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1. Options, Futures, and Other Derivatives
$20.37 $16.68 list($29.95)
2. Trend Following: How Great Traders
$47.25 $39.55 list($75.00)
3. Trading for a Living: Psychology,
$32.97 $25.30 list($49.95)
4. Come Into My Trading Room: A Complete
$148.75 $136.90 list($175.00)
5. Street Smarts: High Probability
$59.85 $52.26 list($95.00)
6. Modeling Derivatives in C++ (Wiley
$135.00 $44.93
7. Derivatives Markets
$50.40 $45.98 list($80.00)
8. Technical Analysis of the Financial
$19.77 $19.76 list($29.95)
9. My Life as a Quant : Reflections
$78.75 $68.63 list($125.00)
10. New Trading Systems and Methods
$44.00 $35.03 list($55.00)
11. Tools and Tactics for the Master
$37.77 $33.48 list($59.95)
12. Option Volatility & Pricing:
$26.37 $23.26 list($39.95)
13. High Probability trading
$27.17 $24.47 list($39.95)
14. Trading Commodities and Financial
$49.95 $31.66
15. The Bible of Options Strategies
$128.95 $19.99 list($133.95)
16. An Introduction to Derivatives
$63.00 $56.95 list($100.00)
17. How to Create and Manage a Hedge
$17.13 list($25.95)
18. Hot Commodities : How Anyone Can
$63.00 $49.50 list($100.00)
19. Dynamic Hedging : Managing Vanilla
$67.96 $39.95 list($79.95)
20. McMillan on Options, Second Edition

1. Options, Futures, and Other Derivatives (5th Edition)
by John C. Hull
list price: $148.00
our price: $148.00
(price subject to change: see help)
Asin: 0130090565
Catlog: Book (2002-07-03)
Publisher: Prentice Hall
Sales Rank: 4638
Average Customer Review: 4.36 out of 5 stars
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Reviews (44)

3-0 out of 5 stars This bible contains errors
First, my review refers to the 1997 3rd edition.

Since this book is regarded as the bible of derivatives (it was also my first introduction) I will leave it to others to praise it and concentrate instead on what's wrong with it. First and foremost, one cannot learn how correctly to formulate solutions to stochastic differential equations from this text: eqns. (10.7,8), e.g., are not correct for arbitrary returns but are valid only as approxmations for small returns (Hull leads the reader to believe the opposite). The problem is that Ito's lemma is only stated, not proven, and it's the proof that shows one how to formulate correctly the stochastic integral equations that Hull calls 'stochastic difference equations'. When volatility depends on returns and/or time, then the errors made from following Hull's oversimplified treatment become serious.

My first impression of Baxter & Rennie's 'Financial Calculus' was that it was unnecessary and a waste of money. My opinion reversed completely after realizing (under prodding by a physics colleague who's an expert on sde's) how badly Hull's approach to sde's really is. Also, the systematic derivation of Black-Scholes from the assumption of a replicating, self-financing strategy in B&R is very nice. As Feynman said, we don't really understand a result until we can derive it from many different viewpoints. The method is not really different in principle from the standard short derivation given in Hull, but it does provide a nice, clear example of what is meant by replication and self-financing in the terminology of Brownian motion/sde's.

5-0 out of 5 stars Probably the best for practitioners; useful for theory
This book is a solid introduction to pricing derivatives and explains in lucid detail all the techniques you need to get up and running with numerical valuation. It is aimed, I would say, at advanced MBA students and practitioners on the job already. That is to say, Hull doesn't spend too much time on theory (for instance, his explanation of HJM summarizes several of their papers and a number of preludes into a few paragraphs).

I would also say that the more theory-oriented reader would benefit from reading Hull. It provides a fresh picture, distinct from the essential theoretical foundations of Merton, Duffie, Campbell, and Cochrane. Thus, to learn CAPM, state prices, or portfolio choice, look elsewhere; to learn how to price derivatives in practice, this is your best bet.

5-0 out of 5 stars Very useful manual for practitioners
This is a great manual for market practitioners. It does not use detailed math, does not go into issues of corporate finance. But it is very easy to follow and it is "complete". More than that, the book is to the point and very clear. Market professionals will find the examples spread around the book very useful for their daily work. The surprising new book by Nefci which I just got, but did not have time to study in detail, seem to provide all the missing links.

I had used an earlier edition of Hull, and it appears that John Hull adds all the relevant material needed for market finance with each new edition. In fact I have purchased several books on Mathematical Finance and Derivatives but few of them remain on my desk for future consultation.

5-0 out of 5 stars One of the great foundation texts in finance(******) 6 stars
I am a huge fan of this book. The fourth edition was the single most influential text in my study for my MBA. It opened new kinds of thinking for me and helped me understand the intuitions and they methods for valuing the various kinds of derivatives. While the language is not simple, it is not arcane. Some complain that the mathematics are not rigorous. So what? There are such books on the market and are suitable for those that want them. This is the standard book for thousands of MBAs who need a solid foundation, but do not need to be able to higher math to understand how a binomial tree works or to even create one my hand. Certainly, it is helpful to understand the math as deeply as you can. However, the reality is that most of the time practitioners use pre-made tools to run their Monte Carlo simulations rather than programming from scratch.

There are several new chapters on very helpful and interesting topics (using futures for hedging, numerical procedures, swaps, credit risk, real options, insurance, derivative crises, and more). Some of this is new and some adapted from previous editions. Other material has been rewritten and clarified.

DerivaGem 1.5 is included with the book, but a URL is provided to get the latest version from Prof. Hull's website.

This is a terrific book and I consider it one of the most valuable on my shelf of business texts. It is one I would never want to be without and one of the few I am willing to keep up with the new editions. While no book is perfect for every use in every situation, this is one of the great foundation texts.

5-0 out of 5 stars Simply the Best!
This is the bible of options and futures markets. It is very well written, clear, and relatively easy to understand. However, you have to read it carefully as it minces its words. Every sentence is packed with information and is important. You may find 'easier' books, but they will not go the distance. So, save your money and get the best of them all. Risk Magazine lists this book as #4 among most widely cited papers/books between 1988 and 2003. No surprise there! ... Read more

2. Trend Following: How Great Traders Make Millions in Up or Down Markets
by Michael W. Covel
list price: $29.95
our price: $20.37
(price subject to change: see help)
Asin: 0131446037
Catlog: Book (2004-04-23)
Publisher: Financial Times Prentice Hall
Sales Rank: 1284
Average Customer Review: 4.42 out of 5 stars
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Book Description

For 30 years, one trading strategy has consistently delivered extraordinary profits in bull and bear markets alike: Trend Following. This is first book to reveal the little-known strategy used by the world's most consistently successful traders! In this book, you'll meet them...and you'll discover how to use Trend Following in your own portfolio. Trend Following is the only long-term trading strategy proven to profit consistently in bull and bear markets alike. Now, Michael Covel demystifies this little-known strategy, using hard performance data to prove its extraordinary value. Covel introduces you to great traders who've built enormous fortunes with Trend Following.

How did trader, John W. Henry, start out as a farmer and end up a billionaire and owner of, first the Florida Marlins and now, the Boston Red Sox? How do traders like Bill Dunn, Ed Seykota and Keith Campbell continually pull profits in the hundreds of millions from both bull and bear markets? The answer is that they are trend followers. Trend following is the only strategy to consistently make money in the markets. Leading expert Michael Covel reveals the underground network of these little-known traders and hedge fund managers who have practiced trend following for years. He pulls back the veil on their strategies by introducing the basic concepts/techniques of trend following such as why the market price contains all the information a trader needs. Covel rigorously reviews and analyzes years of detailed performance data to prove without question that trend following works.

He breaks down trend following strategies including how to make volatility work; how to control risk; and how to make successful trading decisions "from the gut." Covel shows why trend following is ideal for individual traders who self-manage their portfolios or for the individual investor searching for a new type of investment advisor. Along the way he debunks an immense amount of mis-information/failed advice from pros that ought to know better. This timely book capitalizes on today's massive move back into the markets and investors' renewed determination to find strategies that really work. The proof is in the results - hard performance data over decades from professional money managers. All the information you need is in one number - why a stock's price tells you all you need to know to trade.

Michael W. Covel is President of Trend Following. A researcher of the most successful Trend Following investment managers, he has been consulting on Trend Following to individual traders, hedge funds and banks for nearly ten years. Teaching and sharing unique insights about Trend Following trading and alternative investments has earned Covel respect as a rational and logical voice in uncertain times. He is a frequent guest on national radio talk shows advising listeners on financial decision-making, trading and Trend Following. ... Read more

Reviews (48)

5-0 out of 5 stars Great read for all types of traders
As a student of the market for decades I was blown away by this book. It is one of the top five investment books of all time. The author describes what trend following is and who the players are. It simplifies the issue of how to profit in the market. How can anyone argue with the cold hard performance numbers.

It does not give you the save all formula for trading. It does not provide the secret forumulas on how to make money. They don't exist. It does provide valuable information from existing trend followers who have been using the method for years - decades.

Its easy to read and quick to comprehend. Should be on every traders bookcase.

Well worth the money.

