Shows you how to analyze markets and choose positions, assess risk, and employ defensive trading strategies. Provides the most rigorous methods available to understand and manage options risk.
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Most Helpful Customer Reviews
16 of 16 people found the following review helpful:
5.0 out of 5 stars
Excellent insights for the seasoned options trader,
By A Customer
This review is from: Options: Perception and Deception : Position Dissection, Risk Analysis, and Defensive Trading Strategies (Hardcover)
This book is certainly not a tome to learn about the world of options. The author gets straight to the meat of the attributes of options, and the repercussions of the risk they entail. So, I would certainly not recommend this book to a beginner - confusion and discouragement would likely result. However, once one has read some more straightforward option books, and gotten enough of a handle on options to have a good intuitive grasp of ideas like their volatility, multi-position strategies such as spreads, etc, then this book opens up serious opportunities. I'm very impressed with how the book is organized, the completeness of material, the examples (sometimes real-world based, which adds interest to a potentially dry subject). Much of the meat behind the materials is (rightly) mathemetical, so beginning calculus, and plenty of algebra and a fair amount of analytic geometry are definite prerequisites to really get a good understanding of the underlying concepts of ideas like "the greeks" and all the wonderful (2 and 3D) graphs presented. Lastly, I was very impressed with the accuracy of the data. No lazy editing or prose here. If you are contemplating becoming a "serious" options trader, by all means, read this FIRST. The price is small for the potential impact on your effectiveness in options trading. If you are already a serious trader, based on Cottle's observations (the "Perception and Deception" part of the title is no accident - consider the myriad implications of synthetic positions) I'd still be surprised if you don't learn something. I've read or scanned an estimated 30 books on options. I haven't found a peer for this effort.
31 of 35 people found the following review helpful:
5.0 out of 5 stars
Updated Review by the Author,
By Charles M. Cottle (Wilmette, IL USA) - See all my reviews
This review is from: Options: Perception and Deception : Position Dissection, Risk Analysis, and Defensive Trading Strategies (Hardcover)
Reviewer: The author, Charles M. Cottle *** charles@RiskDoctor.com Although this original text was written for professional market makers, it proved to be a valuable resource for sophisticated retail investors and hedgers. I therefore created a new book, "Coulda Woulda Shoulda" (available for free download at www.riskdoctor.com) which borrowed about 80% of the original text and added more tools for non-professionals including an email dialogue with a relative novice, spanning 2 months. Most of the strict market making tools have been removed but will be resurrected in book 3; "Taming Your Portfolio" due out later this year.
12 of 12 people found the following review helpful:
5.0 out of 5 stars
Options Innovator,
By "vulturetrader" (Kenosha, WI United States) - See all my reviews
This review is from: Options: Perception and Deception : Position Dissection, Risk Analysis, and Defensive Trading Strategies (Hardcover)
I read Options: Perception and Deception at least 3-4 times before many of the advanced concepts began to sink in. This is not a book for an options novice; in fact, I would suggest that most people read Natenberg's book on options prior to engaging in this incredible text. While many of the advanced 3-D graphs were beyond my grasp, I particularly liked Cottle's description of "real world" options positions, how he executed them and how he managed them throughout their duration. Of particular interest to many readers should be the concept of "gamma scalping", and the section on wingspreads and adjusting positions. This text is so far beyond "mainstream" options books, that words do not describe how important this book will become.
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