5 comments about Options As a Strategic Investment (4th Edition Study Guide).

1. I thought I had ordered the book not the study guide. I ordered the book as recommended reading of an instructor of mine, so I was very careful about my selection. I live in Mexico and it has taken over a month for the book( a study guide to the book) to arrive. I am completely dissappointed and at a complete loss as for what to do...
   
   If anyone from Amazon reads this review, please consider this my request for you to send me the correct book, at the same address as before.
   
   thanks ???



2. Options as a Strategic Investment was exactly what I thought it would be. An look for an investor who knows what options are and wants to learn more.



3. I'm amazed at the responses to this book, which is clearly identified as a STUDY GUIDE! That means it's not a paperback version of the hardcover book, which should come as no revelation to those who choose to buy it. Indeed, look at the number of pages. What many of these reviewers need is not a book on options trading, but a course in reading comprehension.



4. It was my bad for not reading the entire title, I ended up returning it for refund.



5. This is an excellent book for the serious option's trader. Very detail and in depth explanation of all different types of option trading strategies. Recommended!

5 comments about The Options Workbook: Fundamental Spread Concepts and Strategies for Investors and Traders, 3rd Edition.

1. If you want to learn options purchase this product. Tony Saliba is a legitmate educator. Dr. Michael K Hoffman ,University of Trading founder



2. Great Exercises in each chapter and test at the end of each chapter to ensure you are understanding this somewhat tricky topic. Well written and organized.



3. Content of book is good. Am questioning if there are some erratas in it though. I'll figure out by the end of the book.
   
   Major drawback is the softcover is starting to release the pages and it has not been treated badly. Possibly a poor binding job.



4. I am new to trading commodity options. Although the book primarily talks about stock options, the rules and strategies are the same for all options, stock or commodity. The examples and tests with answers are easy to follow. This is an excellent book for learning strategies in options trading.



5. Saliba describes each of his fundamental spread concepts and strategies in plain simple english, yet so concise, almost skeletal with such verve that I decided to construct a wall chart reflecting its contents.
   
   The wall chart now sits proudly on my wall ( in the presence of 3 other wall charts ) and shows the 7 categories of option strategies - Synthetics, Insurance, Directional/Neutral, Directional, Either Direction, Non Directional and Volatility and their sub categories etc.
   
   For this reason I think that Salibas book is perfect for the beginner.

5 comments about Option Theory and Trading: A Step-by-Step Guide To Control Risk and Generate Profits (Wiley Trading).

1. This review is short because it has to
   point out the errors. Easy ones the top
   people missed. I contacted the author and
   he basically said 'to bad'.



2. Ron Ianieri is a tease. He bares the option pricing models one variable at a time accompanied by simple, seductive explanations. Your heart begins pounding with anticipation - what will come next! Chapter 3 (Option Theory) is a masterpiece (or is it a mastertease?) in explaining option pricing model without resorting to the mathematical equations. Being a reader who relishes the mathematical treatment as in Jeff Augen's `The Volatility Edge in Options Trading' (an elegant, effective, analytical presentation of Option trading strategies without eschewing mathematical rigor), I can't believe that I thoroughly enjoyed Ianieri's treatment without equations. It is not surprising that Ianieri is a master teacher, since he is the father of his `Option Theory and Trading Course'. The Option Theory discussion starts with an easily understood pictorial explanation of the normal distribution (Bell Curve), introduces the binomial model and finally the VSK (volatility, skew and kurtosis) model to account for the log normal distribution of returns.
   
   The Greeks (delta, gamma, theta, and vega, which express the sensitivity of the options price with respect to the price of the underlying, time to expiration, and volatility) are covered extensively in chapter 4. Ianieri's treatment of the Greeks is excellent, especially the discussion of the `Volatility Smile' and `Volatility Tilt'. Ianieri even covers the second tier Greeks (V-Delta, T-Delta, V-Gamma, T-Gamma, V-Theta) although he has chosen, justifiably, to ignore the interest rate related first-tier Greek Rho.
   
   Ianieri's penchant for avoiding mathematical equations makes for longer discussions; sometimes a simple equation is worth a hundred words! For example, the listing of the several synthetic positions could have been easily presented in fewer words by including a simple equation for put-call parity. The figures 5.1 -5.6 showing the synthetic position equivalence using P&L diagrams would be more useful if they had some scales and labels (similar to those in Chapter 6); this would have prevented the inclusion of the erroneous Figure 5.6 (synthetic short-put).
   
