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Options for the Beginner and Beyond: Unlock the Opportunities and Minimize the Risks Hardcover

ISBN-13: 978-0131721289 ISBN-10: 0131721283 Edition: 1st

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Product Details

  • Hardcover: 256 pages
  • Publisher: FT Press; 1 edition (March 30, 2006)
  • Language: English
  • ISBN-10: 0131721283
  • ISBN-13: 978-0131721289
  • Product Dimensions: 9.2 x 6.7 x 0.9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (72 customer reviews)
  • Amazon Best Sellers Rank: #73,257 in Books (See Top 100 in Books)

Editorial Reviews

Review

Trader, professor and editor of a successful options newsletter Olmstead consolidates his vast knowledge and experience into this accessible guide to options.

Appropriate for both beginners and more seasoned investors, this book covers everything from the basics of call and put options to advanced topics like delta-neutral trading and the Black-Scholes formula. Because buying options is cheaper and less risky than buying stocks, these time-limited investments are a great way to increase profits. Olmstead is a natural teacher, employing a concise, no-nonsense and easy-to-understand style. Readers will learn why “time is money,” how to use vertical spreads, how options can cut your tax bill and how to make profits even when you can't predict the market direction. Most importantly, Olmstead teaches how to “think like an option trader,” providing the market acumen necessary to maximize profit.

Sure to be appreciated by options traders of all levels.

 

--Kirkus Reviews, Vol. 3, Issue 3 (March 31, 2006)

About the Author

Dr. W. Edward Olmstead is the editor of The Options Professor, one of the world’s leading newsletters on options trading. He is also an options analyst for Spear Capital Management. He has consulted on short-term trading strategies with a member company of the Chicago Mercantile Exchange.

 

Dr. Olmstead is Professor of Applied Mathematics in the McCormick School of Engineering and Applied Sciences at Northwestern University. He has taught courses that cover both the theory for options pricing and practical strategies for trading options. Dr. Olmstead has received several awards including an endowed chair for teaching excellence and has been praised by his colleagues as “the quintessential teacher in our midst.”


More About the Author

Dr. W. Edward Olmstead, is the author of "Options for the Beginner and Beyond," top-rated by customers on Amazon.com. From 2003 - 2007 he served as the original editor of The Options Professor, a popular newsletter on options trading and has consulted on short-term trading strategies with member company of the Chicago Mercantile Exchange. He currently serves as Chief Options Strategist at Olmstead Options Trading Strategies (www.olmsteadoptions.com).

Dr. Olmstead is Professor of Applied Mathematics in the McCormick School of Engineering and Applied Sciences at Northwestern University. He has taught courses that cover both the theory for options pricing and practical strategies for trading options. Dr. Olmstead has received several awards including an endowed chair for teaching excellence and has been praised by his colleagues as "the quintessential teacher in our midst."

Customer Reviews

Great Book, well written and easy to understand.
Christian Schmidt
In the books first section, Mr. Olmstead covers in detail all the basic strategies to unlocking opportunities in stock options for profit.
Mark F. LaMoure
I feel lucky to read "Options for the Beginner and Beyond" as my first book on options trading.
Enlightning

