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No-Hype Options Trading: Myths, Realities, and Strategies That Really Work

توضیحات

PRAISE FOR
No-Hype Options Trading

"Kerry Given has written a book that lives up to its name, No-Hype Option Trading. He delivers realistic advice to beginning options traders and discusses the importance of good risk management. Kerry's clear explanations of several delta-neutral trading systems emphasize a fundamental truth of options trading: there is no such thing as the 'best' strategy."
—JIM BITTMAN, Senior Instructor, The Options Institute at CBOE

"Kerry Given tells it like it is to options traders. He doesn't make trading options seem easier than it is nor does he needlessly scare readers. Rather, he explains prudent ways in which individuals can use options for various purposes. It is for that exact quality that SFO taps Given each month to answer our readers' questions. No-Hype Options Trading gives readers the foundation they need to understand the options market and builds on that to help them find the best strategies for them. It's one of the best books for those new to options."
—HEATHER LARSON-BLAKESTAD, Executive Editor, SFO magazine

"Kerry (Dr. Duke) delivers a great mix of trading knowledge, trading analytics, risk/money management, and, most importantly, integrity in all of his endeavors. In No-Hype Options Trading, Kerry delivers again."
—MICHAEL A. CAVANAUGH, founder and President, Know Your Options, Inc.

"Dr. Duke has written a book for new option traders. Its best feature is that it tells the truth: options can be used to earn money, but there are no guarantees. This book delivers on its promise: no hype."
—MARK D. WOLFINGER, author of The Rookie's Guide to Options

"No-Hype Option Trading gives an excellent overview of strategies that may be used by individual investors to enhance portfolio income. Kerry Given does an excellent job laying out income-related option strategies in No-Hype Option Trading."
—RUSSELL RHOADS, CFA, Instructor, The Options Institute at CBOE

"Dr. Duke builds a foundation for the student with simple concepts and clear mechanics on what can be a very complicated topic. He is also very practical in his approach to the more advanced strategies as well. I highly recommend this book for any student who wants a solid understanding of options trading with minimal confusion and hype."
—RAYMOND LILJA, student of Dr. Duke since 2007

"Performance and honesty are two things that are very rare in this business. Duke gives us both of them in this book and in everything he does. This book will tell a side of delta-neutral trading that you won't see anywhere else."
—MIKE TOSAW, Director of Education, Know Your Options, Inc.


KERRY W.GIVEN, PhD, is founder of Parkwood Capital, LLC, a business that consists of stock and options coaching, a monthly newsletter, a small hedge fund, and a trading advisory service. He writes a monthly column, "Ask Dr. Duke," for, and conducts monthly webinars with, SFO magazine. Given speaks frequently at trading conferences and on behalf of various option brokerage firms. He is the only options coach and educator who publishes his trading results live as they occur. Given earned his BS from the University of Florida and his PhD from the University of Minnesota.
Acknowledgments.

Introduction.

PART 1 The Foundations of Options Trading.

Chapter 1: Option Basics.

Definitions of Calls and Puts.

Are You Long Or Short?

Option Contract Size.

Is My Option In- or Out-of-the Money?

Option Trade Orders.

Option Expiration.

LEAPS Options.

Option Settlement

Options Cycles.

CHAPTER 2 Probability Distributions.

The Gaussian Distribution.

Application to the Real World.

Risk-Adjusted Returns.

High-Probability Trading.

Low-Probability Trading.

Options Trading Myths.

What is a “Conservative” Trade?

Exercises.

CHAPTER 3 Options Pricing and Implied Volatility.

The Black-Scholes Pricing Model.

The Greeks.

Implied Volatility.

Building the Price of an Option.

A Closer Look at the Greeks.

How Will We Use the Greeks?

Exercises.

CHAPTER 4 Vertical Spreads.

Building the Vertical Spread.

Effects of Implied Volatility.

Early Exercise.

Expiration and Exercise.

Margin Requirements.

Application of Probability Calculations.

Risk/Reward and Probability of Success.

Exercises.

PART 2 Options Strategies for Income Generation.

CHAPTER 5 Using Options to Boost Income in a Stock Portfolio.

The Classic Covered Call Strategy.

Strategic Considerations.

The Notorious Selling Naked Puts Strategy.

Selling Naked Puts for Income.

Buying Stocks at a Discount.

Combining the Covered Call with Selling Naked Puts.

Early Exercise.

Risk Management.

The Achilles' Heel of Directional Strategies.

Exercises.

CHAPTER 6 Calendar and Double Calendar Spreads.

Vega Risk and Calendar Spreads.

Volatility Skews.

Searching For Calendar Candidates.

Entering and Managing the Trade.

Early Exercise.

Adjustments.

Out-of-the-Money Calendar Spreads.

Double Calendar Spreads.

Determining the Optimal Strike Prices.

Trade Management and Adjustments.

Multiple Calendar Spread Positions.

Exercises.

CHAPTER 7 Double Diagonal Spreads.

Diagonal Spreads.

Double Diagonal Spreads.

Managing the Trade.

Double Diagonals vs. Double Calendars.

Exercises.

CHAPTER 8 Butterfly Spreads.

At-the-Money and Out-of-the-Money Butterfly Spreads.

Iron Butterfly Spreads.

The Broken Wing Butterfly.

Margin Requirements.

Trade Management.

Closing Butterfly Spreads.

Exercises.

CHAPTER 9 Condor Spreads..

The Basic Condor Spread.

The Opportunistic Model.

The Insurance Model.

Iron Condor Spreads.

Vega Risk and the Iron Condor.

The Short-Term Iron Condor.

The Long-Term Iron Condor.

Capital Management.

Risk Management.

Adjustment Techniques.

Adjustment Pros and Cons.

Adjustment Case Studies.

Managing the Iron Condor with the Greeks.

Advanced Adjustment Techniques.

Iron Condor Trading Systems.

Butterflies and Condors Are Cousins.

Delta Neutral Trading Strategies.

Exercises.

CHAPTER 10 Delta-Neutral Trading Strategies.

Risk Management Systems.

Challenging Markets for the Delta-Neutral Trader.

Two Distinct Trading Philosophies.

The "Secret" of Success.

CHAPTER 11 Make Your Trading a Business.

Getting Started.

Managing Losses.

The Trading Plan.

Money Management.

The Psychology of Trading.

Living with the Two-Headed Monster.

Required Tools for This Business.

What's Next?

Appendix: Answers to the Chapter Exercises.

Glossary.

Index.