   In Part II (chapters 6-11) Ianieri introduces basic option trading strategies (Covered Call, Covered Put, Protective Put, Synthetic Put and the Collar). Each strategy is clearly explained, with examples of real ticker symbols. Each strategy discussion ends with a synopsis, worth its weight in gold. I recommend that even if you skim through the chapters pay close attention to the synopsis, which elucidates the salient points of each strategy under discussion.
   
   The author states, `as good as the options are in conjunction with stocks, they can be even better when traded against each other' - and then goes on to prove his point with a discussion of the advanced strategies `Spreads, Straddles and Strangles'. Again each strategy is clearly explained, with examples and concluding with a solid gold synopsis. The final chapters include discussion of the combination strategies (Butterfly and Condor).
   
   Ultimately, a trader wins if he is right (whether he bets on higher/lower prices or higher/lower volatility) and loses if he is wrong. The only thing he can do is improve the odds of being right and hold the losses to manageable levels when he is wrong. Ianieri shows the beginning/intermediate reader how it can be done.
   
   This book definitely belongs on your learning/reference shelf if you are serious about understanding about option trading and profiting from it.
   
   The Volatility Edge in Options Trading: New Technical Strategies for Investing in Unstable Markets



3. I purchased this book after buying Options GPS, a 20 CD course from [...]featuring Ron Ianeri covering the same material. I learn better from books than lectures. I could have saved $2,400 by just buying the book.
   Master this material and you will know more than some personnel in etrade service departments!
   Learn how to make money in bull, bear or stagnant markets while limiting your risk. Ron Ianeri is clearly one of the best options teachers anywhere. If you can afford only one book on options, get this one.
   Tightly structured as befits a textbook. Clearly and logically organized. Can be read and understood by a motivated high school student.



4. I'm only on chapter 4. I have found these first 4 chapters somewhat hard to muddle through because I'm not a completely verbal learner. There are several places where a nicely constructed illustration would really make this good book much better. Content seems solid and well-researched. If you are a visual learner, you will struggle with this content.



5. According to his own bio, Ron Ianieri is a big name, big time, much sought after speaker on 0ptions. So I was looking forward to this book, his first, on options trading. Unfortunately this is simply a basic book on options strategies and adds nothing new to such classics as Lawrence Mcmillan's Options As A Strategic Investment. Lenny Jordan and Nick Katortis have also written fine tomes on options for the beginner. However, thois book is simply a discussion of basic strategies, sprinkeled with a bit of option theory. I cannot recommend purchase except for absolute beginners to options.

5 comments about Stock Options for Dummies.

1. This book is a review of employee options. I was hoping for a more comprehensive review that would explain options buying , trading etc.
   It is adequate for the topic of employee options , but nothing else.



2. This book, to me, was completely worthless. I purchased it thinking, like others commenting, that it was about options trading (puts, calls, etc.), not about "employee stock options" (which is what the book should be titled).
   I did read the author's response to criticism about the title, and I think he has some valid points; and in return I would like to sell him a coffee table book entitled "Cats" with a cute little kitten on the front. When he opens it I'm sure he'll be happy to see that it's full of pictures and information about catepiller industrial equipment.
   Also, his argument that anyone who looked at the table of contents would know what the book is about proves that he does not realize who his audience is: This is a "for dummies" book; it should be assumed that the reader knows very little about options. So, how would someone who knows extremely little about options know that chapters entitled "Stock Options: What you need to know right off the bat", Exercising your stock options", and "Finding stock option information online" are not what they are looking for?
   While this book may be very useful for someone wanting information about EMPLOYEE stock options, it was completely worthless to me. Make sure it's what you're looking for before you purchase.



3. This book is aimed at employees elegible to receive stock options in the company they work for from their employer.
   
   It is NOT for investors wishing to buy and sell stock options through a stock broker.



4. First, disregard the 5-star rating. *I* think the book is good of course, but that's not why I'm writing this comment.
   
   To the two recent reviewers who complain that the book isn't about puts and calls but rather about ISOs, NQSOs, etc. - look, I'm sorry for your inconvenience but if you had taken about 2 minutes to skim the table of contents and the editorial review on the amazon.com page ("...your company's stock option plan..."), you would CLEARLY see what type of stock options this book discusses. In fact, taking less time to do so than it took you to write your complaint-reviews and give the book a poor review would have saved each of you $20 or whatever the book cost you.
   
   So my sympathies to you for your misspent $, but come on: blaming the author and publisher for your own haste and, further, feeling the need to do so publicly on an amazon.com review with one- and two-star rankings? (At least the other reader who did the same thing back in August, 2003 had the courtesy to give a 5-star ranking because of the reselling experience on amazon.com to rectify his/her error.)
   
