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Options Workbook Paperback – February 11, 2002


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About the Author

For more than 11 years, the International Trading Institute (ITI), founded by Anthony J. Saliba has trained professional options traders around the globe. ITI offers intensive hands on options workshops developed and taught by pit traders. As founder and chairman of ITI, Saliba is recognized as a pioneer in the derivatives market. He is a featured speaker at professional futures and options conferences and is often tapped for expert commentary by the financial media. Most recently, Saliba joint ventured with the Charles Schwab Corporation to form a screen based proprietary trading operation for trading options upstairs.

Excerpt. © Reprinted by permission. All rights reserved.

Introduction

The investing public’s acceptance level of listed options, which hovered at 2.5 percent for the first 20 years of trading, more than doubled between 1993 and 1998. Whether the interest in options continues to grow at this accelerated rate remains to be seen, but I believe it will.

This jump can be attributed to a number of factors, primarily the relentless informational campaigns by the Chicago Board Options Exchange (CBOE), Options Clearing Corporation (OCC), Options Industry Council (OIC), and the extended bull market in equities during the ’90s. The amount of assistance offered by these industry organizations is remarkable. It is hard to find another industry that puts such effort into educating its customers.

While general usage of puts and calls has more than doubled, the growth in participation has been limited predominantly to straight purchases and sales. There is no doubt that a straight order (to buy or to sell) is the easiest instruction to manage. Clearly the most leveraged use of this relatively new vehicle, being long a call (or short a call) brings the greatest level of excitement to an individual playing the market. In the late ’90s, pure excitement, it seemed, was a governing force in the investing decisions of many.

Put/call purchases and sales are the easiest and most leveraged strategies. These straight orders, however, miss the biggest advantages of options strategy. The combination of options called spreads allows investors to tailor a more sophisticated risk/ reward profile, increasing their earning potential to a much greater degree. Options professionals build their positions from a spread viewpoint.

In The Options Workbook, we emphasize these fundamentally sound spread relationships,and their composition and effectiveness as surrogates for straight equity transactions. We’ll take you through the construction of these combinations one step at a time and reinforce the risk/reward profiles that each carries. There are exercises and quizzes reinforcing the concepts discussed.

We cover the topics of put and call purchases and sales; however, with more brokerage firms streamlining their ability to handle spreads and lowering fees to do two sides of a transaction, we emphasize the value of being spread, a concept being missed by millions of options users today.

You also will see some examples of technology used to price, execute, and manage complex option positions. Although you are only beginning your options education, it is important to be exposed to the sophisticated tools of the pros, as access to similar software is becoming readily available to the common investor.

After completing the following lessons, feel free to e-mail us at options@salibaco.com with any questions you may have about the topics covered. We will do our best to respond in a timely manner.

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Product Details

  • Paperback: 224 pages
  • Publisher: Kaplan Business; 2 edition (February 11, 2002)
  • Language: English
  • ISBN-10: 0793153883
  • ISBN-13: 978-0793153886
  • Product Dimensions: 11 x 8.5 x 0.6 inches
  • Shipping Weight: 1.4 pounds
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (35 customer reviews)
  • Amazon Best Sellers Rank: #2,633,669 in Books (See Top 100 in Books)

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Customer Reviews

Well laid out and easy to understand.
ads99
This is an excellent book for learning strategies in options trading.
Spanish Moss
I can't say anything good about the content.
Kathryn

