115 of 118 people found the following review helpful:
5.0 out of 5 stars
A Complete Insight Into The Options Workbook, June 21, 2002
This review is from: The Options Workbook: Fundamental Spread Concepts and Strategies for Investors and Traders (Paperback)
If I had to use one word to describe this book, it would be "complete." With Market Wizard Tony Saliba as the author, I had very high expectations for the book, and yet, they were met. Compared to other options' books, such as McMillian's Options as a Strategic Investment or Natenberg's Option Volatility and Pricing, this relatively thin book packs more practical options trading information page for page than the two heavyweights above.
This book covers just about everything you'd like to know about options in an easy-to-understand and concise format. In this book, you'll find such basics as the definitions of short puts and calls and long puts and calls, to advanced options strategies, such as vertical spreads, butterflies, condors, ratio spreads and back spreads. There's also an informative final chapter on the evolution of the option trading industry. To help test your knowledge and understanding, and to prove that you weren't asleep, there are quizzes at the end of each chapter, along with a final examination at the end of the book. You can even have your exam results graded by Mr. Saliba's team.
Mr. Saliba has a a unique perspective of having traded professional for over 20 years. Unlike other well-known options traders, there is a mystique about Tony that makes this book unique. Tony is the only option trader who can say that actually earned over $100,000 every month for over six years. When all that you read in this book is framed in that context, you know the strategies you're learning are not just theoretical. They're real McCoy strategies that are being used everyday by Tony and his team of traders.
For traders that already know about options, the beginning of this book may seem somewhat obvious, as Mr. Saliba goes through a short introduction about the today's option trading environment. A rather lengthy glossary of options terminology follows, which I found somewhat awkward as glossaries are usually placed at the back of the book. I guess, though, this is a good thing for beginners.
Each option strategy from a long call to long butterfly is explained in an easy-to-comprehend manner. It almost feels as if you were at a seminar. He explicitly tells you the ideal market conditions for each strategy, why it used, what it accomplishes and then walks you through an example. He also explains important points such as the breakeven stock price of each strategy and maximum profit and loss characteristics.
My favorite part of the book was the section on the "Greeks," or option analytics. If you pick up any other options book and read through the section on the "Greeks," you'll most likely find complicated mathematical equations and hard-to-understand academic jargon. You won't find that in this book, as Mr. Saliba explains the "Greeks" from a real trader's point of view. He will clearly tell you how these factors affect the option's price and how it will affect your position.
If you read the book and do the quizzes, you can't help but to learn more about options. For the beginner in options, this book is more than a workbook; it's really a manual. For the intermediate or seasoned option trader, it provides a great review of fundamental concepts and strategies.
I believe that no other options books can convey the subtleties of real options trading for this reason. You may learn the mechanics elsewhere, but it's the practical application that I believe truly makes this book stand out of the crowd.
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62 of 73 people found the following review helpful:
1.0 out of 5 stars
Skeptical, March 3, 2006
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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24 of 26 people found the following review helpful:
4.0 out of 5 stars
Excellent Book, June 12, 2002
By A Customer
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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