   I sincerely hope that if you do begin to dabble in puts and calls - the other kind of stock options - that you do so with much greater care than you took in making your respective book purchases. Otherwise, you should really think twice about that side of the investing world.
   
   To the one reader who is looking for a beginner's book about the other kind of stock options: see "Futures and Options For Dummies" by Joe Duarte. But do your homework first before buying!



5. I was misled by the title of this book am disappointed. This book is NOT for individuals who want to take their investing to the next level and start trading options on the open market, as I had expected -- rather, it is for people who are offered stock options through their employer.
   
   If anyone knows of a good beginner's book for trading stock options, please clue me in.

5 comments about The Truth About Day Trading Stocks: A Cautionary Tale About Hard Challenges and What It Takes To Succeed (Wiley Trading).

1. This title comes (at the time of writing) with a hefty price tag but if you are in the intended target audience I believe the book is well worth it and I give it 4 stars. Here is why:
   
   It's not a "get-rich-quick" book. Rather it's a "Hey listen here, if you just jump in you have a good shot at bankruptcy" book.
   
   The author is not an academic or armchair quarterback but rather he is a guy from the trenches who openly confesses to some of the stupid things he did that cost him money and he reflects upon why and how that may have happened and what he is doing now to trade better. He sets realistic expectations which is important in this day and age where people leverage 1:100 and go in with zero experience expecting to make a 5 figure profit every week from home.
   
   I consider that to be quite honest. He doesn't portray himself as a know-it-all and he doesn't use the book as an advertising platform to push his own courses / seminars every second page. He does mention them of course and he is open about it but at the same time he makes no claims like "my way will make you rich" and "if you are serious about business, you ought to join my seminar and mine only".
   
   This book contains none of that and I applaud the author for resisting the urge to turn his story into a vehicle for self-promotion without showing the reader any other options.
   
   Being involved in day trading and swing trading myself I could identify with a lot of the stuff the author is writing about and I found a lot to take away from it. I will read it again in a year or so when my own trading style has matured some more.
   
   One gripe I have with this (and many other Kindle titles) is that there are quite a number of spelling mistakes. Maybe I am old fashioned but when you publish a book you have a bit of a responsibility to make sure it's grammatically correct and there are no spelling mistakes.



2. I came across Josh's approach in an interview in Stocks and Commodities magazine. It was there that I learned about this book. I loved the interview so much that I bought the book.
   
   I love Josh's approach, into which he gives some further insight in this book. Mind you, he doesn't entirely reveal his trading method - For that you'll need to partake of his mentorship program. However, he does reveal enough to let you decide whether his approach matches your trading style.
   
   Josh has a trading philosophy and approach that has always been something I've been seeking, but could never quite find until now. He likes to severely limit risk such that you really shouldn't blow out your trading account. In fact, I'd go so far to say that if you follow the method you shouldn't really have a losing day. But to all those who find that alluring, be aware that the trade-off is a limit to the upside. For example you'll probably not ever make $4000 in a day either.
   
   His approach matches my ideal trading style perfectly.



3. I've read alot of books on Day trading, This is one of the best, at least for me it was. The market will move alot of time with no rhyme or reason. You could say it has a schizphrenic personalitly at times, but the one thing you CAN control, and MUST control, is yourself. This books gives a lot of help in that area.
   
   It really helped me, especially the share sizing part. I was really good at losing money with big share sizes. Now that I've down sized my share size ,things have become very controllable. I think alot of us have the same trouble with trying to make big money to fast. When you slow down you can still make money, but at a slower, more controllable pace.
   
   Day Trading can be nerve racking so you must be prepared. Definitly a pay per share account is needed for this type of trading. I Day Traded for awhile with my Scottrade account, way to costly for this type of trading. I think they even had a poster of me in their office that read, we love this guy.
   
   Matt



4. It is a pretty good book for me as a novice trader. It has lots of warnings that is good for beginner but it only has one trading strategy that I can use. It tells me there are pay per share broker that will charge $.70 round trip for 100 shares but I wish it also list a couple of them that I can trust.



5. I think this book is very interesting even if you don't plan to become a daytrader. The psychological part involved in daytrading is interesting in itself. And Josh is really a good writer. You can't stop reading. It's very useful, very well structured and fun. I would like to say something a little negative to make my review more authentic but I don't know what. I just loved the book. Thanks Josh!

5 comments about Paul Wilmott on Quantitative Finance 3 Volume Set (2nd Edition).

