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A comprehensive book for the one who wants to understand the inner workings of Options. It is an intermediate level book. You should have some prior experience trading to take full advantage of the book. Or at least you need to be familiar with options and how it works.
Ich als fortgeschrittener Optionstrader habe mir aus diesem Buch weiterführende Infos erhofft. Leider stellte ich fest, dass ich alles, was in diesem Buch steht, schon irgendwo mal hier, mal dort gelesen habe. Aus diesem Grund ist dieses Buch in erster Linie für Anfänger interessant oder für Anfänger, welche die ersten Schritte hinter sich gelassen haben. Diese dürften jedoch vollends auf ihre Kosten kommen, daher gebe ich dem Buch 5 Sterne.
In diesem Buch wird nicht nur die grundlegende Funktionsweise der Optionsgriechen erklärt, sondern auch praktisch aufgezeigt wie ein Anleger dies nutzen könnte/sollte. Meiner Meinung nach eines der besten Bücher zum Thema Greeks.
Learning to trade options has definitely been a challenge. When I first started, I would get panicky because I could not tell why I was losing money. Dan Passarelli's book on the option greeks helped take the mystery out of it for me as well as helped me learn how to better manage my trades. My first trading coach would have us measure our risk based only on absolute risk, ie if the value of our trade went to zero. But think about it: how many trades have you lost money on because the value of your call, put, or spread went to zero? Probably very few. Nearly all of my losses have been because of day-to-day, incremental risk, and this is what the greeks help us measure. Learning about the greeks is helping me improve my results immensely, and this book has been a huge part of that. Here is a snap shot of some of the things I've learned that have helped me use the greeks to better manage my trades:
- Why I make or lose money because of delta and how to use delta to determine when to take profits or cut bait - How to calculate a new delta based on gamma - How to use vega to predict if my trade will make or lose money based on a rise or fall in volatility - Why sometimes it's important to impose a time stop due to theta eroding the value of a long position - The importance of measuring your entire position in regards to each of the greeks (because the greeks are cumulative)
As a former market maker, Passarelli used the greeks every day in his trading, and while he takes the time to explain concepts as advanced as gamma scalping, he also breaks things down in simple terms with real-life examples, especially at the beginning. So while there is plenty in here for the advanced trader, novice traders will also find value and have an excellent guide they can use as they grow as traders.
This book has a prominent place in my trading library. Passarelli's other book Market Taker's Edge is also a great book and may be easier to digest for those who are brand new to trading. I highly recommend both.
This is the best book that I've read so far on Option trading that specifically digs into the Greeks - what they are, how they work and the ways to leverage them to build a better trading business. Dan does an excellent job of presenting the material in an easy to read manner that is very engaging and made me want to keep reading to learn more. As a former market maker, he provided insights into how the other end of the trade approaches the market and how they use the Greeks to manage their portfolio. This is key insight as they are the ones on the other side of many of our trades - understanding their mindset helps us utilize better strategies for each situation. This book now sits on my desk as a reference and my trader companion going forward.
Anyone serious about Options Trading needs this book.
IMHO, this book is really suitable for inexperience investor, who is new to the world of options. I place this book between "hello world" and "3 months after trading for money from your account". Definitely, it is not really an ABC, but gives good and detailed view on one of the most important aspects of option trading. On top of that, author shares bits of his personal experience, and THAT is valuable. His insight from market maker perspective is worth of buying the entire book, to my mind. Overall, the book has captured a place in my library and I strongly recommend to have this as a reference text and nice reading. Congrats to the author on beautiful piece of work he delivered.