5-0 out of 5 stars Acceptance with Traders
I found the following endorsements helpful:

"Michael Covel's Trend Following is a breakthrough book that captures the essence of what really makes markets tick. Diligently researched and comprehensive in scope, it will replace Market Wizards as the must-read bible for a new generation of traders."
Jonathan Hoenig
Portfolio Manager, Capitalistpig Hedge Fund LLC
Fox News Contributor

"Michael Covel's Trend Following: Essential."
Ed Seykota
Trend Follower for 35 years and Original Market Wizard
The Trading Tribe

"Trend Following by Michael Covel? I'm long this book."
Bob Spear
Developer of Trading Recipes Software

"Michael Covel has written the definitive book on trend following. With careful research and clear insight he has captured the essence of the most successful of all trading strategies. Michael knows his subject matter and he writes about it with passion, conviction and enthusiasm. This enjoyable and well written book is destined to become a classic."
Charles LeBeau
Technical Traders Guide to Computer Analysis of the Futures Markets

"Trend Following is an engrossing and educational journey through the principles, pitfalls, players and psychology of aggressive technical trading of the investment markets. Rich in its wisdom and historical study."
Gerald Appel
President, Signalert Corporation

Nothing fancy. No crazy promises. Just the facts. If you are a gambler, you won't like it.

5-0 out of 5 stars Trend Following Controversy
This book sure has had generated some controversy! Tried to read it with an open mind. However, I was influenced by the large number of market pros and traders that endorsed it at the author's web site for the book. My conclusion? If you want someone to promise you the world with loads of instant riches, Covel is not your guy. But if you want a down to earth, incredibly well researched work, that explains Trend Following from top to bottom -- buy this book. A great quote from Ayn Rand mentioned in the book sums up the mindset you need:

"What objectivity and the study of philosophy requires is not an 'open mind,' but an active mind-a mind able and eagerly willing to examine ideas, but to examine them critically."

5-0 out of 5 stars Gotta Read it
I've always been intrigued by what makes top traders tick like the ones in Market Wizards. Because like most people what I do is just keep on investing in the same mutual funds I've invested in for years. This book made me think that there actually is an alternative to buy and hold.

5-0 out of 5 stars Big Events causes disasters and profits
Good overview book. The information presented is substantial and meaty. Trading biographies, reviews of major events in the markets and trading psychology are all covered.

The author's use of baseball is particularly impressive. Linking a hobby to finance took some skill. But trading is a lot like baseball. Aim for the fences and swing hard. Similar to trend following. Look for the biggest and best opportunities to profit - trends. ... Read more

3. Trading for a Living: Psychology, Trading Tactics, Money Management
by AlexanderElder
list price: $75.00
our price: $47.25
(price subject to change: see help)
Asin: 0471592242
Catlog: Book (1993-03-08)
Publisher: Wiley
Sales Rank: 5683
Average Customer Review: 4.35 out of 5 stars
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Book Description

Trading for a Living Successful trading is based on three M’s: Mind, Method, and Money. Trading for a Living helps you master all of those three areas:

  • How to become a cool, calm, and collected trader
  • How to profit from reading the behavior of the market crowd
  • How to use a computer to find good trades
  • How to develop a powerful trading system
  • How to find the trades with the best odds of success
  • How to find entry and exit points, set stops, and take profits
Trading for a Living helps you discipline your Mind, shows you the Methods for trading the markets, and shows you how to manage Money in your trading accounts so that no string of losses can kick you out of the game. To help you profit even more from the ideas in Trading for a Living, look for the companion volume—Study Guide for Trading for a Living. It asks over 200 multiple-choice questions, with answers and 11 rating scales for sharpening your trading skills. For example: Question Markets rise when
  1. there are more buyers than sellers
  2. buyers are more aggressive than sellers
  3. sellers are afraid and demand a premium
  4. more shares or contracts are bought than sold
  1. I and II
  2. II and III
  3. II and IV
  4. III and IV
Answer B. II and III. Every change in price reflects what happens in the battle between bulls and bears. Markets rise when bulls feel more strongly than bears. They rally when buyers are confident and sellers demand a premium for participating in the game that is going against them. There is a buyer and a seller behind every transaction. The number of stocks or futures bought and sold is equal by definition. ... Read more

Reviews (141)

5-0 out of 5 stars Really good and useful!!!!
This book contains nearly all the necessary materials for a beginning trader to start trading. I think the only area which is missing is fundamental analysis. O'Neil's book has better covering of FA but the part about TA is very weak and hard to understand.

I feel the TA part is more concise than the John Murphy's book. The later has more than 500 pages but without covering too much about trading psychology. I learned quite a lot about psychology from this book which I am using everyday in my trading. Some of them are also useful for my daily life.

Another strong area of this book is it combines the TA indicators to form a trading system. I got the idea to develop my own trading system from it. Although my system is very different from Elder's one, his idea is valid.

Among the hundred trading books that I have read, this is still one of my best favorite and I am still reading it from time to time. The price is slightly high, but I recovered the money from my first trade. Really good!!

5-0 out of 5 stars 'THE' Best Book on Trading
2 Years ago I became a full-time trader after taking several courses and reading more than 40 books on trading. Dr. Elder's book is the ONLY one that has made me money, a lot of money (603% last year).

The first half of the book deals with the psychology of both the market and the trader. I didn't fully appreciate this portion of Dr. Elder's book until I began trading. This is the biggest obsticle of the trader. His insight has really helped me to understand the movements of the market and myself as a trader.

The second half of 'Trading for a Living' deals with technical analysis and money management. This has proved invaluable to me. There is so much accurate information I've read the book eight times, that's how jam packed it is with useable information. Also, every word matters--no fluff at all--unlike most of the books on trading I've read. And, don't overlook his money management chapter. This is where amatuers fail. His simple money management system will help to elivate you to a professional trader. If you want to make money, this is the book.

2-0 out of 5 stars technically worthless
I am a professional trader. This book has a good section on psychology but thats it. Totally worthless when it comes to the technical part. In fact I always wondered what made this book so popular with the public. I guess most people read the books but don't use the knowledge in them.

4-0 out of 5 stars This Guy is a Psychiatrist
Alexander Elder is first and foremost a psychiatrist, and it shows when he explains his insights into individual and mass psychology in the first two chapters of the book.

These two chapters are the real gold in the book; i have not read a more succinct and hard-hitting explanation of the behavior of individuals and crowds, and these two chapters are the ones you want to read.

The rest of the book is devoted to the basics of technical analysis. There is a lot of stuff out there on technical analysis so the stuff in Elder's book is likely to be somewhat outdated.

Nevertheless, read this book for the part on the psychology. This is fundamental and basic for any investor or trader, and is crucial to your success in the markets.

5-0 out of 5 stars Timeless gem
Aside from psychology and money management, this book is an essential reference about formulas (MACD, WILLIAMS %R, ADX and at least a dozen more). It shows whether such oscillators are trend-indicating or trend-following, whether one should use it within trading ranges or when trading a trend. Most (if not all) of these indicators contain its origins and market psychology, the formula and worksheet / chart examples and how to use it in bullish / bearish markets.

This book is ten years old. But it still proves correct in areas that couldn't be forseen back then. Although obtaining and processing all the financial data with appropriate hard- and software was a challenge back in 1993, the book does not spend too much time on such (volatile) details.

This is why I consider this book a timeless gem and a true value for any interested trader - giving it a full five star. ... Read more

4. Come Into My Trading Room: A Complete Guide to Trading
by AlexanderElder, Alexander Elder
list price: $49.95
our price: $32.97
(price subject to change: see help)
Asin: 0471225347
Catlog: Book (2002-04-19)
Publisher: Wiley
Sales Rank: 5733
Average Customer Review: 4.62 out of 5 stars
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Book Description

Come Into My Trading Room
A Complete Guide to Trading

You can become a successful trader. It has been done before, and it is being done right now, today, by people around the world. If you enjoy learning, if you are not scared of risk, if the rewards appeal to you, and if you are prepared to put in the work, you have a great project ahead of you.

In Come Into My Trading Room: A Complete Guide to Trading, Dr. Alexander Elder takes you far beyond the three M’s (Mind, Method, Money) of his international bestseller Trading for a Living. He teaches you to manage your money and time, as well as strategy, so that you can enter the markets with confidence and exit with profits. This essential book educates the novice and gives more power to the professional through expert advice, proven trading methods, and something entirely unique–a visit to Dr. Elder’s own trading room. You get to follow him through several actual trades, whose entries and exits illustrate many of the key concepts of this book.

Come Into My Trading Room offers:

  • A complete introduction to trading essentials
  • An overview of trading psychology, both individual and mass psychology of the markets
  • A practical overview of technical analysis, including new indicators and systems
  • A step-by-step guide to risk control and money management
  • Exact instructions for keeping records and organizing your time
  • A visit to Dr. Elder’s private trading room, reviewing several of his recent trades

Be sure to work through the companion volume to this book–Study Guide for Come Into My Trading Room–before you risk a dollar in the markets. The Study Guide features 100 questions and answers and almost 50 charts to test your knowledge. Grade yourself to make sure you know enough about the nine key areas of trading. Work through eight case histories, select entry and exit points, and find out how well you understand what needs to be done in every trade. Use Dr. Elder’s Study Guide to make sure that you can measure up to your competitors and surpass them.

Come Into My Trading Room will help you master a new way of trading stocks, futures, options, and currencies. Unparalleled depth and a wide range of coverage give you the best chance to become the trader you’ve always wanted to be. ... Read more

Reviews (56)

5-0 out of 5 stars A Complete Introduction to Trading Essentials
I really enjoyed the first book by Dr Elder, "Trading for a Living" very much. I have just finished Dr Elder's new book, "Come Into My Trading Room" and have enjoyed it very much too. There are several new ideas in the new book. A lot of the material in this book was presented in "Trading for a Living". It is the best book that combined the 3Ms -- Mind, Method and Money Management -- required for successful traders. It expands on the methods presented in "Trading for a Living" and makes the triple screen concept very clear.