Most Helpful Customer Reviews

26 of 28 people found the following review helpful By A Customer on June 12, 2002
Format: Paperback
Most of the books I have read on options trading are pretty worthless. They all claim to be able to show you how to trade and make big $$ fast. This book actually did help me learn, and spared me the "get rich quick" pitch. Tony Saliba stresses that there is no room for the cowboy in options, and that if you are going to make money you need to spread off your risk. This book discusses strategies to do this. I found it very valuable.
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70 of 83 people found the following review helpful By Lifestyle Entrepreneur on March 3, 2006
Format: Paperback
I am skeptical over the reviews of this book. I bought it but returned the book to Borders after a surprise check on Amazon.com on the reviews by so-called "readers" here. If you look at the review dates, all were dated around May-June 2002. If you're not convinced, click on each reviewer and most of them actually did only review (5 stars) for this book. Who knows, it could be a marketing tactics? I went over to check Barnes & Noble and it was exactly the same.. reviews were all done from May-June 2002 then full-stop. So I'm not saying anything, I did buy the book for 2 days, but I was not impressed. No thanks.
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14 of 14 people found the following review helpful By J. W. De Roode on July 8, 2006
Format: Paperback
This books explains most option constructions and how to calculate there potential profit. If you need to train yourself in spreads concepts, this training manual is for you. First the spread is explained and then some calculation examples are given. Don't expect a when to use these spreads manual. It's not there. This is a excellent book for training yourself in setting up all kind of option structures and know what the costs are and profits. Also all the Greeks are explained in detail, and the first manual that makes it understandable for me :-)
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12 of 13 people found the following review helpful By Craig Nybo on July 16, 2007
Format: Paperback
I am an amateur stocks and options trader. I have read, and continue to read, many books about the markets, about stocks, and about options. Options are more interesting to me than any other investing medium because of the ability to make quick gains and because of the innate limitation of losses. With so many options plays in existence, it's easy to get confused.

I picked up The Options Workbook and it cleared away much of the mystery of options investing. This book outlines the most common options plays including spread concepts, butterflies, condors, and many other trading techniques. It contains a primer that teaches about the Greeks, and about how to read the fundamentals on potential investments.

I didn't find a lot about chart reading technique n this book, but you can get that from other excellent books. Part of this book's strength is found in its quick charts that show, at a glance, exactly how to execute most options strategies for upward and downward moving markets. Since I have read this book, I have traded nothing but options and have grown my portfolio steadily. I'm no longer interested in buying stocks; they are simply too expensive and slow moving.

Hope this helps.

- Craig Nybo, co-author of [ ... ]
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6 of 6 people found the following review helpful By G. Burnett on August 24, 2008
Format: Paperback Verified Purchase
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.
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16 of 20 people found the following review helpful By A Customer on July 9, 2002
Format: Paperback
This book is just what I needed. I've been interested in options trading for a long time, but never found anything that could make sense out of how it works. This book did it for me. This guy, Tony Saliba, obviously knows his stuff - he didn't get profiled in "Market Wizards" for nothing. He earned his stripes through hard work and a proven plan that will work for anyone willing to learn and apply his fundamentals.
If you're interested in learning more about trading options, this is the place to start. Get the right info. from someone who has 'been there, done that' and take advantage of what he's learned along the way.
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10 of 12 people found the following review helpful By Reginald Tucker on September 25, 2007
Format: Paperback
I picked up this book in preparation for an interview I was having in the equity structured products desk at Morgan Stanley. Although I had taken a Financial Derivatives class at Wharton, this book helped explain the basics. It goes through all of the fundamental and basic strategies, as well as spreads. The value in the book is in doing the examples and working out the max gains, loses, break-evens etc. It seems basic but as you begin to put together more complex trades these exercises stay with you and guide your understanding. The book also does a decent job of explaining the Greeks and volatility. You won't come away ready to put on any overly complex trades, but you might be comfortable putting on your first call back spread knowing what your risk and reward profile is.
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4 of 4 people found the following review helpful By Paras Sanghri on December 17, 2010
Format: Paperback Verified Purchase
First I have the older version of this book. that being said this is an excellent book to learn about options ,how to trade them, and the various strategies for the beginner. Tony Saliba writes well an really knows about options and is a experienced trader. this is not a academic book, there is no math and formulas like the Hull textbook for traders, but this is not aimed at people doing masters in Finance, it is aimed at the retail options trader and proffesional traders. It does a very good job at introducing you to options and stragies. It is not a guarntee to make you money book, any book which says they guarntee you will make money should be thrown in the dustbin, because if they had a guarnteed way of making money all the big hedgefunds and brokerage firms would be trying to employ the author at a ludicrous salary. . If you are a small investor though like me under $3000 dollar capital you probably will intially have to take risks, since using strategies would not really be cost effective and hedging strageis are less risky but also usally have less gain.(not in the book I made this up myself.)
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