After several false starts, I started studying options seriously a few months ago and burned through a lot of books I had seen recommended in various place. Some were fairly good, some not, but I feel they all pale in comparison to this book. Charles brings clarity to this often obfuscated field, and for the fisrt time I feel I have 'grokked' options.



Parts of the book are not an easy read and have to be worked at before things click, but when they do you know you have really learned something new. Other parts of the book are fascinating stories of what can go wrong (very very wrong) when trading options. It's hard to imagine many authors spilling the beans on some of their really bad trades as honestly as Charles has. He also recounts some really brilliant trades he has made. The key is that the disasters were not in accord with 'the hidden reality' of options, whereas the victories were taking advantage of it.

After several false starts, I started studying options seriously a few months ago and burned through a lot of books I had seen recommended in various place. Some were fairly good, some not, but I feel they all pale in comparison to this book. Charles brings clarity to this often obfuscated field, and for the fisrt time I feel I have 'grokked' options.

Parts of the book are not an easy read and have to be worked at before things click, but when they do you know you have really learned something new. Other parts of the book are fascinating stories of what can go wrong (very very wrong) when trading options. It's hard to imagine many authors spilling the beans on some of their really bad trades as honestly as Charles has. He also recounts some really brilliant trades he has made. The key is that the disasters were not in accord with 'the hidden reality' of options, whereas the victories were taking advantage of it.

After several false starts, I started studying options seriously a few months ago and burned through a lot of books I had seen recommended in various place. Some were fairly good, some not, but I feel they all pale in comparison to this book. Charles brings clarity to this often obfuscated field, and for the fisrt time I feel I have 'grokked' options.

Parts of the book are not an easy read and have to be worked at before things click, but when they do you know you have really learned something new. Other parts of the book are fascinating stories of what can go wrong (very very wrong) when trading options. It's hard to imagine many authors spilling the beans on some of their really bad trades as honestly as Charles has. He also recounts some really brilliant trades he has made. The key is that the disasters were not in accord with 'the hidden reality' of options, whereas the victories were taking advantage of it.

This books differs from other books in that it presents not only the profit stories but also the stories about how certain positions lost money and why. The 3D risk graphs in color are great and after looking at them for a few minutes a flash bulb goes in your head making your understanding of options better. Detailed examples of advanced strategies like gamma scalping helps an intermediate retail trader to pickup and start using these strategies. If you are serious about options trading this book is a must have.

First I need to point out that i know the author and worked with him on the floor of the Chicago Board of Trade during the late 1980's. Charles was a superb trader but is an even better teacher. Options can be daunting because of all the associated terminology. This book will give the motivated reader numerous tools for understanding and choosing strategies for using options to control risks and achieve trading objectives. I know of no book that better serves a user of options as opposed to those whose interest is theoretical or academic.