PDF Ebook McMillan on Options, by Lawrence G. McMillan
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McMillan on Options, by Lawrence G. McMillan
PDF Ebook McMillan on Options, by Lawrence G. McMillan
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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 It also offers McMillan's personal philosophy on options, and reveals many of his previously unpublished personal insights.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."
- Sales Rank: #502192 in Books
- Published on: 2004-10-04
- Original language: English
- Number of items: 1
- Dimensions: 9.13" h x 1.47" w x 6.44" l, 2.22 pounds
- Binding: Hardcover
- 672 pages
From the Publisher
Thousands of investors turn to Larry McMillan, leading finance writer and advisor, for expert advice on options. In this reader-friendly book, McMillan offers the latest information on the high-profit world of options trading. This up-to-date guide provides an information-hungry marketplace with in-depth coverage of pricing strategies, volatility and risk control, hedging techniques and option philosophy, as well as key insights into the predictive power of options, the versatile option and buying and selling. Real-world examples provide hands-on applications and clear illustrations to turn theory into practice.
From the Inside Flap
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 this 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 philosophy 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.
From the Back Cover
Praise for McMillan On Options, Second Edition
"When it comes to options trading education, no one is more respected than Larry McMillan. With all the new innovations in the options arena over the past decade, this revised edition of his classic work is a must-have for ardent options traders and novices alike."
–Price Headley
President and Founder, BigTrends.com
"Larry McMillan has proved once again that he is an option strategist and educator without peer. In this book, he provides an intimate look at his own personal trading philosophies. He has truly raised the bar in his update to McMillan on Options."
–James Bittman
OIC Instructor and Author
"Amazingly, Larry McMillan has outdone himself. His update of McMillan on Options not only expands the original research to include single-stock futures, LEAPS, ETFs, and volatility futures but goes beyond theory and reveals his personal strategies and new methods. McMillan’s put-call ratio work is bar none. An absolute must-read for traders of all levels!"
–Jeffrey A. Hirsch
The Hirsch Organization
Most helpful customer reviews
42 of 45 people found the following review helpful.
Not for beginners
By Carl Mclaren
Some of the negative reviews sounded like they wanted a short book that said "Do the following and you will be very rich very quick". Guess what, that book doesn't exist and will never exist. Options are very useful if used properly but to use them properly you need a deep understanding of risk and the mechanics of options. These concepts are mathematical in nature and so is this book. For a variety of reasons just buying a bunch of options is a suckers game as many have learned, but used to reduce risk as a hedge is a different matter. McMillan's other book Options as a Strategic Investment would be the place to start learning. This advanced text explains many things professionals are doing and gives insight to why the markets behave as they do. If you want to get involved with options you need to understand this book thoroughly.
25 of 27 people found the following review helpful.
Intermediate to Expert text on Options
By A Customer
Having never traded options before but having an engineering background, I found the text as dry as my college engineering textbooks, but as informative as ever. I finally got the hang of it by the last chapter, and found it more informative reading the second time.
I CANNOT IMAGINE TRADING OPTIONS W/O A FULL UNDERSTANDING OF THE CONCEPTS HE PRESENTS. It is not, however, intuitive to the novice options trader. It may take reading a second time to get the hang of it.
23 of 25 people found the following review helpful.
A Must Read
By Maxim Masiutin
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.
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