- Hardcover: 256 pages
- Publisher: Wiley; 1 edition (May 2003)
- Language: English
- ISBN-10: 0471226858
- ISBN-13: 978-0471226857
- Product Dimensions: 6.2 x 1.1 x 9.5 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 16 customer reviews
- Amazon Best Sellers Rank: #2,504,220 in Books (See Top 100 in Books)
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Trading Options to Win: Profitable Strategies and Tactics for Any Trader 1st Edition
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From the Inside Flap
If you intend to trade options and win, you need a definable advantage. The nature of the advantage, whether historical, statistical, or any other, doesnt really matter. What does matter is recognizing and seizing the advantage whenever you can.
In Trading Options to Win: Profitable Strategies and Tactics for Any Trader, S.A. (Stu) Johnston shares thirty years of trading experience to help improve your trading profitability in the options and futures markets. Unlike some books, which offer a single "sure-fire" system for turning a profit, Trading Options to Win examines a broad methodology of trading that puts the likelihood of profits on your side of the table.
Through thoughtful insights and detailed examples of actual and hypothetical trades, Johnston illustrates disciplined methods for selecting strategies to use and trades to enter, tactics to maintain your advantage once youve entered a trade, and organized methods that allow you to protect your capital when a trade doesnt initially work in your favor.
Written in a lively, conversational style, this book looks at the ultimate necessity in tradingthe recognition, avoidance, and control of diverse risksand then shows how the careful use of options makes this task much easier.
Trading Options to Win also offers a thorough look at five main tactics of defense to use when trading options by themselves or options with assets, because there are far more ways to keep your capital where it belongsin your pocketthan by simply exiting a temporarily unsuccessful trade.
After learning how to protect yourself in the options and futures markets, Trading Options to Win shows you, in detail, strategies designed to give you an advantage in the market, including:
- Profiting from knowing where a market is not likely to go
- Profiting no matter which direction a market moves
- Profiting when a market doesnt move
- Profiting in long-lasting "dull" bear markets
- Profiting when the optimists of the world run amok
- Profiting when the optimists, inevitably, run out of capital
- And much more
If you want to improve your trading, and you already know the difference between a put and a call, and know what a premium, a striking price, and an expiration date are, then Trading Options to Win is the book for you.
From the Back Cover
Praise for Trading Options to Win
"Johnston has put together a very thorough work on futures options, and many stock option traders would learn something from this book as well. I especially like his reliance on expected returns and probability to choose the best trade to make."
Lawrence G. McMillan, President, McMillan Analysis Corp.
bestselling author, Options as a Strategic Investment and Profit with Options
"Entirely different from any other book on options, thank goodness. I fall asleep immediately and without fail after opening a book on options, but not this time. [This book is] readable in one or two sittings with fascinating cases that really illustrate the principles. It may be a delusion, but I think I understood most of Trading Options to Win. Some chapters on specific strategies I will definitely be reading again and trying to use in my own trading."
Barbara Rockefeller, founder, Rockefeller Treasury Services
author of The Global Trader and CNBC 24/7 Trading
"Stuart Johnstons Trading Options to Win is an intelligent, literate, and informative description of the many ways to trade options that also explains why these trading strategies work. Those new to options trading absolutely need this book. Experienced options traders should not miss it."
Desmond MacRae, freelance business writer featured in the Financial Times and New York Post
In Trading Options to Win: Profitable Strategies and Tactics for Any Trader, S.A. (Stu) Johnston shares thirty years of trading experience to help you gain an advantage and improve the profitability of your trading within the options and futures markets. Unlike some books, which offer a single "sure-fire" system for turning a profit, Trading Options to Win examines a broad methodology and philosophy of trading that puts the likelihood of profits on your side of the table.
Attempting to minimize risk, establishing a discipline for entering and exiting trades, and claiming a healthy return on capital (ROC) can be difficult in the options and futures markets. But with Trading Options to Win as your guide, you will quickly learn how to do thisand much more.
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Top customer reviews
One of the few trading books I have kept in my library. Most trading books are complete junk; they re-hash the obvious.
The book has many interesting techniques, including adjustments that don't just apply to the Futures Options market. In fact, I don't even trade futures options.
I give it a four stars because: a. I wish he was less verbose and b. I wish he gave many more examples, including stocks, along with charting.
Hats off to SAJ for this excellent book. My options understanding has increased by AT LEAST an order of magnitude.
It's slow at the beginning ... you need to get through interesting but out-of-focus discussions, and then the strategies are presented.
The author only trades options on the commodity markets, and makes a strong case for it.
What I really like about this book is the trade defenses / adjustments.
To paraphrase the author :
"Look, I already know how to win; what I want to know is how not to lose. Consistent with this view, the examples of actual or hypothetical trades throughout the text are generally negative examples -- demonstrating what to do if a trade goes awry, how to deal with unanticipated risk, and even, occasionally, how to turn a loss back into a profit. After all, if a trade goes well, it goes well, we bank the profit, and there's little more to be said about it, right?"
This is really the added-value of the book.
On the minus side ... I regret that all the info is fundamental : there are statistics, normal and lognormal distribution curves ... BUT no charts !
It makes the examples somewhat difficult to follow (for example : the short strangle ... without a graph of the underlying it's very painful).
Another irritating thing is the writing style : it's very familiar, slangy sometimes ... English is not my native language and if the author tries (and manages !) to be funny, looking in the dictionary every page removes a lot of fun and reduces comprehension.
All in all, it's still a fine book, with very good information on how to defend option trades.
Getting past all of that, I found my efforts well rewarded. He truly comes up with very original insights into trading. He examines risk from a unique perspective. His ideas on option writing cannot be found in any other book I have seen.
For example, most traders use seasonality to find market trends. His chapter on using seasonality to predict non-trending, choppy markets (important for the option writer) is truly a classic. He sees, smells, and thinks about how the option writer can make money in the markets, and I have found no other book with such real world trading ideas.
If you sell options, this is a must read.
Most recent customer reviews
You wont find his approach in any other book which I quite liked as most option books tend to be repetive.Read more