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Buy this book if you already have decent options knowledge. If you don't speak the "options language", you might have a hard time understanding the strategies.
Not that this book isn't for a beginner, it's that the audio version isn't for a beginner. A beginner will need to see all the charts he is describing in the book to really understand how to place these trades.
Now, if you're already familiar with calls, puts, OTM, ATM, ITM, strike price, and all the other vocab you have to know to trade options, then you can probably handle the audio version.
He outlines 4 main strategies in the book:
DITM calls with a delta of .9 or higher. (The "D" in DITM stands for deep)
Option credit spreads. i.e. bull put spreads/bear call spreads
Selling naked puts.
Writing covered calls.
If you have already done all these things, the book is still worth checking out. He really explains Delta well and also gives some really good clues and insight on using volatility to your advantage.
There is also a great chapter on what life is like being a market maker. Great stuff in that chapter.
So, can you get rich doing this? Of course! Can you go to the poor house in a hurry doing this? Of course! If you're a person who is writing covered calls in order to collect high premiums without really wanting the underlying stock, you need this book. You will learn how to better hedge that strategy so you don't get hammered. Trust me, I've done that.....and I got HAMMERED! Do your homework on the underlying, hedge your position, and you won't get creamed. Honestly, if your goal is to beat the market average every year, you could easily do it with the strategies outlined in this book. I've done it for years and I'm getting better returns now that I am using the advice in this book.
He doesn't candy coat anything. He makes it very clear what the worst case scenario of each trade is. Don't selectively listen, do your homework and don't lose your retirement trading options.
One final note, he does plug a few websites that are pay sites. Reviewers on other websites nailed him for this in their reviews of this book. You do not have to have his pay site to implement his strategies. He also spends a good amount of time telling you where you can get option advice for FREE on the web so I don't know why those reviewers beat up on him so much for plugging his site. He points you to more than enough free resources to be fully informed on his strategies.
39 of 40 people found this review helpful
I usually stay away from books that start with "How to get rich in..." But I decided to give this book a shot after reading some of the reviews.
I've been doing cover calls (one of the strategy taught in this book) for some times prior to listening to this audiobook. But the other three strategies gave me a whole new perspective in trading. I will never trade stocks the same way again.
If you're not familiar with options or new to trading I suggest buying the book instead. The author uses a lot of examples that requires charts and visualization from the book. Anyone who are not familiar with options can easily get confuse, bored, and lost.
I planned to buy the actual book and read it again for a better understanding of some of the strategies. Great book, if you're looking to make money in the stock market this is a must read.
10 of 10 people found this review helpful
I am an investor and options trader. I use these trades the author speaks about. My main 3 trades r the bread n butter covered calls, selling naked puts and LEAP options. I don't trade spreads, I am more a value investor like Joel greenblatt that uses these 3 option strategies for amazing returns.