I think the great difference between this book and other trading books is Dr Elder's background as a psychiatrist. He provides valuable insights into understanding the human element of market behavior, and the individual trader that makes his work unique. Dr Elder shares his own, successful trading strategy in a clear, concise, and easy to understand style. He does a great job showing some of his successful trades. I'm sure this is one of the finest books on developing trading skills. It is not only fun and easy to read but it is profitable. It pays back.

5-0 out of 5 stars An Excellent Follow-Up to Elder's Trading For A Living
Alexander Elder gained well-deserved prominence for his first book, Trading For a Living. It's one of my favorite books on trading. Out of this classic came such new indicators as the Force Index, which is one of the indicators I use regularly in my chart software. I read Elder's follow-up, Come Into My Trading Room, in hopes of learning additional insights of the Force Index. While I found some new information here, I was even more impressed by the following lessons Elder shared:

1) "Some of the best trading opportunities occur after false breakouts" - I'm finding this more and more these days, which is why I actively use my Momentum Divergence indicators to separate the fakeouts from the real breakouts. Elder does a great job showing numerous charts throughout his book, laying the groundwork for the divergence examples he explains in great depth when you step into his trading room in the final chapter with many actual trading examples. You need to understand the concept of divergence to trade today's markets more profitably, and this book will be a great help in showing you how to trade divergence setups.

2) Triple Screen - Elder explains the important of using multiple timeframes, though he advocates two to no more than three time frames. The key concept is that whatever timeframe you use, you need to go up to the next longer timeframe to get confirmation. This provides the bigger picture trend to define the nature of your trades, and then you can return to the shorter timeframe and make more tactical decisions with this broader trend in mind as well.

3) Grade Your Performance - Elder actually quantifies trading effectiveness by defining the width of the channel for a stock, and what percentage of the move the trader actually captured to determine his grade. Regardless of how a trader measures his performance, it must be tracked in order to make improvements and experience constant improvement.

4) The SafeZone Stop - While I have not tested this indicator in my systems yet, Elder's SafeZone Stop looks like a more effective way to place a trailing stop than standard moving averages. The SafeZone Stop appears to adjust more rapidly to trending versus flat periods for a stock, compared to moving averages. This new technique should easily be worth many times the price of this book by itself.

5) Chapter 9: Trading for a Living - This chapter was my most highlighted chapter, as Elder covers the stages of growth from beginning to professional trader, covering a wide range of topics on trading discipline, time management, organization and developing a viable trading plan, to highlight just a few.

All in all, Come Into My Trading Room is an excellent follow-up to Elder's Trading For A Living, and I think you'll also find it a quick and thought-provoking read.

5-0 out of 5 stars Great book. This should be the first one you buy.
The book is very well written and drives home the three Ms over and over. You can't hear it enough because when your finger is on the trigger, this training will help you execute with confidence. You will not be a loser if you follow the plan. The problem is, very few have the discipline.

I have long been and investor, but I wanted to improve my exit strategies. I knew successful traders had to have great exit strategies or they could not survive very long. Consequently, I actually bought a book on trading. The book helped me with exit strategies, but also completely opened up the world of trading. While I still invest for the long term, I have set up an account for short term trading. I read the book and worked through the workbook in about three days. I already had much of the preliminary work established from my investing experience.

Within about a month, I had a trading plan that I liked and a sound money management and trade evaluation system. While I still primary invest in longer term trends, I have had a blast making numerous small short-term trend trades.

This book will help any trader who reads it with an open mind and strictly adheres to the Three Ms - Mind, Method, and Money (Management). If you are and investor, then this book will expose you to what else is going on with your markets.

4-0 out of 5 stars Sequal to trading for a living
Very good book. I agree that the charts could have been better and more relevant to wha Elder was discussing in the text. His mental toughness section is excellent. Trading is a mental game, and a trader has to stay mentally tough or take a break. Mark Douglas's books are the best on this. Laurence Connors places a big emphasis on this too.

5-0 out of 5 stars Improvement In My Trading Room
Dr. Elder holds nothing back. The author shares with you a method, a system, and a technique for trading that can be applied to all markets.

This book and the study guide will take you step by step through the process of trading. If you don't have a trading plan this book will show you how to develope one. Also the author nudges you to awareness of the all important step of making the trading plan yours. If you are a novice this can be a huge hurdle to overcome without guidance. If you are a more experienced trader and can admit to yourself your result could be better, buy the book, its worth it.

Dr. Elder includes step-by-step guides for risk control, money management, record keeping and many more trading essentials that cannot be touched on in this review. ... Read more

5. Street Smarts: High Probability Short Term Trading Strategies
by Laurence A. Connors, Linda Bradford Raschke
list price: $175.00
our price: $148.75
(price subject to change: see help)
Asin: 0965046109
Catlog: Book (1996-01-01)
Publisher: M. Gordon Publishing Group
Sales Rank: 33019
Average Customer Review: 3.34 out of 5 stars
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Book Description

Published in 1996 and written by Larry Connors and "New Market Wizard" Linda Raschke. This 245 page manual is considered by many to be one of the best books written on trading futures. Twenty-five years of combined trading experience is divulged as you will learn 20 of their best strategies.

Among the methods you will be taught are:

* Swing Trading - The backbone of Linda's success. Not only will you learn exactly how to swing trade, you will also learn specific advanced techniques never before made public!
* News - Among the strategies revealed is an intra-day news strategy they use to exploit the herd when the 8:30am economic reports are released. This strategy will be especially appreciated by bond traders and currency traders.
* Pattern Recognition - You will learn some of the best short-term set-up patterns available. Larry and Linda will also teach you how they combine these patterns with other strategies to identify explosive moves.
* ADX - In our opinion, ADX is one of the most powerful and misunderstood indicators available to traders. Now, for the first time, they reveal a handful of short-term trading strategies they use in conjunction with this terrific indicator.
* Volatility - You will learn how to identify markets that are about to explode and how to trade these exciting situations.
* Also, included are chapters on trading volatility, trading Crabel, trading the smart money index, trading gap reversals, a special chapter on professional money management, and many other trading strategies! ... Read more

Reviews (35)

5-0 out of 5 stars Street Smarts: Market Proven
Street Smarts is the perfect title for this book which was written by two savvy and very successful futures traders. Linda Bradford Raschke and Laurence Connors share some of the best contrarian trading strategies that you will ever lay your eyes on. Of particular interest are the Turtle Soup Plus One and the Turtle Soup strategies that key on false breakouts. These strategies can be applied both intra-day and on a position trading basis and are guaranteed to make you money. Read this book. It is no frills, just excellent trading strategies from two pros.

5-0 out of 5 stars Loved the book. Recommend it for serious traders
First of all let me state that you must already have a certain concept of trading and trading terminology to benefit from this book. You must also understand and believe the importance of chart reading as a trader to fully understand what the authors are saying. I believe some of the negativity written about this books is because the readers didnt understand trading concepts as applied to chart reading or disregard chart reading altogether as a valid tool to trading.

With this said, I have to say that the book was beneficial for me as a short term trader. It helped me find patterns that I would've otherwise overlooked before reading this book. Let me also add that the turtle soup and turtle soup plus one does not really apply 100%, per say, to the fast momentum stocks I screen for. However, reading those strategies helped fine tune my entry and exit strategies when I enter a trade. It did so by helping me look for intraday swings and the probabilities of possible price action for next day trading based on what happened to the price at the close. If anything, the book helped me alot because it opened my mind to other trading possibilities and thus form ideas for myself.

Like another reader said, the authors are not mechanical traders. Thus these patterns and strategies should not be taken mechanically. Instead one should trade cautiously using discretionary stops. The book will only teach you about patterns in the market that have a high probable outcome. It's up to the individual to trade the patterns and use protective stops in the case the anticipated move goes wrong.

5-0 out of 5 stars exceptional value -- I wish more books were this good
This has helped my trading immeasurably. It is for swing traders. It is very specific about setups, lots of examples, and lots of setups with explanations and wisdom worth studying. I have probably 50 or 60 books on trading. They all have something to them, but this is one of the top books in my libary and I am using it all the time.

1-0 out of 5 stars Street Smarts
Hmmm, this book is way over priced. The bulk of the concepts are not original ideas, most of the concepts were renamed, creating the illusion that this is some pathway to riches. Read the classic trading books first, and save your money on this one.

4-0 out of 5 stars Read between the lines
First of all, I noticed many other reviews written that slagged the book badly. Perhaps they had high expectations in terms of what riches this book could bring them. However, it's clear those readers have the wrong idea.

There is no holy grail or single book that can get you rich. The authors of this book repeatedly say that the strategies are not meant to be mechanical - suggesting that they require flexibility, and the ideas are there to incorporate into your own trading.

I personally would not place much weight on whether this book will make you money or not simply by following the proposed trading 'systems'. Traders are supposed to grow and develop, not copy off some book robotically and become rich.

The book exhibits excellent common sense and simplicity which sometimes traders forget. It will offer you some clarity if you become confused or frustrated with trading. It will also offer the more experienced traders some alternative perspective.

There is probably nothing new in this book that you cannot find elsewhere - but this is probably true for all other trading books.

