Оглавление
Julia Spina. The Unlucky Investor's Guide to Options Trading
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
The Unlucky Investor’s Guide to Options Trading
Foreword
Preface
Acknowledgments
About the Authors
Introduction: Why Trade Options?
Chapter 1 Math and Finance Preliminaries
Stocks, Exchange‐Traded Funds, and Options
The Efficient Market Hypothesis
Probability Distributions
The Black‐Scholes Model
The Greeks
Covariance and Correlation
Additional Measures of Risk
Notes
Chapter 2 The Nature of Volatility Trading and Implied Volatility
Trading Volatility
The States of VIX
IV Reversion
Takeaways
Notes
Chapter 3 Trading Short Premium
Background: A Note on Visualizing Option Risk
Background: A Note on Quantifying Option Risk
Trading in High IV
Number of Occurrences
Portfolio Allocation and Position Sizing
Active Management and Efficient Capital Allocation
Takeaways
Notes
Chapter 4 Buying Power Reduction
Takeaways
Notes
Chapter 5. Constructing a Trade
Choose an Asset Universe
Choose an Underlying
Choose a Contract Duration
Choose Defined or Undefined Risk
Choose a Directional Assumption
Choosing a Delta
Takeaways
Notes
Chapter 6. Managing Trades
Managing According to DTE
Managing According to a Profit or Loss Target
Comparing Management Techniques and Choosing a Strategy
A Note about Long‐Term Risk
Takeaways
Notes
Chapter 7 Basic Portfolio Management
Capital Allocation and Position Sizing
The Basics of Diversification
Maintaining Portfolio Greeks
Takeaways
Notes
Chapter 8. Advanced Portfolio Management
Advanced Diversification
Balancing Capital According to POP
Constructing a Sample Portfolio
Takeaways
Notes
Chapter 9. Binary Events
Option Strategies for Binary Events
Takeaways
Note
Chapter 10 Conclusion and Key Takeaways
Appendix. I. The Logarithm, Log‐Normal Distribution, and Geometric Brownian Motion, with contributions from Jacob Perlman
II. Expected Range, Strike Skew, and the Volatility Smile
III. Conditional Probability
IV. The Kelly Criterion, derivation courtesy of Jacob Perlman
Notes
Glossary of Common Tickers, Acronyms, Variables, and Math Equations
References
Index
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Отрывок из книги
Julia Spina
Coauthored by Anton Kulikov
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Lucky investors never figure things out because they never have to: They simply follow the herd and hope for the best. We refused to follow traditional financial media down the path of self‐promotion and financial irrelevance. We found smart people, fed them cheap lunches, made them work crazy hours, gave them free snacks, and mostly let them do their own thing. The result? We changed the world of strategic investing.
We knew early on that a book about options trading would add a new layer to our model of engagement and be a powerful tool for creating financial content. Eighteen years ago, I locked myself in our old conference room with one of our cofounders, and we tried to write a book. We hired a professional writer, cleared our schedules, and made the book a priority. Three days later and one and half pages in, we fired the writer and quit the book project to protect our friendship and the future of our firm. Fast forward to early 2021, and I was again bitten by the book bug, but this time, I knew I wasn't up to the task. I asked, as nicely as I am capable of, for two of our young, smart researchers to help. I said, “It's all yours.” Julia and Anton accepted the challenge, and they totally nailed it. I truly believe this is the most logical, informative, and comprehensive book on strategic options trading ever compiled. Unlucky investors can rejoice. No book will ever be a one‐size‐fits‐all holy grail for options trading, but The Unlucky Investor's Guide to Options Trading is the closest thing we have.
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