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Think Like an Option Trader

  • Livre Relié
  • 208 Nombre de pages
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Michael Benklifa is a professional options trader and President of Othello Consulting, where he manages millions of dollars in opt... Lire la suite
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Description

Auteur
Michael Benklifa is a professional options trader and President of Othello Consulting, where he manages millions of dollars in option trades for private investors every month. He formerly served as a Financial Advisor for UBS and as a Mergers & Acquisitions analyst for several large pharmaceutical companies. Benklifa holds an MBA from Texas A&M, as well as a Diplôme (Masters in Management) from Ecole Superieure de Commerce in France and a BA in Philosophy from the University of Texas. He is the author of Profiting with Iron Condor Options: Strategies from the Frontline for Trading in Up or Down Markets.

Texte du rabat

The world's fastest growing trading markets are options markets. Options offer a world of opportunities that are simply unavailable to the stock trader. Trading stocks is like owning a "hammer," but trading options is like owning the whole toolbox. Why, then, do so many investors lose money in options? They lose because they trade options the way they've always traded stocks. To succeed, you must understand options the way professional options traders do. This book will help you do precisely that. When stock traders look at price, they see information. Options traders see probability, time, volatility -- and perhaps even a lack of information. Stock trading is about having more information than the other guy. Options trading can be about exploiting the lack of information. Stock trades have a 50% chance of success: stocks go up or they don't. Options trades can be structured for 90% probability of success. The very nature of trading is transformed by these radically different dynamics. Michael Hanania Benklifa reveals those dynamics and shows exactly how to take full advantage of them. Benklifa manages millions of dollars in options trades through his own firm. Here, he reveals how he approaches these trades, offering practical, concise and actionable insights based on actual scenarios. If you've struggled to profit from options... if you're intrigued by options, but hesitant... if you're succeeding with options but want to do better... this is the book you've been searching for.



Contenu

Preface   xi
Introduction: Why Traders Fail   1
Is Failure a Flaw? 2
Blaming Emotions   2
Blaming Systems   3
Successful Traders Versus Successful Trading   5
Trading for a Living   6
Trade for the Right Reasons   6
The Ability to Duplicate a Strategy   7
Correlation Versus Causation   7
Don’t Trade to Make Money   9
Leverage   10
What Kind of Trader Are You?   10
A Single Difference Goes a Long Way   11
A Limited Worldview   13

Chapter 1   Understanding Options   15
What Is a Stock?   15
What Is an Option?   18
The Bet You Wouldn’t Make   18
The Options Trader’s Toolbox   22

Chapter 2  What Is Price?   33
How a Stock Trader Looks at Stock Price   33
How Options Traders Look at Stock Price   37
How an Options Trader Looks at an Option’s Price   48

Chapter 3  Pure Options Trading: Building Your Own Trade   67
Basic Greek Concepts   69
Build 1: Making a Directionless Trade   74
Build 2: Reducing Your Risk   78
Build 3: Augmented Returns   88
Bending the Curve   95
The Options Trader’s Toolbox: Synthetic Straddles   96
Evolving a Trade   98
In-, At-, and Out-of-the-Money Trades   98

Chapter 4  Situational Trading   99
Known Knowns   100
Analyzing Situations   105
Building a Directional Trade   106
Known Unknowns   126
Unknown Unknowns   137

Chapter 5  Risk Management   157
Responsibility in Trading   157
Strategy Is Risk Management   159
How a Stock Trader Measures Risk   160
Defined Risk for Options Traders   163
Layering and Unlayering Trades   164
Trades Cannot Be Fixed, Just Replaced   165
Portfolio Risk   166
Concluding Remarks   168
Appendix: Quantum Physics and Trading—The Price Uncertainty Principle   171
Index   175

Informations sur le produit

Titre: Think Like an Option Trader
Sous-titre: How to Profit by Moving from Stocks to Options
Auteur:
Code EAN: 9780133065305
ISBN: 978-0-13-306530-5
Format: Livre Relié
Editeur: Pearson Academic
Genre: Généralités et lexiques
nombre de pages: 208
Année: 2013

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