Ebook: Profit with Options: Essential Methods for Investing Success

The book is for a reader with some degree of investment and trading experience. Unlike the previous books by the author (Options as a Strategic Investment and McMillan on Options), this one covers each phase of the options trading process step-by-step, reinforces individual concepts, and thus allows you to hone and refine skills--in essence, a workbook or study guide. In other words, the aim of this book is study in repetition. You will revive in memory what you already new, and will probably pay attention to some minor new tips.

The unique characteristic of this book is that each chapter ends with a set of review questions and answers that will assist you in absorbing and implementing the material covered.

Chapter 1 moves right into the components of option price, using historical and implied volatility
to formulate your option trading strategy, and understanding the advantages an option model can provide. Plus, LEAPS, futures, and trading technology are each treated in detail.
Chapters 2 and 3 explain how to use options as both direct and contrary indicators, with examples showing how each can predict market direction and help you decide which options to buy under both scenarios.
Chapter 4 teaches you how to incorporate system trading into an overall options game plan and illustrates the value of taking the system approach. A variety of systems types are outlined that are applicable for both short-term and long-term investors.
Chapter 5 presents powerful methods for using options as "insurance" and portfolio protection, which is one of their key strengths.
Chapters 6 and 7 conclude with various strategies for profiting from trading volatility. I start by viewing volatility as a strategic indicator, and then move into both forward and reverse "skew" and spreading strategies. I then provide a more in-depth look at volatility analysis, the reasons behind volatility changes, and highlight the author's favorite strategy plus personal criteria for buying straddles, "follow-up" action, and selling naked options.
Each chapter of the workbook can stand on its own, but taken together, they form the basis of a well-rounded options trading program. With the end-of-chapter questions provided, you can test your knowledge of the concepts, techniques, and systems featured in Profit with Options before you need to put them into action in the real trading world. And this learn-by-example workbook should prepare you for making the right moves at the right time, while reacting swiftly to opportunities that arise in the fast-paced options arena.

As a conclusion, this hands-on guide will complement the previous two works by the author. If you didn't complete these two works, I don't recommend to start with this one.