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Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor, by Lee Lowell
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A detailed guide to successfully trading stock and commodity options
After numerous years as an options market-maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn't.
Filled with in-depth insight and expert advice, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options market. It quickly covers the basics before moving on to the four options trading strategies that have helped Lowell profit in this arena time and again: buying deep-in-the-money call options, selling naked put options, selling option credit spreads, and selling covered calls.
- Breaks down four of the best options trading strategies currently available
- Explains how to set up a home-based business with the best options trading software, tools, and Web sites
- Contains detailed discussions of how options can be used as a hedging or speculating instrument
With this book as your guide, you'll quickly see options in a whole new light and learn how to become part of a small group of investors who consistently win.
- Sales Rank: #53395 in Books
- Brand: Lowell, Lee
- Published on: 2009-10-05
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .95" w x 6.35" l, .99 pounds
- Binding: Hardcover
- 272 pages
From the Inside Flap
The best way to learn about options is by listening to someone who knows how the business works. After numerous years as an options market-maker in the trenches of the New York Mercantile Exchange (NYMEX), few analysts are more familiar with how to make money trading options than author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn't.
In order to survive and thrive in today's financial markets, you must seriously consider the use of options in your investment endeavors. Options allow you to reap the same benefits as an outright stock or commodity trade, but with less risk and less money on the line. The truth is, you can achieve everything with options that you would with stocks or commodities—at less cost—while gaining a much higher percentage return on your invested dollars.
Updated to reflect today's dynamic times, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options arena. It quickly covers the basics—from how options are priced to using volatility to your advantage—before moving on to the four options trading strategies that have helped Lowell capture profits time and again: buying deep-in-the-money call options, selling naked put options, selling option credit spreads, and selling covered calls.
While none of the strategies highlighted here have changed since the first edition—because they're still as sound and successful as they've ever been—more examples of Lowell's favorite strategies are included in this Second Edition. In addition to outlining his proven options trading strategies, Lowell also shows you how to set up your own home business with the best options trading software, tools, and Web sites.
Options can be an essential part of your portfolio, when used properly. The Second Edition of Get Rich with Options shows you exactly what it takes to make it in this field and will put you in a better position to profit from the power of options. With this book as your guide, you'll quickly discover how—through safer speculation and hedging techniques—selling options can generate immediate income.
From the Back Cover
Praise for the first edition of Get Rich with Options
"No more excuses! Get Rich with Options provides a clear, honest, and detailed picture of the potential to trade stock and commodity options successfully. Lee covers all the bases, starting with the basics then spending time on concepts such as ITM, OTM, ATM, volatility, spreads, and delta. He turns the mystery of options trading into something cohesive and does it in an entirely user-friendly way. Get Rich with Options is the perfect segue into the world of options trading for anyone who has been intrigued by this investment strategy but too intimidated to try it. For the more seasoned trader, Lee offers little-known tips and advice that have kept him ahead of the pack for years. This is a rare how-to guide that answers all the questions, gives step-by-step instructions, and should be on every options trader's bookshelf."—Margaret Beeler, Managing Director, International Strategy & Investment, Inc.
"There are many options books in the market today. For the most part, they impart sterile options strategies that will 'theoretically' work for you. But, they are written from the perspective of an academic. In Lee Lowell's Get Rich with Options, you will learn options and commodities basics. That's not where the value is. The value of this outstanding, understandable book comes from the author's perspective of how to trade options and commodities. Lee Lowell brings you the secrets from the trading pits in New York, the secrets of a market-maker, a trader who must make money to survive, and a trader who has made thousands of successful trades. After reading the book, you will come away with a professional education and the stark realization that trading options is easier than you think, more profitable than you could imagine, and that there are only three or four surefire strategies that will make you a lot of money consistently. Clear your shelf for this one, it is an invaluable guide for the fastest growing segment of the investment arena today."—Karim Rahemtulla, Investment Director, Mt. Vernon Research
"Option strategies are often delivered in a sea of hype. It's refreshing to learn from someone like Lee who takes a conservative, no-BS approach to options and still makes investors money. I'm impressed by his frankness, his sincerity, and the way he manages risk."—Julia Guth, Executive Publisher, The Oxford Club/Investment U
"Lee Lowell leads us down the road of complex derivative products and takes us out the other side much more profitably. This book will show you that trading on options is not out of reach. Lee takes complex ideas and breaks them down step by step to help every trader from novice to expert master the art of options trading. I found new ideas and skills at every turn in this book and think it's a must-read for the serious commodity options trader."—Kevin Kerr, Editor, Global Commodities Alert, and author ofA Maniac Commodity Trader's Guide to Making a Fortune
About the Author
Lee Lowell is one of America's leading options professionals and is the coeditor of Mt. Vernon Research's Xcelerated Profits Report and Editor of Instant Money Trader and Triple-Zone Profit Trader. He has been an options trading professional for seventeen years and spent six years in the options trenches as a market-maker on the floor of the New York Mercantile Exchange (NYMEX). After leaving the floor in 1998, Lowell started, and currently runs, his own home-based trading business—actively trading commodity options and futures, stocks, stock options, ETFs, and e-mini futures. He's had numerous articles published in leading financial magazines, including Futures and Technical Analysis of Stocks and Commodities, as well as articles posted on options-related Web sites such as www.optioninvestor.com and www.esignal.com. Lowell is also the author of the first edition of Get Rich with Options (Wiley).