I do think this book is a bit overpriced - hence 4 stars. On the other hand, I do believe this book is an excellent book in terms of clearing the bunch of mess that is out there with respect to trader education. Simplicity works when applied by the prepared. ... Read more

6. Modeling Derivatives in C++ (Wiley Finance)
by JustinLondon
list price: $95.00
our price: $59.85
(price subject to change: see help)
Asin: 0471654647
Catlog: Book (2004-09-17)
Publisher: John Wiley & Sons
Sales Rank: 7087
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Book Description

This book is the definitive and most comprehensive guide to modeling derivatives in C++ today. Providing readers with not only the theory and math behind the models, as well as the fundamental concepts of financial engineering, but also actual robust object-oriented C++ code, this is a practical introduction to the most important derivative models used in practice today, including equity (standard and exotics including barrier, lookback, and Asian) and fixed income (bonds, caps, swaptions, swaps, credit) derivatives. The book provides complete C++ implementations for many of the most important derivatives and interest rate pricing models used on Wall Street including Hull-White, BDT, CIR, HJM, and LIBOR Market Model. London illustrates the practical and efficient implementations of these models in real-world situations and discusses the mathematical underpinnings and derivation of the models in a detailed yet accessible manner illustrated by many examples with numerical data as well as real market data. A companion CD contains quantitative libraries, tools, applications, and resources that will be of value to those doing quantitative programming and analysis in C++. Filled with practical advice and helpful tools, Modeling Derivatives in C++ will help readers succeed in understanding and implementing C++ when modeling all types of derivatives. ... Read more

7. Derivatives Markets
by Robert L. McDonald
list price: $135.00
our price: $135.00
(price subject to change: see help)
Asin: 0201729601
Catlog: Book (2002-09-06)
Publisher: Addison Wesley
Sales Rank: 35923
Average Customer Review: 5 out of 5 stars
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Reviews (3)

5-0 out of 5 stars Excellent Derivatives Book
The cover and page quality make this book a joy to read compared to other derivatives texts on the market.

Even more important, Dr. McDonald's writing is clear and logical. His theory is current and well laid-out. Compared to Hull it has more PDE's and sound theory. Compared to still other derivatives texts, Dr. McDonald gives more applications to supplement the theory.

If I could only recommend one derivatives texts to students and practitioners needing a thorough overview of the market, this would be the one.

5-0 out of 5 stars A brilliant book by a master teacher
Far too many books on derivatives are written by academics who claim to be writing for intelligent professionals but are in fact really trying to impress their colleagues. This book is a wonderful exception to that general rule. It is written by a master teacher who understands the importance of knowing several different ways to solve problems, and who provides numerous examples so that the reader can check his/her own answer. The book also provides software in VBA (Visual Basic for Applications) so that the reader can experiment with the results explained in the text and apply them to his/her own problems.

McDonald is very concerned to explain the intuition behind the numerous formulas presented in the text, and presents the various chapters in an expertly-designed sequence so that new results nearly always become understandable as more general ways of seeing results presented in earlier chapters. The material progresses gradually from basic to complex, so that the dedicated reader becomes thoroughly acquainted with results that have only recently been discovered. As a consequence, this textbook becomes a handy reference work to be kept at one's desk for daily use.

I came across this book more or less by accident, and as I was browsing through it I noted with particular interest several substantial discussions of how derivative pricing can be done with real probabilities so as to arrive at the same results as pricing done with the pseudo-probabilities (or risk-neutral probabilities) discussed in most texts. These sections provided an extremely important clarification of an issue that undoubtedly occurs to nearly all students of derivative pricing but is nonetheless ignored in nearly all of the relevant textbooks and literature. I knew right then that the author understood what questions were occurring in the minds of his students and how to deal with them.

This book is a bit more expensive than some rival texts, but it is entirely worth it because of its tremendous clarity and because of the software that accompanies it. In reality, this book is a bargain.

5-0 out of 5 stars Excellent Book on Derivatives Markets
I had the privilege of using the manuscript of this book for two advanced finance courses I did at Kellogg School of Management (Northwestern University---the Author's home) and just got a chance to read the final published book. This is an excellent book on derivatives markets which should appeal to three types of readers: 1) MBA students doing their first finance course on derivatives; 2) Non-finance professionals who can easily grasp quantitative aspects of derivatives pricing schemes but lack an an intuitive understanding of why, where and how derivatives are used (I was in this category until I attended Kellogg); and, 3) Corporate finance professionals trying to understand different risk management tools. Bob McDonald did a great job in maintaining a good balance between mathematics of derivatives pricing schemes and logical explanations of several economic concepts one would encounter in derivatives. This book is going to be a popular MBA text book very soon.

In the first four chapters of the book, the author assumes that the prices of different derivative securities are known and discusses how these securities can be used for insurance and speculation (Chapter 4 has a nice introduction to risk management). Chapters 5-8 explain pricing methods for futures, forwards and swaps using simple discounting models. Chapter 6 has a lucid discussion on how would "futures contract price vs. time" curves for different commodities differ based on the seasonality, transportation costs and storability aspects specific to each commodity.

Starting in Chapter 9, the author discusses different option pricing models. The material presented in Chapters 10-13, where in the author discusses binomial option pricing models, Black-Scholes formula and delta hedging, is clearly the highlight of this book. I did not find such a crystal clear discussion of binomial pricing models and the rationale behind delta hedging in any other text book. In Chapters 15-17, the author discusses financial engineering (how to create a required payoff from basic building blocks) and corporate applications of derivatives (including real options). In the remaining chapters (Chapters 18-24), I would recommend Chapters 18, 19 and 24 to all the readers. The other chapters are not really necessary unless you plan to work on developing derivatives pricing schemes.

In summary, I strongly recommend this book to every serious student of finance. ... Read more

8. Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications
by John J. Murphy
list price: $80.00
our price: $50.40
(price subject to change: see help)
Asin: 0735200661
Catlog: Book (1999-01-04)
Publisher: Prentice Hall Art
Sales Rank: 6685
Average Customer Review: 4.43 out of 5 stars
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Book Description

John J. Murphy has now updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets.

"If one could read only one book on technical analysis, this should be the one." --Knight-Ridder Financial Products and News (on the first edition, Technical Analysis of the Futures Markets, 0-13-898008-X)

This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets.Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets.Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

"One way to get started in technical analysis is to read a good book on the subject.One of my favorites is Technical Analysis of the Financial Markets:A Comprehensive Guide to Trading Methods and Applications by John J. Murphy.It's an easy read." Ralph J. Acampora, CMT, Managing Director, Prudential Securities Inc. ... Read more

Reviews (46)

5-0 out of 5 stars Technically speaking, one should buy this book
Investing isn't easy. Investing profitably is even harder. As a result, investors are always looking for that 'angle', that 'edge' that will help them realize more consistent profits.

In the past 2 decades, many on Wall Street have come to believe that technical analysis of stock charts is one of those tools. Having worked in the financial services markets since 1987, I do believe that technical analysis can be a helpful tool. And if you are looking for a definitive source of TA, then look no further.

Technical Analysis of the Financial Markets by John Murphy covers all the basic aspects of TA: philosophy, chart construction, fundamental vs. technical analysis, trends, major technical pattern recognition, moving averages, oscillators, times cycles, computer trading systems and much more. He also covers different methods of charting, including bar, point and figure and candlestick (be aware that most of the analysis techniques he presents apply to bar charting, not PnF or candlestick).

What I like most about the book is that it written clearly, simply and logically. It uses many graphical examples that SHOWS the reader what to look for. It does not rage on about the merits of TA (which many investors feel is complete hooey) but how to apply basic (and sophisticated) TA techniques. I use TA frequently in my business and find that it helps me manage my client's portfolios more effectively, especially when it comes to SELLING a position, whether to lock-in gains or limit losses.

If you are a TA convert, or if you have an interest in learning more about it, this book is a useful guide and should be purchased. Today, it remains one of the few investment reference books that I keep in my office.

5-0 out of 5 stars The Reference for Every Serious Trader
Murphy's tome on technical analysis is rqeuired reading for any practioner in the financial markets. As a professional trader, I constantly refer to the book for soldifying core technical and trading tactics. A true gem of a work.

5-0 out of 5 stars comprehensive
thorough and complete, the reader is left believing that upon completion they have seen and learned all there is to be known about charting.

a bible of technical analysis (if you're a believer). i cannot recommend it highly enough.

5-0 out of 5 stars Excellent book on technical analysis
This is a great book on technical analysis. The fundamentals are all here from pattern recognition to indicators. TA is essential anyone who wants better entries and exits on stocks and other financial instruments. This is the building block to using trading strategies to win in both bull and bear markets. For actually trading strategies, I recommend Dave Landry on Swing Trading or Street Smarts, but this book is the perfect start.

5-0 out of 5 stars A necessary trading reference....
As a well-respected technical analyst with 30+ years experience, there are few markets John Murphy has not seen. The difference between him and most other analysts is that he has documented them as they happened through his Murphy Market Message Newsletter. It is easy to look at a chart in hindsight and perform rear-view mirror analysis. Anyone can do that. What is more interesting is reading commentary from experts while the market is unfolding which is what Murphy does a number of times every week. His books are peppered with examples of market moves and quotes from his newsletter analyzing the move as it happened which makes reading his books all the more interesting.

As someone who basically introduced intermarket analysis to the broad technical analysis community, John has watched markets move one another since the late 1970s and documented the whys and whatfores and then carefully recorded his thoughts for the benefit of the rest of us.

Technical Analysis of the Financial Markets is without a doubt one of the best introductions and general discussions of technical analysis on the market today. It has been recognized by the Market Technicians Association and International Federation of Technical Analysts as such and is required reading for both the Chartered Market Technicians designation from the MTA and the Diploma of International Technical Analysis by IFTA. In fact, their required reading lists are great places to get ideas on which books the professionals are reading!

