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Book: McMillan on Options, Second Edition (Wiley Trading) :: Book
Date: Thursday, 08 January, 2009 :: 20:26
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McMillan on Options, Second Edition (Wiley Trading)
List Price: USD $79.95
from USD $36.62
Product Group: book
Manufacturer: Wiley
Studio: Wiley
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Editorial Review: Product 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 It also offers McMillan?s personal philosophy on options, and reveals many of his previously unpublished personal insights.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." The McMillan name is virtually synonymous with options. Over the years, this legendary trader's popular and informative books, newsletters, and seminars have helped both new and seasoned investors use options to consistently enhance their trading profits. McMillan first shared his personal options philosophies and techniques in the original McMillan on Options. Now, in his revised and expanded Second Edition, he reveals a number of new approaches for success in today's fast-paced and ever-changing investment arena. By exploring both the flexibility and predictive ability of options, this highly revised resource will show you the best new ways to apply options to everyday trading situations. You'll quickly learn how to establish self-contained strategies, substitute options for other financial instruments and protect your positions -- whether in stock, index, or future options. More importantly though, you'll receive a complete education in the exciting new products that are popular with investors, from single-stock futures and exchange-traded funds to LEAPS and the brand new volatility futures. Backed by over 100 case studies, updated charts, and new examples, McMillan on Options, Second Edition: --Illustrates how a stock can be "pinned" to a striking price at expiration, what causes it, and when to expect it
--Discusses put-call ratio charts and theory on individual stocks
--Examines how to use volatility indices as an accurate market predictor
--Adapts trading systems and strategies (such as intermarket spreads and seasonal trading systems) to the realities of a new market environment
--Presents advanced approaches to options trading, including the concepts of expected return and Monte Carlo probability simulation
--Offers guidance for those who need to find reliable options trading data and tools online This timely Second Edition also expands on discussions regarding the NYSE as a faulty indicator, the history of market volatility, and the importance of buying and selling volatility. Readers can now gain a unique insight into McMillan's personal philosopy on options, and discover the innovative new tactics and strategies he applies to his own trading and analysis. Packed with hands on examples and techniques that address hedging and volatility -- plus fresh new pricing concepts -- this comprehensive and updated work will help you understand and unleash the full power of options.
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Reviews:
Average Customer Review: 
2 of 2 people found the following review helpful:
Summary: A Must Read
Date: 2008-12-04 -
Comment: Lawrence G. McMillan is the author of the famous title "Options as a Strategic Investment". What's the difference between the two books? This one is entirely different: it teaches option trading in actual examples, and is not intended to be a complete definition of strategies. This is a book in which the application of options to actual trading situations is discussed. It assumes that you are already familiar with the stock market to some extent and have traded stocks but not options. There are plenty of real trading examples, many of them taken from the author's trading experience. In addition, there are a number of stories--some humorous, some more on the tragic side, that illustrate the rewards and pitfalls of trading, especially trading options. If you like the analysis of historic events in the markets, I can also recommend "The Only Three Questions That Count" by Ken Fisher, in addition to this book. If you like the history even more, I can recommend the trilogy: Financier, Titan and The Stoic by Theodore Dreiser. Seriously!
Pros:
- explains in a very interesting way the history of listed options and other historic events;
- humorous, vivid, entertaining and amusing;
- unique advises from the author's experience;
- uncovers the predictive power of options in a very detailed manner with lots of case studies
- analyses the seasonality of volatility, The January effect, Late-October Buy Point, and other patterns and dependences;
- excellent chapters about the trading philosophy;
Cons:
- Chapters about selecting the right broker, getting the quotes and understanding the order flow are outdated;
- An important technique of selling puts as a way of buying the underlying security is not covered in this book, but covered in the others first book "Options as a Strategic Investment". Warren Buffett obtains most of his stock holdings through selling puts. He got most of his Coca-Cola Holdings this way, and, recently, Burlington Northern Santa Fe. If you are interested in this technique, read chapter 19 of "Options as a Strategic Investment";
- Doesn't have a single references to other books.
There are many books about options, but this is a must read.
Summary: A bit too dated
Date: 2008-12-01 - 
Comment: I haven't read much on options, but wanted a book about trading options (with all complexity that involves). This book feels a bit dated. It does a fair job describing different strategies; straddles, butterflies, etc. But it doesn't do a good job describing different technical measures. It does cover the put-call ratio, but you do not get a feel for how useful the measure is. Implied volatility is hardly covered at all and ditto for VIX. That is just not acceptable. Note that this is a second edition so the original book is quite old. I don't think there is much change between the editions.
I don't have a better suggestion because options are not really my thing, but I would love if somebody has a better book to recommend. Please add in the comments section.
1 of 1 people found the following review helpful:
Summary: Thorough presentation
Date: 2008-02-25 - 
Comment: Written well to help new or relatively inexperienced in the options field. I learned much and have used the knowledge gained immediately.
2 of 4 people found the following review helpful:
Summary: The God of Options on Paper
Date: 2008-02-09 -
Comment: Think of this as the Bible for the options trader. It's the word from the God of Options trading.
I think at least half of the book is common sense, but then again, I learned options trading when I was in my mid-late teens.
Well written, put together, organized. My only suggestion is to the publisher - make it cheaper!
1 of 2 people found the following review helpful:
Summary: Interesting reading on options
Date: 2007-06-27 -
Comment: This is not a textbook of option strategies and option trading. However, it makes for interesting and educative reading. If you want to learn the trade strategies in depth, I recommend the companion book by Lawrence McMillan "Options as a Strategic Investment".
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