1. Wilmott certainly is not a mainstream guy and so his boks aren't mainstream either. As some topics (e.g. portfolio theory) are dealt with in a rather shallow fashion, this is not the most brilliant book on quant finance conceivable. But as Wilmott takes a no-nonsense, practical perspective it is by far the best textbook on (equity) derivatives and a great reference. Best of all: It is fun to read...



2. After Fin. Engineering with math major still found the book very useful. Easy understanding, skipping tedious proofs to prevent sidetrack readers from the core of subjects.
   
   What I enjoy most of the book is the VBA programming, not all the sourcecodes are mentioned in the book, but readers should figure out the reason behind. Very worth to keep one at your office.



3. Wilmott compendium is nothing more but a summary of all the other books that he managed to publish thus far. This, however, is not the problem. The real problem is that his books continue to lack depth and applicability. None of the chapters will help you to solve real problems nor will it give you guidance of how to implement the models (which some few exceptions). If you are looking to buy a real comprehensive compendium on quantitative finance, which is full of state-of-the-arte examples, problems (problems that really count) and explanations go for the new Carol Alexander books on quantitative finance (part I-IV). She has set the industry standards.



4. This book was a big disappointment for three reasons: 1) it doesn't have a proper focus. Author wanted to cover everything and that's why the book is making sloppy impression, i.e. too wide and not too deep when it is necessary; 2) it doesn't help you as a quant in the everyday quant life. It doesn't show you how to backtest models, it doesn't tell you how to use all this knowledge in the practical way, it doesn't even tell about the robustness and out of sample testing; 3) it is an arbitrary collection of known theories with some unexplained extracts from the different fields which are not connected with each other in the logical way.
   
   As the final accord: why the "quant bible" is based on the "normal" distribution. How long are we going to use all this useless in practice old concepts like Black-Scholes models etc?



5. Just an encyclopedia, however the author's way of telling the things and his extra comments make the reading of the book a very pleasant occupation.

5 comments about Basic Black-Scholes: Option Pricing and Trading.

1. I am a professor of finance at the University of Puerto Rico. Timothy's book was recommended to me by Professor Steve Mann at the University of South Carolina, where I obtained my Ph.D. in finance, as "simply the best book out there on option pricing." What I found when I assigned the book in my MBA class on Futures and Options is that the students all remarked at how incredibly understandable and thorough the book is even though it is clearly useful at the doctoral level as well. This is certainly what I would expect from an MIT Ph.D. where its nearly impossible to get accepted into the doctoral finance program and even harder to get out!
   
   If you really want to understand option pricing get this book...there simply isn't anything else like it out there on the market!



2. Tremendously valuable book for its selection and excellent treatment of many rarely addressed aspects of financial derivatives and the care with which intuition for these aspects is developed.
   
   Financial mathematics exists at the intersection of many different fields, yielding many possible perspectives from which to teach and learn about this discipline. Many of these perspectives bog down in the rigor of their respective fields. Such approaches render it difficult to absorb and apply core concepts without spending a great deal of time in first learning topics such as advanced probability theory and stochastic calculus.
   
   Dr. Crack's approach seems to be to develop the intuition as a framework for understanding further advanced study, should it be warranted by the reader. At the same time, he includes many aspects of the underlying science to help bridge the gap between the academic world and the world of trading.
   
   For example, his derivation of the solution to the Black-Scholes equation and subsequent analysis of the components of the solution leaves the reader fully prepared to quickly and intelligently grasp the impact of changes in assumptions. This is in contrast to many treatments that seem to stop at the solution, leaving the reader feeling as though the Black-Scholes solution is simply a black-box with no intuitive connection to the real world.



3. I like the text because it gives many aspects of the Black-Scholes model that I have not found elsewhere. One may feel that Black-Scholes is an "old" model, but it is the genesis of option pricing and understanding its intuition is the key to understanding more complex models. In addition, the text is very readable, but I think even more satisfying if the reader already has some options background.



4. Crack's two books, Basic Black-Scholes and Heard On The Street,
   are masterpieces of condensed ,focused instruction for those who need to know. There is also an atmosphere of scintillating competence projected on the reader. Some of the anecdotes in Heard On The Street are hilarious; add to this the requirement that you must keep your wits about you at all times when reading
   these primers and overall you get a feeling of a happy learning experience. Remarkable.



5. I was generally familiar with options pricing and read this book after the Hull's book on derivatives. I felt that this text definitely provided a lot of good intuition and different perspectives that I have not see anywhere else.
   
   This text helped me systemize my knowledge of options and develop a more intuitive feel for their behavior. Definitely, a good addition to the classics on option pricing.

5 comments about The Complete Guide to Option Pricing Formulas.