But it is a book that is not only for those new to trading and technical analysis. It is for everyone and anyone dedicated to improving their investment or trading returns by getting the right information direct from the source. It is a book I have read multiple times and will read again this year. It's well-written and an enjoyable read. It is also a book you won't get tired of reading over again and one that you will find a very useful reference. There is very little to complain about except that I wish it was longer. Then again I can't really complain with over 500 pages of great information and charts.

Matt Blackman - Technical Writer/Reviewer Email:
Contributor to Stocks & Commodities Magazine, Working Money, Advantage, Active Trader, Traders Mag (Europe) and SFO Magazine ... Read more

9. My Life as a Quant : Reflections on Physics and Finance
by EmanuelDerman
list price: $29.95
our price: $19.77
(price subject to change: see help)
Asin: 0471394203
Catlog: Book (2004-09-17)
Publisher: Wiley
Sales Rank: 1360
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Book Description

"Derman’s memoir of his transition from mathematical physicist to expert finance whiz at Goldman Sachs and Salomon Brothers reads like a novel, but tells a lot about brains applied to making money grow."
–Paul A. Samuelson, MIT, Nobel Laureate in Economic Sciences, 1970

"Not only a delightful memoir, but one full of information, both about people and their enterprise. I never thought that I would be interested in quantitative financial analysis, but reading this book has been a fascinating education."
–Jeremy Bernstein, author of Oppenheimer: Portrait of an Enigma

"This wonderful autobiography takes place in that special time when scientists discovered Wall Street and Wall Street discovered them.It is elegantly written by a gifted observer who was a pioneering member of the new profession of financial engineering, with an evident affection both for finance as a science and for the scientists who practice it.Derman’s portrait of how the academics brought their new financial science to the world of business and forever changed it and, especially, his descriptions of the late and extraordinary genius Fischer Black who became his mentor, reveal a surprising humanity where it might be least expected.Who should read this book?Anyone with a serious interest in finance and everyone who simply wants to enjoy a good read."
–Stephen Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MIT

" … a deep and elegant exploration by a thinker who moved from the hardest of all sciences (physics) to the softest of the soft (finance). Derman is a different class of thinker; unlike most financial economists, he bears no physics envy and focuses on exploring the real intuitions behind the mechanisms themselves. In addition to stories and portraits, the book documents, in vivid detail, the methods of knowledge transfer. I know of no other book that bridges the two cultures. Finally, I am happy to discover that Derman has a third career: he is a writer."
–Nassim Taleb, author of Fooled by Randomness

"The quintessential quarky quant, Emanuel Derman has it all.Physicist, mathematician, philosopher, and poet blend together to produce a narrative that all financial engineers will find worth reading."
–Mark Rubinstein, Paul Stephens Professor of Applied Investment Analysis, University of California, Berkeley ... Read more

10. New Trading Systems and Methods (Wiley Trading)
by Perry J.Kaufman
list price: $125.00
our price: $78.75
(price subject to change: see help)
Asin: 047126847X
Catlog: Book (2005-02-25)
Publisher: Wiley
Sales Rank: 16133
Average Customer Review: 4.0 out of 5 stars
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Book Description

Get the bestselling guide to trading systems, now updated for the 21st century.

For more than two decades, futures traders have turned to the classic Trading Systems and Methods for complete information about the latest, most successful indicators, programs, algorithms, and systems. Perry Kaufman, a leading futures expert highly respected for his years of experience in research and trading, has thoroughly updated this bestselling guide, adding more systems, more methods, and extensive risk analysis to keep this the most comprehensive and instructional book on trading systems today. His detailed, hands-on manual offers a complete analysis, using a systematic approach with in-depth explanations of each technique. This edition also includes a CD-ROM that contains the TradeStation EasyLanguage program, Excel spreadsheets, and Fortran programs that appear in the book. ... Read more

Reviews (1)

4-0 out of 5 stars Good Tools
Actually a 4.5 star. Not the same remixed crap that bloats a traders library. Useful strats that actually work not just in theory but where it your portfolio. ... Read more

11. Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day,Swing, and Position Traders
by Oliver Velez, Greg Capra
list price: $55.00
our price: $44.00
(price subject to change: see help)
Asin: 0071360530
Catlog: Book (2000-06-29)
Publisher: McGraw-Hill
Sales Rank: 58724
Average Customer Review: 2.81 out of 5 stars
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Book Description

Over 30,000 online investors daily flock to, the top-rated Website run by day trading legends Oliver Velez and Greg Capra, for up-to-the-minute strategies and market commentaries. In Tools and Tactics for the Master Day Trader, Velez and Capra revisit and completely update over 100 of their daily commentaries from the past four years, with new material explaining what worked, what didn't, and why.

This no-nonsense, easy read, meant to be referenced by traders every trading day, covers everything from potent trading strategies to intuitive insights on psychology and discipline. Proving once again that the best teacher is experience, Tools and Tactics for the Master Day Trader will help any trader log on with the technical skills, market knowledge, and confidence they need to capture more winning trades, and reap new profits.

... Read more

Reviews (101)

5-0 out of 5 stars Dissenting Opinion from a Full-time Trader
The people who previously reviewed this new book by Oliver Velez and Greg Capra seem to have started in the middle of the book, looking only for The Holy Grail to lead them to immense profits heretofore undiscovered by anyone else. I found the real value in the first half of the book, which tries to show you why you haven't been a successful trader up to now and what to do about it. This is worth the price of the book in itself. They are teaching you how to fish, not giving you a fish, as the old saying goes. They should include a mirror with every copy, as I see myself in every page when they describe the mistakes made by beginning traders. I started trading commodities in 1989 and switched to stocks in 1998, so I have had the rare opportunity to make all the mistakes they describe and more. But the good news is...that's what makes you a success later on. Chapter 5, "The Seven Deadly Sins of Trading", doesn't just tell you the sins, but actually tells you how to eliminate them. This chapter alone is worth the price of the book to me.

I became profitable in 1998 and support my family totally from trading income, using many of the tools described in this book. I have tried many of the software "black box" programs out there, been to many seminars (some great ones, some worthless ones), bought many trading books, and it has all led me to where I am now. If I had let an unfavorable review like the ones here steer me away from a fantastic book like this one, I would not be trading today and making a living working for myself half a day and hiking, biking and skiing the other half. So what if they promote their own seminars, web pages, trading room, etc. in the book. Wade Cook and many others use their books as free advertising the same way...nobody is forced to buy the other products. We all have the ability to decide whether or not we will delve further into these products, don't we?

To be fair to the other reviewers, they may already be successful traders that don't need the advice in the first half of the book and were only looking for a book that would reveal a system or method to double their income in the next three months. All I can say is that I have been trading for eleven years and the book will probably double my income in the next six months even if I never read the second half. Buy it, read it and decide for yourself.

5-0 out of 5 stars Required Reading for Profitable Trading
What makes this one of the very best books on day trading is the clear, simple and direct language the authors use to illuminate a complex subject, and few books in the genre are as comprehensive in scope, as well organized and presented. In Tools and Tactics for the Master Day Trader, authors Oliver Velez and Greg Capra have created the essential primer for neophytes, as well as a book seasoned traders will find of lasting value for the insights and wisdom the authors only could have acquired through long experience in the trenches themselves.

Their approach is technical, based on a number of reliable chart patterns that identify key short-term shifts in market psychology, those points when a change occurs in the balance between buyers and sellers. Charting techniques, market indicators and timing, and execution skills are detailed in a concise and focused way. But the book excels in discussions about trader psychology, the emotional challenges that must be overcome, and the attitude and discipline a successful trader must have in approaching the markets. For example:

"The need or desire for certainty is one of those natural human traits that every aspiring trader must learn to overcome, because certainty is a myth. It does not exist in life, nor does it exist in the market. It is a phantom, a dream that is chased by far too many market players. As traders, we must be capitalists of the unknown. We can never escape the fact that we are forced to act in the face of uncertainty. Those who must know all the facts before they trade will find opportunity forever leaving them behind. Fortune waits for its captor in the shadows of uncertainty. It lies hidden on the path least traveled. The active trader will find that the greatest opportunities will be found where no one else is willing to go. The trader can never be certain that the trade just taken will work. The trader can properly assess the odds and devise an intelligent strategy in an attempt to exploit those odds. But each trade will still possess the ability to disappoint. Each attempt will carry with it the potential to fail. The aspiring trader must learn to deal with this and must learn to act before he or she knows. Because by the time the trader knows, the opportunity is long gone."

The authors include chapters on "the seven deadly sins of trading"; how to identify and kill your deadliest demons, and rules the master trader lives by. This book is required reading for all who intend to trade profitably.

1-0 out of 5 stars Save your money!!
This book is a real piece of crap. Don't waste your money. It reads like a 389 page advertisment for Pristine Day Trading seminars.As a professional trader, I pity the newbie who buys this book expecting to get any usable information from of it. I buy books hoping for ONE good idea: I lost!"Methods of a Wall St. Master" by Vic Sperandeo is a MUCH better buy.Velez and Capra advise their readers to ignore market fundamentals: Those fools who choose to ignore the fundamentals of the market do so at their own risk!!!

1-0 out of 5 stars OVERPRICED
This book has large fonts and i feel is very overpriced for the small amount of info it has. The strategies work no better than half the time and can be found for free on many internet sites. For $12 i might recommend this book for beginners but otherwise pass on it.

