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THE SECRET TO PROFITING FROM OPTIONS:
THINK LIKE A PROFESSIONAL OPTION TRADER, NOT A STOCK TRADER!
Want to win in options? You must think like a professional option trader. Step #1: Get rid of the habits you learned in stock trading: they're killing you! Step #2: Understand the real dynamics of options markets: they are radically, fundamentally different.
Example: When stock traders look at price, they see information. Option traders see probability, time, and volatility. Example: Stock trading is about having an information advantage. Option trading can be about exploiting a lack of information. Example: Stocks either go up or they don't. Option trades can be structured for a 90% probability of success.
With dynamics like these, option trading is like nothing else. Through practical, simple examples, Michael Benklifa will help you understand what's really going on here...so you can consistently build trades that earn profits and control risk!
Preface xi Introduction: Why Traders Fail 1 Is Failure a Flaw? 2 Blaming Emotions 2 Blaming Systems 3 Successful Traders Versus Successful Trading 5 Trading for a Living 6 Trade for the Right Reasons 6 The Ability to Duplicate a Strategy 7 Correlation Versus Causation 7 Don't Trade to Make Money 9 Leverage 10 What Kind of Trader Are You? 10 A Single Difference Goes a Long Way 11 A Limited Worldview 13
Chapter 1 Understanding Options 15 What Is a Stock? 15 What Is an Option? 18 The Bet You Wouldn't Make 18 The Options Trader's Toolbox 22
Chapter 2 What Is Price? 33 How a Stock Trader Looks at Stock Price 33 How Options Traders Look at Stock Price 37 How an Options Trader Looks at an Option's Price 48
Chapter 3 Pure Options Trading: Building Your Own Trade 67 Basic Greek Concepts 69 Build 1: Making a Directionless Trade 74 Build 2: Reducing Your Risk 78 Build 3: Augmented Returns 88 Bending the Curve 95 The Options Trader's Toolbox: Synthetic Straddles 96 Evolving a Trade 98 In-, At-, and Out-of-the-Money Trades 98
Chapter 4 Situational Trading 99 Known Knowns 100 Analyzing Situations 105 Building a Directional Trade 106 Known Unknowns 126 Unknown Unknowns 137
Chapter 5 Risk Management 157 Responsibility in Trading 157 Strategy Is Risk Management 159 How a Stock Trader Measures Risk 160 Defined Risk for Options Traders 163 Layering and Unlayering Trades 164 Trades Cannot Be Fixed, Just Replaced 165 Portfolio Risk 166 Concluding Remarks 168 Appendix: Quantum Physics and Trading-The Price Uncertainty Principle 171 Index 175
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