"With the techniques and strategies contained within these pages, you have everything you need to beat any hedge fund manager." ? JARED LEVY Options offer investors a relatively safe, inexpensive way to invest and hedge risk. Despite the rarefied jargon involved?such as "backwardation," "pin risk," and "volatility smile"?options trading is also much simpler than most people think?once you've mastered the basics. Enter Your Options Handbook?your complete, A-to-Z guide to understanding, entering, and succeeding in the options market. Options wunderkind Jared Levy patiently walks you through the…mehr
"With the techniques and strategies contained within these pages, you have everything you need to beat any hedge fund manager." ? JARED LEVY Options offer investors a relatively safe, inexpensive way to invest and hedge risk. Despite the rarefied jargon involved?such as "backwardation," "pin risk," and "volatility smile"?options trading is also much simpler than most people think?once you've mastered the basics. Enter Your Options Handbook?your complete, A-to-Z guide to understanding, entering, and succeeding in the options market. Options wunderkind Jared Levy patiently walks you through the market from a professional's perspective. He introduces you to the market mechanics and the players, explains how options are priced, and schools you in the essentials of trading psychology. His simple, plain-English explanations of everything from calls and puts to valuation and spreads significantly shorten the learning curve typically associated with options trading. And his step-by-step presentations, illustrated with helpful real-world examples, make major trading techniques and methodologies?as well as the complex mathematics informing them?easy to digest, even for the most math-averse reader. Your Options Handbook provides a framework for developing an approach to options trading tailored to your unique goals and personality. Levy helps you to identify what kind of trader you are, in terms of tolerance for risk, analytical versus intuitive thinking style, long- and short-term goals, budget, and other key factors. Then, in a series of chapters devoted to specific trading strategies, he helps you design an approach suited to your profile.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
JARED A. LEVY got his start trading as an options market maker and specialist in the pits of the Philadelphia and American Stock Exchanges in the '90s. Now as an exclusive CNBC contributor, he offers his commentary to the world as part of CNBC's Fast Money team and appears on several programs throughout the network. Jared is also featured and quoted in numerous industry publications both online and in print. He has been featured on Bloomberg, Fox, and several other radio and TV networks over the years. In 2006, he won an Emmy for his daily video, "Trader Cast." More recently, he served as the Senior Derivatives Specialist for PEAK6 Investments, L.P., and is currently an editor for Taipan Publishing Group.
Inhaltsangabe
Foreword xi Preface xv Acknowledgments xxvii CHAPTER 1 Market Basics and Market Mechanics: What Is Going On and How Does It All Work? 1 The Markets 1 Sectors and Industries 9 ETFs-A Different Kind of Investment 12 Final Thoughts 16 CHAPTER 2 Data That Moves the Markets: The First Step in Your Analysis 17 Data and Sentiment 18 Economists, Predictions, and Indicators 18 Economic Indicators 21 Key Indicators to Watch 27 Final Thoughts 43 CHAPTER 3 Fundamental and Technical Stock Analysis and Tools: The Second Step in Your Analysis 45 Introduction to Fundamental Analysis 46 Digesting the News 57 Cheap versus Value 61 Mergers and Acquisitions for the Everyday Options Trader 64 The Wisdom (or Lack Thereof) of Crowds 65 Trading Tactics and Technical Analysis 67 Plans of Attack 93 New Trader Tips 101 Top 10 Things Professionals Do That the Average Retail Trader Doesn't 104 Final Thoughts 106 CHAPTER 4 Options Basics: Techniques and Fundamentals to Master before Applying Any Options Strategy 107 The Oracle of Omaha Did It, Why Can't I? 111 The Basics 114 Trading Options-Order Types 122 Options Expiration in Detail 126 Exercise and Assignment 128 When Should You Exercise an Option Early? 