1-0 out of 5 stars A Documentary Of The Largest Scam in The Daytrading Arena
1 Star was the lowest rating I could find, if "SCAM" was na option I would have selected it. This book will soon serve as "exhibit A" in the case against these highway thieves. Do your homework first. Look at this post before you spend anything on this book[...]

Proceed with caution! ... Read more

12. Option Volatility & Pricing: Advanced Trading Strategies and Techniques
by Sheldon Natenberg
list price: $59.95
our price: $37.77
(price subject to change: see help)
Asin: 155738486X
Catlog: Book (1994-08-01)
Publisher: McGraw-Hill
Sales Rank: 6964
Average Customer Review: 4.38 out of 5 stars
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Book Description

One of the most widely read books among active option traders around the world, Option Volatility & Pricing has been completely updated to reflect the most current developments and trends in option products and trading strategies.


  • Pricing models
  • Volatility considerations
  • Basic and advanced trading strategies
  • Risk management techniques
  • And more!

Written in a clear, easy-to-understand fashion, Option Volatility & Pricing points out the key concepts essential to successful trading. Drawing on his experience as a professional trader, author Sheldon Natenberg examines both the theory and reality of option trading. He presents the foundations of option theory explaining how this theory can be used to identify and exploit trading opportunities. Option Volatility & Pricing teaches you to use a wide variety of trading strategies and shows you how to select the strategy that best fits your view of market conditions and individual risk tolerance.

New sections include:

  • Expanded coverage of stock option
  • Strategies for stock index futures and options
  • A broader, more in-depth discussion volatility
  • Analysis of volatility skews
  • Intermarket spreading with options
... Read more

Reviews (32)

5-0 out of 5 stars Great book for prospective traders
With the popularity rise in options and option strategies, I must admit this is a great book to get started with. I am a clerk at the CBOE and have studied this book thoroughly, and in my experience it's the best options tutorial out there. I have also sampled the John Hull book and the official Options Institute book. The writing is very readable and it does not bog you down with overly complex derivations of each formula (there is an appendix that does derive and explain the details of the Black and Scholes model though.)

If you're serious about trading I highly recommend reading this book first - it'll be a useful tool. Working at CBOE I have seen many other clerks studying their Natenberg books during the slower times. Learning arb (hand signaling) and understanding what you are arbing are the keys for a successful options trader. This can be useful for someone just getting started in options as well or with prior experience.

5-0 out of 5 stars Must reading in order to move up to the next level...
There is a reason why almost all of the reviews of this book are in the Excellent range. It simply is a must read for anyone who wants to be serious about trading options and making intelligent trades. While the book is designed for those on the technical side of trading, it is also a gold mine for those of us simply trading options to make money! Natenberg explains concepts that are essential for the layman to be aware of in order to understand the market. The book is well worth the price just for his discussion of the normal distribution and of how it relates to volatility and investing in options. College statistics teachers could learn how to present this important concept in a meaningful way just by reading this chapter! It is easy to take the information from this book and use Excel to write a program to figure the expected price swings for any stock option based upon its volatiltiy. While the average options trader will not need to master much of the detail in the book, the simple awareness presented here will make you a better and more confident trader. By combining the ideas from this book with those from Max Ansbacher's The New Options Market, you can be in a powerful position to deal effectively in the options market.

5-0 out of 5 stars Great options book
Perhaps the most amazing success story in the markets and investing in the last 10 or 15 years is the growth of the options market, and the advent of inexpensive trading for derivatives such as options, allowing even the small and amateur investor to use these vehicles if he or she wants. I've read that the options market has grown more than ten-fold since the 80s, even more so than the stock market. This book will help you advance your knowledge of this important area of the market.

This is one of the few really high-level options books that are understandable without advanced math. I have a couple of other books on options and derivatives, and they require advanced calculus. It's still geared toward the professional, but as an amateur I still found it interesting and worthwhile reading. Be advised you'll probably still need to read an introductory book or two on options before tackling this volume, which is what I did. But after absorbing those two books, I found I had the background to read and appreciate Natenberg's book. Natenberg discusses all the advanced concepts so you learn such things as how to do butterfly option spreads, synthetic puts and calls, volatility spreads, how to remain delta and gamma neutral, and other such advanced concepts. Overall a great book and essential reading for anyone who wants a better understanding of this important area.

5-0 out of 5 stars Option Volatility & Pricing: Advanced Trading Strategies and
Natenberg has done an excellent job in presenting this book on options. He has very successfully combined theory with practical ideas and examples in the most important area for users of options to get their head around, volatility. Natenberg does well explaining the differences between the different modelling techniques. An excellent book.

4-0 out of 5 stars Good High Level book
This is a good book if you are just starting out and don't want a lot of mathematics. Gives strong high level understanding of how options work. Especially good descriptions of greeks and their behaviors. ... Read more

13. High Probability trading
by MarcelLink
list price: $39.95
our price: $26.37
(price subject to change: see help)
Asin: 0071381562
Catlog: Book (2003-03-17)
Publisher: McGraw-Hill
Sales Rank: 1784
Average Customer Review: 4.69 out of 5 stars
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Book Description

A common denominator among most new traders is that, within six months of launching their new pursuit, they are out of money and out of trading. High-Probability Trading softens the impact of this "trader's tuition," detailing a comprehensive program for weathering those perilous first months and becoming a profitable trader.

This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.

... Read more

Reviews (29)

5-0 out of 5 stars This is the one!
At the risk of being repetitive, I'm going to have to give this book another stellar review. Like many others, I have read a hundred other trading books and this one stands heads above the rest. The author is obviously an active trader and is not ashamed to divulge his weaknesses, even current ones. He covers all of the necessary bases (psychology, money management, risk management, setups, tradeable markets, etc.) without being exessively wordy. He is one of the few traders who can actually write relatively well. He manages to explain arcane and complex trading concepts using understandable and economical word choices. The review structure at the end of each chapter is an excellent technique to enhance the learning process.

Yes, most of the information is more useful to the novice trader but one neeeds a basic comprehensive understanding of trading to get the most benefit. On the flipside, since it is so inclusive, the book could serve as an excellent refresher for the seasoned trader. That trader might even come across a concept long forgotten and be able to turn it into a profitable strategy.

HPT has become my primer. I come back to it every few months to review sections that I feel weak in. I recommend this book to everyone who asks me for that "one book" that can get them a head start in learning to trade.

Great job Mr. Link! I eagerly await your next contribution to the world of trading literature.

5-0 out of 5 stars one of the best trading books I've read
I've been trading for 15 years and I read as many trading books as I can, and I found High Probability Trading to be one of the best yet. There is no bull or get rich quick trading system in this book, instead the Author lays out some simple but often over looked principles of how to become a better trade. For example he stresses that trading with trend has always been the way to go and one should not get to fancy by trading the counterwaves. Its a simple prinicple but one that I can forget about at times. This book was a great refresher and taught me a few things about my trading, i highly recommend it to any trader.

5-0 out of 5 stars One word...Excellent!!
I've read over 30 books on trading and this book ranks at the top with Dr. Elder's "Trading for a Living". I learned so much from it that I'm reading it for the second time so that I can commit the priciples to memory. It's not for the beginner, but if you've been trading for at least 1 year the book's knowledge will definitely hit home. It's written in a very easy-to-read style which makes it more enjoyable to read, especially for a topic that can be so dry and technical.

5-0 out of 5 stars Best trading book I have ever read.
Mr Link has written a book that will eventually be seen as a must read for aspiring traders.

I initially wanted to write a review after reading only the first chapter of this book. I immediately knew that I was on a winner. My opinion of the book did not change as I read on. I feel that the book is written for experienced traders. I would not have benefited from reading this book 4 years ago when I started trading. Reading his book I could see many of the mistakes that I have made and continue to make to this day.

I will read this book a second time. I will probably read it 3 times.

Well done.

5-0 out of 5 stars A real 5 star
What is in this book works if followed consistently, period. The topics and writing style are great from how to interpret news to using TA and understanding trading psychology. It has principles and ideas that WORK and if thats nothing new then your fooling yourself into believing there is some easy magical get rich quick system out there, no such luck. What is in this book are solid, proven time tested methods and ideas, well written and useful! One of the BEST of the many trading books i have ever read. ... Read more

14. Trading Commodities and Financial Futures: A Step by Step Guide to Mastering the Markets, Third Edition
by George Kleinman
list price: $39.95
our price: $27.17
(price subject to change: see help)
Asin: 0131476548
Catlog: Book (2004-10-18)
Publisher: Financial Times Prentice Hall
Sales Rank: 53902
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15. The Bible of Options Strategies : The Definitive Guide for Practical Trading Strategies
by Guy Cohen
list price: $49.95
our price: $49.95
(price subject to change: see help)
Asin: 0131710664
Catlog: Book (2005-04-07)
Publisher: Financial Times Prentice Hall
Sales Rank: 38023
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Download Description

"""Guy Cohen is the master when it comes to taming the complexities of options. From buying calls and puts to iron butterflies and condors, Guy explains these strategies in a clear and concise manner that options traders of any level can understand. His chapter on options and taxes is especially welcomed (and needed). The Bible of Options Strategies is a straightforward, easy-to-use reference work that should occupy a space on any options trader's bookshelf."" ¿Bernie Schaeffer, Chairman and CEO, Schaeffer's Investment Research, Inc.

""The author delivers clarity, insight and perception making learning about options a joy, and practicing the art of making money that much easier: truly a bible from a guru."" ¿Alpesh B. Patel, Author and Financial Times Columnist

""Guy Cohen truly makes learning about options easy in this fact-filled guide. Bullet points make for a quick and enlightened read, getting to the heart of what you really need to know about each options strategy. This book is a must for any serious trader's library."" ¿Price Headley, Founder,

Pick the right options strategies...implement them step-by-step...maximize your profits!