1. his is not my ordinary book review. These are good books that will only appeal to a small fraction of my readers, because few will have need for the knowledge. Both are written by Espen Gaarder Haug, who is kind of a character. He collects option pricing formulas the way some people collect Barbie Dolls, Beanie Babies, or Baseball Cards. He has interacted with some of the brightest minds in the field, and collaborated with a few of them. In both books the math is significant -- it would help if your calculus was sharp, and for any value some algebraic knowledge is needed.
   
   Let's start with the more esoteric of the two books, The Complete Guide To Option Pricing Formulas. Almost every option formula is included there, together with ways of estimating volatility, certain statistical techniques, aspects of compound interest math, etc. The book is very comprehensive, and for those that need how to estimate the value of standard and non-standard options, it is a good book to keep on hand as a reference, together with the free CD-ROM containing an Excel add-in that allows you to use the formulas inside Excel. I have used them for some of the insurance companies I have worked for; the software was easy and reliable.
   
   The second book Derivatives, Models on Models, is different. He interviews 15 significant thinkers on options and derivatives, and presents 15 papers by them. Most of them contain tough math; some I couldn't understand. The real value of the book was in the interviews, where many of the interviewees showed significant knowledge of the limitations of their models, and how derivatives were misunderstood by the public, or by their users.
   
   There are quirky aspects to this book, including cartoons and photos that are somewhat self-aggrandizing to the author, but make the point in a humorous way. I liked both books, but only a modest fraction of my readers should have any interest here.



2. I have been implementing various options calculators in many programming languages on several operating systems for over 25 years. Since the first edition of Haug's book, it has proven to be invaluable. It saved me many hours of research. Does it contain typos? Sure it does. However, I have compared some of the formulas to those in the first edition, and most of them have been corrected. Is the published code to the algorithms the most efficient one? Not by a long shot. But these are minor details. If you are an experienced programmer, you will easily improve the code, and if you are implementing the formulas in VBA for Excel, the code is quite adequate. The most common complaint is that the book did not help in trading options. I would not know. Does Gray's Anatomy help a neurosurgeon? I doubt it. This book is clearly meant for the quants, risk managers, and developers, not for the traders. If one is looking for a pricing formula for any of the scores of various exotic options, this is the first place to look. Often the presented material provides everything needed. In the rare cases where it does not, copious references are provided.



3. This could be the best book you could find for existing closed form option pricing formulas, if you are not concerned with their derivations. I have not yet encountered the mistakes mentioned by the other reviewers. Haug does, however, include VBA code for most, if not all of the formulas; this greatly expedites the process of verifying their accuracy.
   
   The book's greatest strength is that it contains so MANY different formulas. This makes it extremely easy to look up the reference material for each solution and to find their derivations. This makes it a great research tool and an excellent summary of work that has already been done in pricing options based on the Black-Scholes framework.



4. I have to agree with the majority of the reviewers: this is a great book, period. The amount of material is simply staggering, and the author's nickname of the "Collector" is well-deserved. It's a great reference book, and it's one of my favorites on the subject. Good explanations, easy to read, instructive examples, great layout, files are on the CD... it has nearly everything I need. I like it a lot.



5. Simply put, Haug's book is a must-have for all students and practitioners in quantitative finance. The book has grown to over 500 pages in its second edition and contains a wealth of practical information related to option pricing formulae making this book a worthwhile purchase even if you already have the first edition. It is useful to anyone needing to implement, validate, or value financial derivatives in today's trading, market or credit risk management environment. My guess is that it will help you with a good 80% of the quantitative finance models you needs to implement or validate. It is written in a reference manual style which means the text is sparse and to the point. At the back it contains an excellent bibliography cross-referenced throughout the book just in case you need to consult a relevant academic paper with a higher verbosity level. In fact, for students the bibliography alone is well worth buying this book. The included CDROM contains VBA implementations of most of the formulas referenced in the book which is useful to fast-track your understanding of the practical implementation of the mathematics.
   
   As anything in life the book is not perfect. The title of the book suggesting it is the Complete Guide, by Haug's own admission is a bit ambitious. The major asset classes covered is still equities with a bit of commodity, energy and interest rates derivatives. Surprisingly, no credit derivatives are covered. The inclusion of VBA-code printouts in the text seems a bit superfluous as the code is available on the CDROM. This results in the book being a bit thicker than it should be, so maybe a next edition will be more kind to the environment! A solid 5-star effort.

No comments about Mastering the Art of Equity Trading Through Simulation, + Web-Based Software: The TraderEx Course (Wiley Trading).

No comments about Increasing Alpha with Options: Trading Strategies Using Technical Analysis and Market Indicators (Bloomberg Financial).