Most Helpful Customer Reviews

211 of 216 people found the following review helpful By okiedo on December 14, 2009
Format: Hardcover Verified Purchase
Ok, I haven't read "hundreds" of Options books and I am not a sophisticated trader, however I have been trading options for over 10 years, probably 15 years by now. I do it on a small scale like many of the people who will read this book. I have attended two expensive "Options Seminars" and a couple of freebies. I was very reluctant to read Professor Olmstead's book since he is a math professor and I have trouble with anything other than basic math. I was also put off by all the claims of how great a teacher he was, since often these claims in the preface of a book are the sure kiss of a mediocre read. I actually had to force myself to start this book since I ordered 4 different books on Options at the same time. Boy, was I surprised, pleasantly. He does get right to the point and moves on quickly to the next point in clear, succinct language that "even a Cave Man" can follow. I expected erudite and esoteric for a writing style and, instead, got "meat and potatoes" with gravy. This was a terrific book and I will read it again and again. It was more than worth the price of admission. My favorite trade for some years now has been the vertical call bull spread option and I thought I was doing OK with it, not terrific, but "OK". Dr. Olmstead taught me in 2 pages that I have been missing out on optimizing the return on these trades. I had it embedded in my head the concept of Theta and Time Decay and how detrimental that is to a Call or Put Option... and that was all true, however in the case of spread trades once you are In The Money then Time Decay is actually your friend... and Dr. Olmstead shows you how this is true. I was bailing out of these trades with a profit, when I could have held on to the Expiration date and made so much more of a profit.Read more ›
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Format: Hardcover
Trading in options by regular folks looking for big returns has been catching on and I am not sure why. Are they really trying to use options to alter the risk of their retirement portfolios - either lowering the risk to ensure the preservation of capital or to add volatility with the design of increasing returns? Probably not. The average person is probably acting as a speculator and placing bets. For the market, this kind of behavior is a good thing because it adds noise that allows the professionals greater opportunities to profit. Now, think about what that means. You know the old saying about sitting down and a poker table and if you can't spot the patsy that it's you? Remember, options are an area of the market where there are only winners and losers. These are instruments where one side wins and the other side loses. However, in the right hands they are very important and useful financial instruments.

This book is not a textbook on option theory, pricing, or how to use them in the context of lowering or increasing risk in a portfolio. It is a basic how to text for buying and selling options as speculative investments. The author, W. Edward Olmstead, is a math professor at Northwestern University and teaches a course in options. His experience with the topic shows because the text is clear, easy to read and to grasp. That is a fine accomplishment because learning how options work can be a mind bending experience for the first timer. Admittedly, he doesn't take the reader into pricing. Here, as an investor, you basically take the price given and make a decision.
Read more ›
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92 of 98 people found the following review helpful By D. Hamlett on February 28, 2008
Format: Hardcover
I have taken hours of classes on how to trade options. I have read lots of books on how options work and how to trade them. I have traveled hundreds of miles and spent thousands of dollars to learn how to become a better options trader. This book is sooooo... good if I had read this book first I would have made more money, loss less money, and I could have gained 100% more value from all the other options training I have done. If you are looking at trading options this is your starting point! If you already trade options then use this book as a review, becasue it has some very lucid explinations e.g.Chapter 29 - IV (implied volatiltiy) and the Black Scholes model. Now this will not be the only options book that you will get, and it does not go into super detail depth like a Sheldon Natenberg, but it is easy to read, it gets directly to the point and it's relatively small compared to other options books. The chapters are written independently of one another, so you can skip through the book and read exactly what you want. So if you just want to know how a double diagonal works then you read that chapter and your done. Thank You Professor Olmstead!They need to rename you Uncle Option :)
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105 of 118 people found the following review helpful By MarkB on December 28, 2010
Format: Hardcover Verified Purchase
I am a beginner with stock options, having never traded one.
I am a very motivated learner however.

For example, I have read about one-half of Wolfinger's "Rookie's Guide To Options", reaching Chapter 13.
With that book, I got hung up on requiring a filled-in table.

In my opinion this book was written for at least advanced beginners.

I think Olmstead assumes the reader has some familiarity with active trading and margin.
For example, shorting is referenced but not defined.

As a math teacher but not a professional writer,
there are certainly useful tips and guidelines in this book,
but I get the sense that the author "jumps around" in the narrative,
without a clear path.

It doesn't take long for the writing to become dense.
An example from pg 36:
"As a rough guide, the magnitude of theta for an at-the-money option
varies inversely as the square root of the time remaining until expiration."
Hello!? I had to read this sentence several times.

I found myself skipping over sentences I didn't fully understand.
Not a good sign.

Perhaps I am not intelligent enough to trade options.
This is certainly possible!

I will keep this book for possible future reference.

Perhaps I will read, "Big Money, Less Risk: Trade Options", by Mark Larson.

Thanks for reading this mini-review.
I welcome comments and alternative learning recommendations.
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