Introducing today's first and only comprehensive reference to contemporary options trading!

OptionEasy creator Guy Cohen identifies today's popular strategies...and tells you exactly how and when to use each one and what hazards to look out for! It's all here....

  • Basic Strategies including: Buying and shorting shares, calls, and puts. I
  • ncome Strategies including: Covered Call, Naked Put, Bull Put Spread, Bear Call Spread, Long Iron Butterfly, Long Iron Condor, Calendar Call, Diagonal Call...
  • Vertical Spreads including: Bull Call Spread, Bull Put Spread, Bear Call Spread, Bear Put Spread, Ladders...
  • Volatility Strategies including: Straddle, Strangle, Guts, Short Butterflies, Short Condors...
  • Sideways Strategies including:Short Straddle, Short Strangle, Short Guts, Long Butterflies, Long Condors...
  • Leveraged Strategies including:Call Ratio Backspread, Put Ratio Backspread, Ratio Spreads...
  • Synthetic Strategies including:Collar, Synthetic Call, Synthetic Put, Synthetic Straddles, Synthetic Futures, Combos, Box Spread...
  • ...and many more strategies...

Plus essential tax-saving information, and more!

  • No other book presents this much authoritative, current information on options trading strategies
  • Covers all of today's best income, volatility, leveraged, synthetic, and sideways market strategies
  • Discover why each strategy works, when it's appropriate, and how to use it¿step by step
  • Includes a full chapter on tax issues associated with options strategies
  • By Guy Cohen, whose OptionEasy application has helped thousands of traders achieve breakthrough results!

The Bible of Options Strategies is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade.

Options expert Guy Cohen systematically presents today's most effective strategies for trading options: how and why they work, when they're appropriate, when they're inappropriate, and how to use each one responsibly and with confidence. The only reference of its kind, this book will help you identify and implement the optimal strategy for every opportunity, trading environment, and goal." ... Read more

16. An Introduction to Derivatives and Risk Management
by Don M. Chance
list price: $133.95
our price: $128.95
(price subject to change: see help)
Asin: 032417800X
Catlog: Book (2003-07-21)
Publisher: South-Western College Pub
Sales Rank: 218045
Average Customer Review: 4.75 out of 5 stars
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Book Description

A market leader, this book has detailed but flexible coverage of options, futures, forwards, swaps, and risk managementas well as a solid introduction to pricing, trading, and strategy allowing readers to gain valuable information on a wide range of topics and apply to situations they may face. ... Read more

Reviews (4)

5-0 out of 5 stars A Must Have
If you are a student just taken up a course in derivatives or risk management you should have this book. if you find john hull more technical, you have Don Chance who covers options and other derivatives in a greater detail and in more words. everything you want to know about how banks etc have risk mangaement systems in place and market risk instruments is here.

in case you want a greater coverage of options and pricing options, you should definatly take a look at Black Scholes and Beyond by Neil Chriss, a work of art.

5-0 out of 5 stars Excellent book for concepts
This is an excellent book for non finance majors who would like to grasp the physical concepts behind different derivatives products traded in the OTC markets. The book is ideal for a preperation read for all aspiring to take Financial Engineering / Derivatives as majors in graduate programs.

5-0 out of 5 stars An excellent books for Derivatives concepts.
If you are interested in the basic concepts governing derivatives without getting into the mathematics of it then this is the ideal book. I recommend this book for any one who is contemplating taking Derivatives as an advanced level course. The book would give a solid foundation to the concepts of risk management.

4-0 out of 5 stars Understanding Option Theories
This is a wonderful book to have on your shelf for any finance major looking for an understanding of options, futures, and other types of contracts sold in the OTC and exchange markets. The text is fairly easy to follow and provides good examples to help students understand the theories behind option and future markets.

However, I do not feel that this book is for just anyone. Without some financial background I think that this book can be difficult to follow. It is hard to understand the mathmatics behind the theories presented in the text. The diskette is also somewhat disappointing as an aid for understanding the material. The disk only gives Excel generated financial models that you find in the book such as the Black-Shcoles pricing model.

With a good professor, this is a wonderful aid in constructing a foundation for option investing and pricing. And even giving some of its downfalls I would still recommend buying this book. ... Read more

17. How to Create and Manage a Hedge Fund: A Professional's Guide
by Stuart A.McCrary
list price: $100.00
our price: $63.00
(price subject to change: see help)
Asin: 047122488X
Catlog: Book (2002-08-15)
Publisher: Wiley
Sales Rank: 55975
Average Customer Review: 3.3 out of 5 stars
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Book Description

Praise for How to Create & Manage a Hedge Fund
A Professional’s Guide

"True to its title, McCrary provides a clearly written and complete overview of the issues associated with starting and running a hedge fund. And for those outside the hedge fund world, the book’s successful marriage of finance theory and market practice with the author’s own vast experience makes for an enjoyable and thoroughly informative read."
–Christopher L. Culp, Managing Director, CP Risk Management LLC, and Adjunct Associate Professor of Finance, Graduate School of Business, The University of Chicago

"McCrary has drawn from his experience on Wall Street, LaSalle Street, and at the academy in crafting this encyclopedia for hedge fund managers and advisors. Covering the field in plainspoken business prose, he demystifies the secretive world of collective private investment. Whether you earn your living in finance or law, in accounting or marketing, if the subject is hedge funds, you must read this book."
–Patrick Daugherty, Partner, Foley & Lardner

"Building on his broad experience in the securities and derivatives markets, McCrary offers a well-researched guide to starting and running a hedge fund business . . . he tackles everything from the mundane, like regulations and accounting, to the complex, like investment techniques and risk management, in an articulate and insightful manner . . . a necessary handbook for money managers and investors alike."
–Peter F. Karpen, Managing Member, Diversified Investment Management, LLC ... Read more

Reviews (10)

2-0 out of 5 stars 60 Pages of Applicable Information
Years ago I swore never to read another book with the words "How To" in the title. I broke that rule and am now very sorry I did. To be fair, there are a couple of good chapters in this book. Chapter 10 on regulation is a nice overview of the subject, and chapter 12 makes a valiant effort, but ultimately fails to make hedge fund taxation lucid. Unfortunately much of the book is unabashed filler. Chapter 11 is titled "Accounting for Hedge Funds", but is instead a 15 page overview of the first week of Freshman level accounting. Chapter 15 takes ten pages to explain the obvious and intuitive parallels of hedge fund cash flows to options. I got about 60 pages of applicable information on the subject out of a 300 page book, and still feel ripped off. Why is it that there are so many terrible books about money management?

1-0 out of 5 stars Uh-huh. UhUh!!
Dear, me. Imagine being able to coach a winning business plan in fewer than 20 pages. And marketing, my dears! Why, other people write book after book about marketing, and, viola, all is covered in only twenty pages. That is amazing, especially since all the evidence is that the single most important aspect of creating a successful hedge fund is the marketing side. I can't imagine why the book would deal with trading or corporate structures in the US sense. Most successful hedge funds are incorporated in other jurisdictions which often use different terminology. And, my dears, how useful is it to introduce an S-corp, a US IRS term and structure used primarily in real estate. Few hedge funds invest in real estate, and even fewer non-US jurisdictions recognize that peculiar tax creature.

On top of all that, you don't even get paper, binding or book covers for your money. Talk about 50 ways to leave your lover. Well, buy it if you must, but don't say I didn't warn you.

4-0 out of 5 stars Criticisms don't make sence to me....
While admittedly there is a lot of fluff in this book - ie explaining strategy and instruments, there is a lot of valuable advise on creating the structure of the company and constructing a business plan.

If your looking for someone to tell you how to trade in the financial markets you probably shouldn't be starting a fund.

2-0 out of 5 stars Dissapointing
This book only gives a brief overview to the actual nuts and bolts of starting a hedge fund. Instead it spends time explaining various hedge fund strategies, risk-management approaches, and basic entity structures (what is a c-corp? what is an s-corp? what is an llc?).

As someone who has started a fund in the past and is looking to start another, this book was a disappointment. If you are learning the info in this book for the first time, you probably shouldn't be starting a fund in the first place.

5-0 out of 5 stars Must have resource
A lot of great commentary about the preparation and hard work to build a business, not just trade/manage money. The other reviews listed here correctly point out that this is not another instructional book with investment techniques. This is the ideal book for someone confident enough with their investing strategy be it equities, bonds, limited partnerships, real estate, futures, commodities etc. to grasp business structures, investor/customer expectation, realistic marketing timelines, accounting, and the business aspect of managing a fund. Expect to seek out additional resources to add on McRary's outstanding work. If you are even toying with the idea of starting a mangement company, fund, fund of funds etc. do not proceed without this book. ... Read more

18. Hot Commodities : How Anyone Can Invest Profitably in the World's Best Market
list price: $25.95
our price: $17.13
(price subject to change: see help)
Asin: 140006337X
Catlog: Book (2004-12-28)
Publisher: Random House
Sales Rank: 2132
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19. Dynamic Hedging : Managing Vanilla and Exotic Options (Wiley Finance)
by Nassim NicholasTaleb
list price: $100.00
our price: $63.00
(price subject to change: see help)
Asin: 0471152803
Catlog: Book (1996-12-20)
Publisher: Wiley
Sales Rank: 41973
Average Customer Review: 3.76 out of 5 stars
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Book Description

Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner's environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks.

