2024 the best option review

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Iron Condors is the third book in the "Best Option Strategies" series that offer a hands-on education for some of the most useful option strategies. It is intended to be very different from all other books you may have read that discuss this versatile option strategy.

Expect to learn the basic concepts of trading iron condors: (1) How to decide which options are suitable for your iron condor. There is no single ‘best’ position that suits all traders; (2) Ideas -- with specific example -- on how to manage risk; (3) Figuring out when to exit. We’ll discuss the pros and cons of locking in profits quickly (not a good idea) vs. holding longer (but not too long).

There is more that makes this book so special. It is not just a “how to” book because I share lessons learned from a lifetime of trading options (starting in 1977 when I became a CBOE market maker). I share my philosophy on iron condor trading and ideas on how a winning trader thinks. The goal is to offer guidance that allows you to develop good trade habits and an intelligent way of thinking abut trading. We all learn as we gain experience, but some experience can be destructive when mindsets which are dangerous to your longevity as a trader become habitual. This books helps you avoid developing those difficult-to-break mindsets.

This book was prepared for an audience that already understands the most basic concepts about options. Although some of the material will be suitable for rookies, if you do not understand the difference between a put and call or have zero trading experience, I encourage you begin with the most basic concepts about options before continuing. There are numerous sources of information, but I recommend my recently updated (2013) “The Rookie’s Guide to Options, 2nd edition.”

Another decision involves a pre-planned (I encourage the preparation of a trade plan for each trade) exit to lock in the profit. If you have no profit target, then you will be hard pressed to make decisions as time passes. As profits accumulate, it becomes a daily decision: hold or exit. It is important to recognize when there is just too little remaining profit potential in the trade to warrant holding. That is where the trade plan, and the target profit, can help you become a disciplined trader.
Closing the position may be easy and pleasurable, such as when you earn the target profit before expiration arrives. However, it could also be a gut-wrenching decision that locks in a loss and is made because it has become essential to take risk-reducing action. This book offers a solid introduction to risk management for iron condors.

The following points represent the foundation of my beliefs, and the book is written accordingly: (1)The ability to manage risk is the most important skill for any trader; (2) Take time to learn about the Greeks. It is not difficult, and it allows you to recognize the risk (and reward) potential for any position; (3) Discipline is necessary when managing risk. It is one thing to say that you understand what risk management is all about, but it is another to put it into practice; (4) Let another trader earn the last nickel or dime on the position. Pay a small sum to exit the position, lock in profits, and eliminate all risk.

The iron condor is most often traded as a single transaction, consisting of four legs. However, it is managed as if it were two positions. This is not a contradiction. An adjustment is made when one of these two spreads is at risk of losing money much more rapidly than the other spread can earn money to offset that loss

ASIN ‏ : ‎ B00M7A3HXI
Publisher ‏ : ‎ Options for Rookies Books (July 27, 2014)
Publication date ‏ : ‎ July 27, 2014
Language ‏ : ‎ English
File size ‏ : ‎ 2370 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Print length ‏ : ‎ 144 pages
Reviewer: DC Russ
Rating: 5.0 out of 5 stars
Title: Well written
Review: I found the solid writing easy to follow. I found that it was easy to depend on the author's concepts due to the high accuracy of writing. He over explains things in a way that's helpful for beginners but not distracting for experts. His writing is extremely clear and he is thorough in presenting a variety of case scenarios.

Reviewer: Nagendran K
Rating: 4.0 out of 5 stars
Title: Good read
Review: Nuts and bolts of iron condor explained in a simple way. Useful for beginners. Triggered to read the authors other books.

Reviewer: Paul
Rating: 5.0 out of 5 stars
Title: Great book!!
Review: Very good book that goes over the basics of how to trade an iron condor - how to set it up correctly calculating the spread, different expiration dates, choosing the underlying security and risk management. Learned a lot! Highly recommended for all new traders!!

Reviewer: Jim Presser
Rating: 3.0 out of 5 stars
Title: Three Stars
Review: It is decent book, but has almost no risk reward graphs. It also lacks clear adjustment techniques.

Reviewer: Dr Yousef Alroomi
Rating: 2.0 out of 5 stars
Title: Basic and none specific
Review: Its a rudimentary book, with borderline to the novice. Examples are rare and points are made as bullets. I like number reasoning that are specific and point making. This is mostly hand waving, which really would not be something to write about.

Reviewer: Dejan
Rating: 4.0 out of 5 stars
Title: helpful but a little biased against martingale
Review: amongst all strategies, did not mention you can double down credit spread down/up and out just to break even with less chance of breaking the bank.

Reviewer: Alex Eidelman
Rating: 5.0 out of 5 stars
Title: Good product
Review: Good product

Reviewer: BFSkinner
Rating: 5.0 out of 5 stars
Title: Good book for new or intermediate IC traders
Review: I enjoyed this book. It gave me clarity on quite a few points.

Reviewer: iwsh
Rating: 5.0 out of 5 stars
Title:
Review: This book pulled together for me several aspects of option trading and offered reasons as to why losses can occur . It really helped me understand how some large losses happened and how I need to get some more structure into my options trading to avoid repeating the errors. I thought I was a conservative trader but now I realise there are some vital mistakes I made which this book points out , making me a risk taker beyond my knowledge . He covers the Greeks in a practical manner not theoretical like many books and talks clearly about applying them to your trading. I really recommend this book to people who have traded options already and have read much of the theory but are not sure how to pull it all together to trade in a consistent manner , understanding exactly the implications of their trading decisions. Yes , it is primarily about condors but contains the wisdom learned over many years that helps all options trading

Reviewer: S. Zajac
Rating: 5.0 out of 5 stars
Title:
Review: It looks like the seller printed an ebook (which they got for free?), and didn't do a very good job printing it.Content is excellent and that's down to the authoright.