132 What Is Triple Witching? (Or Quadruple Witching) 134 Final Thoughts 137 CHAPTER 5 The Greeks: The Forces That Influence Options' Prices 139 Delta 139 Final Thoughts 156 CHAPTER 6 Strategy: The Basic Options Trades 159 Basic Single Options Strategies 160 The Long Call 160 Covered Call (Buy-Write) 171 Buy-Write versus Covered Call 175 Long Put 181 Basic Stock and Options Spread 195 Final Thoughts 208 CHAPTER 7 Strategy: The Basic Spread Trades 209 Vertical Spreads in Depth 209 The Four Basic Vertical Spreads-Basic Characteristics and Behavior 214 Credit Spreads versus Debit Spreads 216 Credit Vertical Spreads 219 Debit Vertical Spreads 236 Buying a Put Spread (Bear Put Spread) 237 Buying a Call Spread (Bull Call Spread) 242 Market Direction Neutral Spread Strategies 257 Final Thoughts 271 CHAPTER 8 Strategy: The Advanced Option Spreads 273 Market Neutral, Volatility, and Earnings Spread Strategies 273 Butterflies versus Condors 281 Iron Spreads 285 Iron Butterfly versus Iron Condor 286 Final Thoughts 309 CHAPTER 9 Advanced Concepts 311 Put-Call Parity, Interest Rates, Dividends, and Forwards 312 Synthetics and More on Put-Call Parity 316 Final Thoughts 336 CHAPTER 10 A Revolutionary Approach to the Mind Games of the Markets: Understand Why You Need Emotions to Trade Well 337 Trading Is Like Weather Forecasting 338 What Is Psych Cap? 345 Strategies and Tactics for Large Psych Cap Balances 352 About the Contributor 359 CHAPTER 11 Turning Your Trading into a Business 361 Learning the Dollar 362 Education 362 The Formative Process 363 Tips and Formulas for Budgetary Success 364 Setting Up a Legal Entity 366 Guidelines, Indicators, and Birds of Prey 371 Final Thoughts 381 About the Contributor 381 Notes 383 About the Author 389 Index 391
Foreword xi Preface xv Acknowledgments xxvii CHAPTER 1 Market Basics and Market Mechanics: What Is Going On and How Does It All Work? 1 The Markets 1 Sectors and Industries 9 ETFs-A Different Kind of Investment 12 Final Thoughts 16 CHAPTER 2 Data That Moves the Markets: The First Step in Your Analysis 17 Data and Sentiment 18 Economists, Predictions, and Indicators 18 Economic Indicators 21 Key Indicators to Watch 27 Final Thoughts 43 CHAPTER 3 Fundamental and Technical Stock Analysis and Tools: The Second Step in Your Analysis 45 Introduction to Fundamental Analysis 46 Digesting the News 57 Cheap versus Value 61 Mergers and Acquisitions for the Everyday Options Trader 64 The Wisdom (or Lack Thereof) of Crowds 65 Trading Tactics and Technical Analysis 67 Plans of Attack 93 New Trader Tips 101 Top 10 Things Professionals Do That the Average Retail Trader Doesn't 104 Final Thoughts 106 CHAPTER 4 Options Basics: Techniques and Fundamentals to Master before Applying Any Options Strategy 107 The Oracle of Omaha Did It, Why Can't I? 111 The Basics 114 Trading Options-Order Types 122 Options Expiration in Detail 126 Exercise and Assignment 128 When Should You Exercise an Option Early? 132 What Is Triple Witching? (Or Quadruple Witching) 134 Final Thoughts 137 CHAPTER 5 The Greeks: The Forces That Influence Options' Prices 139 Delta 139 Final Thoughts 156 CHAPTER 6 Strategy: The Basic Options Trades 159 Basic Single Options Strategies 160 The Long Call 160 Covered Call (Buy-Write) 171 Buy-Write versus Covered Call 175 Long Put 181 Basic Stock and Options Spread 195 Final Thoughts 208 CHAPTER 7 Strategy: The Basic Spread Trades 209 Vertical Spreads in Depth 209 The Four Basic Vertical Spreads-Basic Characteristics and Behavior 214 Credit Spreads versus Debit Spreads 216 Credit Vertical Spreads 219 Debit Vertical Spreads 236 Buying a Put Spread (Bear Put Spread) 237 Buying a Call Spread (Bull Call Spread) 242 Market Direction Neutral Spread Strategies 257 Final Thoughts 271 CHAPTER 8 Strategy: The Advanced Option Spreads 273 Market Neutral, Volatility, and Earnings Spread Strategies 273 Butterflies versus Condors 281 Iron Spreads 285 Iron Butterfly versus Iron Condor 286 Final Thoughts 309 CHAPTER 9 Advanced Concepts 311 Put-Call Parity, Interest Rates, Dividends, and Forwards 312 Synthetics and More on Put-Call Parity 316 Final Thoughts 336 CHAPTER 10 A Revolutionary Approach to the Mind Games of the Markets: Understand Why You Need Emotions to Trade Well 337 Trading Is Like Weather Forecasting 338 What Is Psych Cap? 345 Strategies and Tactics for Large Psych Cap Balances 352 About the Contributor 359 CHAPTER 11 Turning Your Trading into a Business 361 Learning the Dollar 362 Education 362 The Formative Process 363 Tips and Formulas for Budgetary Success 364 Setting Up a Legal Entity 366 Guidelines, Indicators, and Birds of Prey 371 Final Thoughts 381 About the Contributor 381 Notes 383 About the Author 389 Index 391
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