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How I Trade Options 1st Edition

3.1 out of 5 stars 36 customer reviews
ISBN-13: 978-0471312789
ISBN-10: 0471312789
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Editorial Reviews

From the Inside Flap

When Jon Najarian embarked on a career in the world of market making, he went from playing with the Bears to running with the bulls. In this chronicle of his trading evolution, the former middle linebacker for the Chicago Bears focuses on the key ingredient for his market success-learning to control risk.

From achieving speedy victory to coping with some enormous losses to building his own business, Najarian reveals here how he successfully trades the market with options traders, showing investors how to trade like the pros by:
* Honing self-discipline
* Handling volatility successfully
* Grasping puts, calls, and spreads
* Seizing opportunities and adapting strategies to changing times

Looking to Najarian's compelling personal-and highly educational-story as an example, stock, futures, options, and bond traders, as well as individual investors, will learn to limit risks, be aware of and avoid potential pitfalls-and trade options like a market maker.

From the Back Cover

Wiley Online Trading For A Living

Beat Risk and Reap Rewards Like A Pro!

The Compelling True Story of How a Top Market Maker Built a Successful Trading Business

Praise for How I Trade Options

"To much of the outside world, trading appears to be as incomprehensible as rocket science. What Jon Najarian has done in this engaging and very readable book is to 'demystify' the world of options for both the aspiring trader and the retail investor. How I Trade Options is a rare opportunity to look over the shoulder of this experienced options trader, teacher, and lecturer." -Lewis J. Borsellino, CEO/Founder, www.TeachTrade.Com; Author, The Day Trader: From the Pit to the PC

"How I Trade Options gives retail investors who have little or no prior knowledge the insight into how options work and how to use them effectively and responsibly. For those who want to learn about options, this is a rare opportunity to learn from a master trader. Najarian shows commitment to educating investors on the use of options to enhance their portfolios." -Rance Masheck, President, Quantum Vision Inc.

"Not only is Jon Najarian a Supertrader, he is a Superteacher. I owe much of my good fortune to Jon Najarian. I learned more from him than I had learned in an entire decade-plus it was fun! Jon's abilities to make his profitable trading strategies understandable are sure to make How I Trade Options a must-have tool that every option trader will want to own." -Don Fishback, Developer of the Fishback Option Pricing Model

"Jon Najarian is a world-class options trader and a world class options educator. His crystal clear explanations of such strategies as vertical spreads empower the average investor to participate in attractive options approaches that, until now, have been dominated by professional traders." -Bernie Schaeffer, Chairman and Chief Executive Officer Schaeffer's Investment Research, Inc.

Please visit our Web site at www.wileyfinance.com
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Product Details

  • Hardcover: 228 pages
  • Publisher: Wiley; 1st edition (January 15, 2000)
  • Language: English
  • ISBN-10: 0471312789
  • ISBN-13: 978-0471312789
  • Product Dimensions: 6.4 x 0.9 x 9.3 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 3.1 out of 5 stars  See all reviews (36 customer reviews)
  • Amazon Best Sellers Rank: #301,385 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
There are 2 real option books: 1) Options: Perception Deception and 2) Option Volatility & Pricing by Natenberg. Maybe there are a few others; but the 50 I've read have been useless.
"How I Trade Options" I would re-title as "Why I Am Fabulous and A Couple Option Stories" There is not one method in this book that will put option profits in your pocket.
An example of his trading: Way back when Yahoo was going up $20 each day for weeks, he finally saw this pattern and bought some shares and sold within minutes for a $2 profit. Can anyone tell me how that adds to my options or trading knowledge? I know people that made a fortune on those Yahoo runups - and they weren't professional traders; and all Dr. J got was $2.
Buy the real options books I mentioned and leave this celebrity puffery for Dr. J's personal library.
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Format: Hardcover
His site has a 10 minute video (greatly done) that talks about his new system called "Heat Seeker". It proposes to see when a LOT of activity is on a stock when someone (maybe insiders maybe floor people) buys a LOT of calls or puts. Then you buy them too and ride on their coat tails. It sounds logical.

So I joined because they had an unconditional guarantee. I asked first what was their "performance" for the year. They couldn't tell me, but it's on the site. So after I joined I see the buys and sells and they lost money for 2006.

But I followed some trades as the theory sounded good. Probably lost $1500 before I gave up, only one week. The kicker was TARO. This stock was pharmaceutical and was going to go up. In fact it went up 50% on the first day. If I can gotten the email alert earlier I would have got profits of 50%, but only 20% in one day. Who won't be happy?

But the next day lost half of my money. Seems as though TARO hadn't given the stock exchange a financial statement for TWO YEARS!

Wouldn't you think a options suggester would know that? I saw it posted the next day.

I did an analyst on the trades for the past 6 months. 2 out of 9 were profitable, but the whole year was a loss.

I don't know but after seeing MOST suggestions go up then down, I'd think maybe SOMEONE :-) suggest a buy, they buys first, the crowd then sends the stock soaring because everyone is buying and then the original person sells out for a profit-everyone else looses.

On 9/11 that's what happened with airline stocks. There was huge buying of puts on airlines a few days before (Jon Najarian mentioned this too in his video)the attack on the trade center.

I'm not saying changewave does this, but I'm through with these services that can't prove what they write about.

This is my experience for others to beware.

David
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Format: Hardcover
I don't know about the book but the web site used for ordering is a rip off. After they get your credit card number to bill shipping and handling charges they start on a litany of "special offers" that can only be taken advantage of "now". If you didn't say yes to their proposals they kept repeating it; there was no way to exit the conversation. I finally hung up the phone; my fear is that they bill my credit card for something I did not want. I have watched the Najarian brothers for years and considered them very reputable; this web site, I hope, must be an embarrassment to them!
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Format: Hardcover
If you already understand basic options, then this book will add the finishing touches to get to another profitable and consistent level. Ignore the bio and personal commentary and skip to methodology or "how too." There is substance to the work if you can read between the lines.

The main thesis is like poker there are "tells" as to when the stock will move and to what price. The market specialist or maker is unfettered in making a 2 sided market, so must hedge in the underlying stock or options markets. This explains the basis for the tell and has been DRJ's secret. Not a bad indicator as this explains the underlying movements.
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Format: Hardcover
This review was originally posted by me on March 23 2004 but was inexplicably removed.-Did you hear about when Amazon accidentally uncovered the identities of some of the reviewers and it was discovered that a lot of Authors were giving their own books numerous 5 stars reviews?This book in my opinion is a classical example of that,the book has no structure,no organisation.The author blows his trumpet a lot about his farcical NFL career (who cares).It is truly an awful book on options and I would be willing to give my copy away for free.I would give it 0 stars if Amazon would have given me that option,buyer beware.
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Format: Hardcover
I have traded options professionally for 7 years. I see this guy on CNBC all the time and I was curious how much he actually knows about options.

So I click the preview to read a few pages and here is something I noticed:

He has a trade example where he sells 10 IBM calls and then "hedges" this trade with 1000 shares of stock. Then goes on to explain how he unwinds the trade later on and makes $125.

BIG glaring hole to anyone who trades professionally is that you don't hedge an out of the money call in a 1:1 ratio. The correct hedge would have been to hedge with about 300 shares of stock. He WAY over hedged. In reality, he would have lost money because he over-hedged and the stock went lower. He claims the stock went down .125 and the call went down by .25. Is it possible, yes. Probable, NO.

It seems that he has no concept of pricing or delta.(or any true measures of options theory) I think he only knows the very true basics and nothing more. Anyone who would do this trade is a rookie.
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