • Realities • Really • Reviews • Strategies • Trading • Wiley • Work
Filed under: options basics
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Strategies To Increase Your Option Trading Success,
“No-Hype Options Trading” is a great guide on how to go about consistent delta neutral trading without being overly optimistic about large windfalls. The author is quite frank about this style of trading being conservative but not easy. He spends his chapters on detailed strategies for placement of trades and more importantly how to adjust the trades or exit. He pays particular attention to iron condor trading. The book provides a range of exit strategies based on risk/reward, experience trading, and the Greeks. You can feel his concern for the trader’s financial well being. He explains how to determine and set up the signals for exit and adjustment. He insists that a successful trader needs these potential exit/adjustments in place right after the original investment trade is put in place. It is not safe to make these trades without a strategy and adjustments that are in play on the day of the trade. Constant vigilance to the trade is necessary for success.
The chapter on calendars pushes the concept that while the underlying price effects the trade, even more basic and extremely influential is a drop in the positions volatility. He dwells on the significance of the volatility difference in the legs of the trade also. These points alone may change the way you trade calendars and increase your success and profit.
If you are looking for some precise guidelines on how to make delta neutral option trades in the condor, butterfly, and calendar world and detailed methods for exits or adjustments, you will be taking notes out of this text. I feel that I will make back the price of this book in my trading this month, many time over.
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|A no hype title that hypes a single strategy: another condor book,
I’ve been a long-term trader of options and, by and large, I don’t buy books like this to learn anything new but I like to read new books to get a sense of where the general options community is heading and also for possible recommendations to those potential traders to whom I give presentations. Unfortunately this title won’t be on the recommended reading.
In the 90′s volatility was the new secret to options trading until it was recognised that a lot (but not all) vol strategies were difficult to execute at the retail level. Recently `complex’ spreads have been the new `best thing’ and that, essentially, is what this book is largely about. There is little despatching of the `myths’ apart from trading spreads based on IV and the question of strategies such as the broken wing butterfly. Indeed , the author insinuates that short naked put strategies are not high risk because a stop-loss can be initiated. Try telling that to someone who is long delta and has just faced a gap down on the open.
This short book (despite the published 198 pages the book is far smaller after the ToC, the glossary, the answers to the chapter questions, and the over sized graphs and tables are accounted for) is essentially a promotion for condors. In the early chapters here’s a re-hash of probabilities, then a few pages with a cursory explanation of the Greeks, and then it’s on to the criticisms of single leg strategies on a theoretical risk assessed basis before singing the praises of condors. I have no problems with condors: I occasionally use them. Although the throwaway line by proponents to `set them up when you expect a flat market’ is the devil in the detail and takes us back to the bad old days of the `sell when IV is high’ mantra.
There is an irony in the title for a book about `No Hype’ that certain strategies are hyped.
I had another problem with the book. The payoff diagrams use (and acknowledge) the
Optionetics `sideways’ format. Again, I have no issues with the concept of that format although it’ll confuse new traders not accustomed to it and it suffers from being presented on the printed page, as opposed as being on a colour screen. I wondered: why use that? Then I saw on the cover leaf that the author is also a lecturer at “trading conferences”.
In summary: the book has nothing new to offer in the trading experience; it fails to debunk many myths; the book is light-on with depth analysis, especially of the greeks; it hypes condors; and, is not presented in a particularly user friendly style.
My assessment: much better value elsewhere. Especially at the price.
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|The Book Lived Up To Its Title!,
I just finished reading “No Hype Options Trading” and much to my surprise it lived up to its title. How refreshing. The section in the book debunking options myths had several surprises for me. For example, the author maintains there is no such thing as the “best options strategy” – I have spent a lot of time and money searching for the best trading strategy. That nugget alone will save me the cost of this book several times over. One of the other reviews here said this book was just another condor trading book. That is most puzzling; I think he somehow did not read the remaining 10 chapters. Condor trading is not recommended as the best strategy. Butterflies, calendars and several other trades are reviewed and it wasn’t obvious to me that the author has a favorite. Overall, I think it is an excellent introductory book on options trading.
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