Think Like an Option Trader: How to Profit by Moving from Stocks to Options
(Sprache: Englisch)
The world's fastest growing markets are options markets. Options offer a world of opportunities that are simply unavailable to the stock trader. Trading stocks is like owning a "hammer," but trading options is like owning the whole toolbox. Why, then, do so...
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The world's fastest growing markets are options markets. Options offer a world of opportunities that are simply unavailable to the stock trader. Trading stocks is like owning a "hammer," but trading options is like owning the whole toolbox. Why, then, do so many investors lose money in options? They lose because they trade options the way they've always traded stocks. To succeed, you must understand options the way professional options traders do. In Thinking Like an Options Trader, Michael Hanania Benklifa will help you do precisely that. When stock traders look at price, they see information. Options traders see probability, time, volatility -- and perhaps even a lack of information. Stock trading is about having more information than the other guy. Options trading can be about exploiting the lack of information. Stock trades have a 50% chance of success: stocks go up or they don't. Options trades can be structured for 90% probability of success. The very nature of trading is transformed by these radically different dynamics. Benklifa reveals those dynamics and shows exactly how to take full advantage of them. Every month, he makes millions of dollars in options trades through his own firm. In this book, he reveals how he approaches these trades, offering practical, concise and actionable insights based on actual scenarios. If you've struggled to profit from options… if you're intrigued by options, but hesitant… if you're succeeding with options but want to do better… this is the book you've been searching for.
Inhaltsverzeichnis zu „Think Like an Option Trader: How to Profit by Moving from Stocks to Options “
Preface xiIntroduction: Why Traders Fail 1Is Failure a Flaw? 2Blaming Emotions 2Blaming Systems 3Successful Traders Versus Successful Trading 5Trading for a Living 6Trade for the Right Reasons 6The Ability to Duplicate a Strategy 7Correlation Versus Causation 7Don’t Trade to Make Money 9Leverage 10What Kind of Trader Are You? 10A Single Difference Goes a Long Way 11A Limited Worldview 13 Chapter 1 Understanding Options 15What Is a Stock? 15What Is an Option? 18The Bet You Wouldn’t Make 18The Options Trader’s Toolbox 22
Chapter 2 What Is Price? 33How a Stock Trader Looks at Stock Price 33How Options Traders Look at Stock Price 37How an Options Trader Looks at an Option’s Price 48
Chapter 3 Pure Options Trading: Building Your Own Trade 67Basic Greek Concepts 69Build 1: Making a Directionless Trade 74Build 2: Reducing Your Risk 78Build 3: Augmented Returns 88Bending the Curve 95The Options Trader’s Toolbox: Synthetic Straddles 96Evolving a Trade 98In-, At-, and Out-of-the-Money Trades 98
Chapter 4 Situational Trading 99Known Knowns 100Analyzing Situations 105Building a Directional Trade 106Known Unknowns 126Unknown Unknowns 137
Chapter 5 Risk Management 157Responsibility in Trading 157Strategy Is Risk Management 159How a Stock Trader Measures Risk 160Defined Risk for Options Traders 163Layering and Unlayering Trades 164Trades Cannot Be Fixed, Just Replaced 165Portfolio Risk 166Concluding Remarks 168Appendix: Quantum Physics and Trading—The Price Uncertainty Principle 171Index 175
Autoren-Porträt von Michael Benklifa
Michael Benklifa is a professional options trader and President of Othello Consulting, where he manages millions of dollars in option trades for private investors every month. He formerly served as a Financial Advisor for UBS and as a Mergers & Acquisitions analyst for several large pharmaceutical companies. Benklifa holds an MBA from Texas A&M, as well as a Diplome (Masters in Management) from Ecole Superieure de Commerce in France and a BA in Philosophy from the University of Texas. He is the author of Profiting with Iron Condor Options: Strategies from the Frontline for Trading in Up or Down Markets.
Bibliographische Angaben
- Autor: Michael Benklifa
- 208 Seiten, Maße: 15,6 x 23,6 cm, Gebunden, Englisch
- Verlag: Financial Times Prentice Hall
- ISBN-10: 0133065308
- ISBN-13: 9780133065305
- Erscheinungsdatum: 17.06.2013
Sprache:
Englisch
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