Most helpful customer reviews
217 of 220 people found the following review helpful.
Good, but incomplete guidance/advice
By K. Wu
This book cuts to the chase in presenting four winning options strategies (see book description above for all 4, which you can lookup), which will make beginners happy as there's too much confusing options advice out there. But it falls badly short on two absolutely critical aspects of trading: exits, and position sizing (or money management).
For example, Lee presents option credit spreads as his favorite strategy, and it's certainly a powerful strategy, but of his 13 example spread trades, not one was a loser, or close to a loser! There's very little treatment of when and how to get out, nor how many spreads to put on given one's capital - areas where I really wanted to hear his analysis, because he has survived in the markets for a while. That's a huge deficit, because the potential risk:reward ratio of spreads is usually at least 4:1. So even though the odds of a winning trade can be greatly in your favor, the overall expectancy (read Van Tharp if you don't know what expectancy is) can kill you. You still need a plan to get out or at least hedge losses, and this book has little to say about that.
Also, implicit in his book is that you're already good at technical analysis and can make market calls with accuracy better than chance. So, you need an overall working strategy before you enlist the specialized options tactics he presents.
In the end, this book's value comes in telling you what really works for options, but not in sufficient detail that you can make a living at it. So start out small, and check out sites like elitetrader where people with experience can share things like exits and position sizing for spreads and other options positions in greater depth.
190 of 193 people found the following review helpful.
Good, practical material
By William
I'd give this book 5 stars for its practicality, but there are a few flaws. Many options books present a Chinese menu of exotic strategies, confusing the reader and probably causing him to lose his money quickly. This book distills all of these strategies down to 4 of the ones that are the most practical for investors and traders, and that in my experience work well in real life. I was put off by the awful title, which is not the main point of the material in the book at all, but I guess the publisher wants to attract some of the get-rich-quick crowd. The clarity and emphasis are uneven. The fifth "bonus strategy" would've best been left out, because most traders would consider it extremely dangerous. On balance, the book's emphasis on profiting from option time decay by using stragegies that are safer than stock ownership greatly outweighs these flaws. You can waste thousands of dollars on options classes and end up with less useful material than is contained in this book.
55 of 56 people found the following review helpful.
Excellent profitable strategies for intermediate option traders
By Steve Burns
This book is not a good first book for people wanting to start trading options for the first time. However it is excellent for those that have already read a few books on options and understand the basic principles of how they work.
This book explains the importance of not thinking of only buying calls and puts, but also the danger of wasting your money on deep out of the money options that have no intrinsic value and do not even move in your favor even when you are right about the stock. He also explains briefly how delta works with option price movement as it correlates to the stock, a .50 delta means the stock moves half a much as the stock, a 1.00 delta means the options move completely with the underlying stock. The Theta is also covered which is a measurement of how fast the option value deteriorates in relation to time. I found two of the web sites the author suggested to be great for option information. One has an option calculator where you simply key in the option information and it gives you the options value along with the Greeks. Another shows you the probability of an option reaching your target price before it expires.
The book basically gives you four strategies that tilt the odds in your favor for winning with options while at the same time controlling risk.
#1 Deep-In-The-The-Money call strategy: If you want to use options to participate in the up trend of a stock then buy deep in the money calls that move equally with the underlying stock so you can profit along with the stock holders. You want a delta of at least .90. These options only cost about 50% of what the stock costs and you get 90% of the movement, that is a great deal! Stay away from deep out of the money calls they are like lottery tickets with little chance of being worth anything at expiration. This advice alone is worth the price of the book.
#2. Sell Puts: Instead of putting in limit-buy orders for stock you want to buy sell Naked Puts on hot stocks you want to buy when they pull back. Support or 50 day moving averages are a food target price to use to sell your Puts. Only do this on up trending stocks that you want to own.
#3 Option Credit Spread: This strategy has a limited risk and limited return feature. It takes advantage of the time decay factor. It entails the buying and selling of the same amount of options as a single transaction for a single price at the same time. They are done at different strike prices and are either both call or both put options. You will be selling the more expensive of the two options, which will yield cash credit to your account. Then you will buy the less expensive one. Your profit is the difference you made on the one you sold versus the less expensive one you bought.
#4 Covered Call: Put stocks that you plan on holding long term to work by selling covered calls on them. Sell your calls out of the money and at prices you would be happy to sell the stock for. Sell the calls above price resistance to avoid it being called. This creates a nice income stream.
"Don't be under the impression that picking a market direction and being right on it is the only way to profit." Options gives us many, many ways to make money. With only 12% of options being assigned and used, if you sell instead of buy you should average 88% wins. I highly recommend this book for option traders ready to go the the next level beyond simply being buyers of options and puts to sellers of options and profiting from theta. Be the casino not the gambler.
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