Options for the Beginner and Beyond: Unlock the Opportunities and Minimize the Risks

by W. Edward Olmstead

Brief, carefully paced lessons on options and trading strategies using verbal definitions and many trading examples for clarification. Each lesson builds on the one preceding it and explains options in plain English, from start to finish. Step-by-step coverage of controlling risk, protecting your investments -- even advanced strategies other introductory books ignore! Authored by Dr. W. Edward Olmstead, contributing editor to The Spear Report and editor of The Options Professor newsletter.

Genres: Nonfiction, Finance, Business

230 pages, Kindle Edition

First published March 20, 2006

Reviews

[Tim · Rating 5 out of 5]

Concise and informative. Olmstead's basic method is to explain a trade, give an example, show a risk graph, explain considerations, and summarize. He does this for each of the major trades he covers. Many trades will then have optional intermediate level follow up chapters that dive into more detail or give a variation on the previous trade.

I read this in three short evenings. On the second day, I made a trade based on what I had learned before and within 2 hours covered the cost of the book. As someone buying an investment book, that's the kind of return you're looking for!

[Leo Polovets · Rating 4 out of 5]

I read this book a few months ago in the hopes of learning more about options trading and using options to hedge “regular” stock trades. Options for the Beginner and Beyond offers a good, non-technical overview of how options work, as well as different option trading strategies like bull spreads, straddles, and iron condors (the names are much more interesting than the strategies). By the end of the book, I felt like I had a good grasp on the concepts behind options and how to apply them to my investing strategies.

[Michael Bond · Rating 4 out of 5]

Good introductory book on options with many strategies covered, although he won't tell you what you *should* do. You'll need to pic a couple of strategies to learn well. However, all the main ones are here, and some of variations are provided in greater detail than usual. I didn't like that he uses a different, vertical depiction of profit/loss graphs than everyone else, even though he tries to defend it.

[matt · Rating 4 out of 5]

Very good options book, covering a range of strategies. Would give it 5 stars if the graphs were oriented the 'normal' way.

[Senanu Ashiabor · Rating 3 out of 5]

Good for learning basics about options and various combinations of calls and puts. Has errors and does not cover speculation and risks properly.

[Diane · Rating 4 out of 5]

I like that this truly is a beginner book! Very basic and easily read (and understood.) Useful examples and explanations which I appreciated.

[Jason · Rating 4 out of 5]

I wish I had read this before blowing out 50k+ in bad options trades a decade ago! I remember this book 12 years later, from when I read it on my trip to/from Thailand. It was a great primer on options, simple language, concise and plentiful charts to visualize the strategies etc. Options trading takes a lot of discipline that I realized I did not have, so I stopped a few months after blowing up more cash. I recommend reading this before starting. The worst thing is making lots of money initially as you get overconfident. It's like winning at the casino and thinking you're a genius, but you're really an idiot degenerate gambler on a lucky streak until the roulette wheel hits 00 Green. My biggest takeaway is considering options such as insurance premiums, not lottery tickets. And if you're too lazy to set up basic bull/bear spreads, you probably shouldn't touch these highly leveraged and volatile instruments. That said, in the coming bear market, I'm considering selling covered calls to gamblers like my decade-ago self.

[Y T · Rating 5 out of 5]

I'm re-reading this book after more than a decade of owning it. I first read the book in 2008, just before the GFC blew up. Back then, I felt many of the concepts were too complex for me to understand.

After 14 years later today, I've finished reading it again, and understand a little better some of the concepts.

This book is highly excellent and teaches a lot of strategies for trading options. The author is also honest on what happens if those trades go wrong.

What's really helpful is that the author also marks out where the more complex topics are and beginners can choose to skip them if desired.

Even though it was written in 2006, the concepts are still relevant today.

Highly recommended read for anyone getting their hands into options.

[Saeed Mohammadi · Rating 5 out of 5]

Good book

Certainly provides information for beginners and advanced. Did not see many typos. Describes a few strategies rel well. Would recommend.

[Giancarlo Rojas · Rating 5 out of 5]

I'll preface this preview by stating this was my first book on options. With that said, I learned a lot and understood most, if not all the material. The graphs are not as "modern"as I would have liked but after a little extra effort (tilting has to side) I was able to comprehend. I did have to re-read a few chapters but it was only to correlate material from other chapters. This helped me build confidence to get out to the real trading world. A thorough technical book after this is highly recommended.