The author discusses, in plain English, vital issues, including:

  • The generalized option, which encompasses all instruments with convex payoff, including a trader's potential bonus.
  • The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions.
  • Market dynamics viewed from the practitioner's vantage point, including liquidity holes, portfolio insurance, squeezes, fat tails, volatility surface, GARCH, curve evolution, static option replication, correlation instability, Pareto-Levy, regime shifts, autocorrelation of price changes, and the severe flaws in the value at risk method.
  • New tools to detect risks, such as higher moment analysis, topography exposure, and nonparametric techniques.
  • The path dependence of all options hedged dynamically

Dynamic Hedging is replete with helpful tools, market anecdotes, at-a-glance risk management rules distilling years of market lore, and important definitions. The book contains modules in which the fundamental mathematics of derivatives, such as the Brownian motion, Ito's lemma, the numeraire paradox, the Girsanov change of measure, and the Feynman-Kac solution are presented in intuitive practitioner's language.

Dynamic Hedging is an indispensable and definitive reference for market makers, academics, finance students, risk managers, and regulators.

The definitive book on options trading and risk management

"If pricing is a science and hedging is an art, Taleb is a virtuoso." —Bruno Dupire, Head of Swaps and Options Research, Paribas Capital Markets

"This is not merely the best book on how options trade, it is the only book." —Stan Jonas, Managing Director, FIMAT-Société Générale

"Dynamic Hedging bridges the gap between what the best traders know and what the best scholars can prove." —William Margrabe, President, The William Margrabe Group, Inc.

"The most comprehensive, insightful, intuitive work on the subject. It is instrumental for both beginning and experienced traders."—

"A tour de force. That rare find, a book of great practical and theoretical value. Taleb successfully bridges the gap between the academic and the real world. Interesting, provocative, well written. Each chapter worth a fortune to any current or prospective derivatives trader."—Victor Niederhoffer, Chairman, Niederhoffer Investments ... Read more

Reviews (33)

5-0 out of 5 stars A Book for Traders
I would not recommend this book to build up an academic background but rather to develop an understanding and an intuition of how dynamic options are. As a hedge fund options trader this book has been very valuable to me to validate my own observations and where necessary to correct those observations, which at the time seemed correct, but which the author through market experience manages to convey the proper meaning. This book is not only factual but also provides you with the right frame of mind to think about options. I believe you can also use the author's experience to boost your own practical experience.

4-0 out of 5 stars Great book - BUT so many mistakes
this book has helped me in NUMEROUS interviews over the years... it is a book that always keeps me fresh... HOWEVER, thank god i have a solid background in derivatives - otherwise, the 107 errors i found (mathematics, definitions, explanations, etc) would have driven me to a point of complete confusion... NEVER have aloof traders edit your book - get someone who understands derivatives and is separated from the world of day-to-day trading... this book could have been the bible of understanding the risks in options - including exotic options... instead, it is just a good book... well done Taleb... but could you have been more slack with the editing?

5-0 out of 5 stars Real book for traders
really great to figure out the intricacies of options. if you need something more conventional just get hull; this book is by someone who does it for a living and has different intuitions than what you get in the ivory tower.
some of the points are great but may need more updating

1-0 out of 5 stars Not Worth the Read
This book is surely not worth reading. The formulas and analyses are more often incorrect than they are correct. As much as he likes fluffing people with PhDs (which I have - in mathematics), I can't help but feel he himself lacks the requisite skills for proper option analysis. This is not a book any serious trader, quant, risk manager, or academic should bother adding to their library.

3-0 out of 5 stars Derivatives Theory meets Practice
This book provides a healthy dose of practical wisdom for options traders so that they don't blindly follow their mathematical models into oblivion. The author (Taleb) has a PhD in finance, but also has traded in the pits, he knows both theory and practice and where they diverge.

Taleb focuses on hedging, which is a trader's main task when running a large portfolio of options. Instead of using a flood of equations, Taleb relies on charts, graphs, and tables to make his points. Most of the equations & heavy mathematics are relegated to the appendix, presumably because quants (or software) will price the instruments. He covers the behavior of the Greeks (delta, gamma, vega, theta, etc.) for vanilla options as well as behavior of exotic options, and delves into the practicalities of volatility, hedging at discontinuities, and various other topics.

The book is very popular on trading desks, and although I found it pretty good, I didn't find it to be outstanding. Also, notably, the book does NOT cover credit & interest rate derivatives at all; hopefully this will be corrected in the next edition.

So if you need a book on the practicalities of hedging a portfolio of vanilla/exotic options, then get this book. On the other hand, if you want some basic options theory, or want to focus more in pricing, or need a basic introduction, look elsewhere (perhaps to Hull's or Wilmott's books). ... Read more

20. McMillan on Options, Second Edition
by Lawrence G.McMillan, Marketplace Books
list price: $79.95
our price: $67.96
(price subject to change: see help)
Asin: 0471678759
Catlog: Book (2004-09)
Publisher: Wiley
Sales Rank: 175127
Average Customer Review: 4.0 out of 5 stars
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Book Description

Legendary trader Larry McMillan does it-again-offering his personal options strategies for consistently enhancing trading profits
Larry McMillan's name is virtually synonymous with options. This "Trader's Hall of Fame" recipient first shared his personal options strategies and techniques in the original McMillan on Options. Now, in a revised and Second Edition, this indispensable guide to the world of options addresses a myriad of new techniques and methods needed for profiting consistently in today's fast-paced investment arena. This thoroughly new Second Edition features updates in almost every chapter as well as enhanced coverage of many new and increasingly popular products. It also offers McMillan's personal philosophy on options, and reveals many of his previously unpublished personal insights. Readers will soon discover why Yale Hirsch of the Stock Trader's Almanac says, "McMillan is an options guru par excellence."
Lawrence G. McMillan (Morristown, NJ) is President of McMillan Analysis Corporation. As the foremost authority on options, Mr. McMillan is publisher of the Option Strategist, a leading advisory newsletter for the options community, and creator of the innovative fax service "Daily Volume Alerts." He is also the author of the bestselling books Profit with Options (0-471-22531-2) and McMillan on Options (0-471-11960-1). A recipient of the Trader's Hall of Fame Award, Mr. McMillan is also a sought-after speaker and options educator, and conducts options training workshops around the country.
... Read more

Reviews (15)

5-0 out of 5 stars Nitty-gritty street smarts for options traders
"McMillan on Options" is a rare kind of book, and one of the very best.Especially revealing are the discussions in Chapter 4, "The Predictive Power of Options", on how certain patterns of option trading volume and implied volatility can be tip-offs to insider activity and sharp moves in the underlying stock, and on how to take practical advantage of such patterns.The chapters on trading systems and on how to trade volatility and the volatility skew were also well written and useful to the active options trader.All in all, I would recommend this book to anyone seriously contemplating getting involved in the options game.

In fact, "McMillan on Options" and "Options as a Strategic Investment" (a real classic, also by McMillan), were among the very few options books that I made reference to in my own recent work ("Advanced Option Pricing Models", McGraw Hill, Feb 2005)

Jeffrey Owen Katz, Ph.D.

5-0 out of 5 stars Exercise your option and buy this book!
As a ROP (registered Options principal) I feel I am uniquely qualified to review this book. First, understand that Larry McMillan is considered by many to be the best options mind on Wall Street (sorry Bernie Schaeffer). His knowledge of this less-than-logical derivative investment is the equivalent of Alan Greenspan’s knowledge of the economy.

My assessment: this is a good book. McMillan covers virtually every aspect of options trading: history, terms, strategies, volatility, theoretical approaches, etc. I am particularly impressed by Larry’s use of historical examples to bring complicated strategies down to basic levels.

This is not to say this is an easy read. An easy investment read is Peter Lynch’s "One Up on Wall Street". McMillan on Options is more like a doctor’s guide to brain surgery: the pictures are cool but the content can be complicated. Topics covered include spreads (verts, calendar, diagonal), straddles, combos, the greeks (delta, rho, theta, vega and gamma) and strategies that employ these. If volatility is your life, and you hold a hefty position in Rolaids futures, then this book is for you. I have not read a more comprehensive, useable options book. I believe all options traders and speculators should own McMillan on Options.

4-0 out of 5 stars Good Followup to OAASI
My first McMillan book was Options as a Strategic Investment. New investors should read that book first then move on to this one.This book goes beyond the theory and actually gets down to some real useful strategies. If you are trading options or plan to, this book is a must read.I also recommend The Option Advisor by Bernie Schaeffer and Wall Street Money Machine I, II and III by Wade Cook.

5-0 out of 5 stars Don't Trade Options Until You Read This Book
As founder of "" I thought this book providedthe reader with a realistic view of trading options.

You will learn alotabout options and the proper approach to trading that is necessary to be aconsistant winner.

McMillion writes this book in a no-nonsense realisticstyle.Pay attention to what he says.

Fell FREE to visit our Web-site"" which deals with Trading Psycology as well asother material realted to trading.

4-0 out of 5 stars Pays for itself after one trade.
Two things make this book very educational and useful: 1.) Several strategies and ways of using options that I never thought of.From ratio spreads to trading volatility, this book demonstrates how versatile andprofitable option trading can be. 2.) Stories of how NOT to trade.Theseare both entertaining and effective at teaching the risks and rewards ofoption trading.

I really would have liked to see more mathematicalformulas than the few in the appendix, and a supplemental web resourcelinking to Futures information and inexpensive option commisions would havemade the book more valuable. ... Read more

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