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Summary: The Classic, Essential Options Text
Review: I have been a professional options trader for over 11 years. In my experience most options traders fail, and for two reasons: naive faith in mathematical models and software, and a basic misunderstanding of the concept of impled volatility.This is the one book that everyone who has worked for me has been required to read: it is ESSENTIAL. There is no other book that covers these topics in the the way that market practitioners think about them, nor does Natenberg forget to include anything that's really useful. I have to agreed with another reviewer: understand and study this book! Options trading is a zero-sum game. Professional traders have the edge and been earning a good living from the ill-prepared, arrogant, and naive for years.
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Summary: Wow, what an excellent analysis this is
Review: I have read many books on the topic, but none came close to applying the science and analyzing different synthetic positions and alternative ways of arriving at them. I'm totally impressed; this is a must read.
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Summary: Excellent book!!!!!!!
Review: I read this book after reading other more basic stuff an I really have to say that it took me to the next level. After reading this book I was able to do alot of the advanced strategies without a problem. Of course I read more advanced books then this to help me apply this stuff.
Dont listen to these idiots reviews who say there is software out there that can do all the work for you. You need to know why the software does what it does and this book will explain it. The best software in the world cannot help the losing trader.
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Summary: Yes, One of the Best Books on Options!
Review: I went to business school and work with derivatives, so I read a lot of books on options, but this is by far the best written, lucidly presented books on the topic that I've seen. It's intended for anyone interested in options, from absolute novices to options professions. Highly recommended.
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Summary: Another book the CBOE should force all traders to read!
Review: If you trade options, you will quickly learn that it is essential to understand the concept of volatility. Natenberg explains the concept of volatility in great detail, and shows how this concept applies to different option positions. Natenberg not only takes great pains to explain the concept of volatility, in addition to other inputs into an option pricing model, but clearly shows that option pricing isn't the exact science many seem to believe, for the simple reason that we never know if our volatility estimate is correct. I suspect many traders just don't understand the severe limitations current models have in different situations (ie. how the Black-Scholes model underprices options near expiration). For the mathematically inclined, there are ample formulas and equations in the appendix. Read it, study it, and apply the concepts to develop your own trading system.
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Summary: Option Volatility & Pricing: Advanced Trading Strategies and
Review: Natenberg has done an excellent job in presenting this book on options. He has very successfully combined theory with practical ideas and examples in the most important area for users of options to get their head around, volatility. Natenberg does well explaining the differences between the different modelling techniques. An excellent book.
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Summary: Option Volatility & Pricing: Advanced Trading Strategies and
Review: Natenberg has done an excellent job in presenting this book on options. He has very successfully combined theory with practical ideas and examples in the most important area for users of options to get their head around, volatility. Natenberg does well explaining the differences between the different modelling techniques. An excellent book.
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Summary: Read it, clerk, get in the ring
Review: Natenberg is the Bible of option floor traders, every local has read it and every new clerk who wants to trade one day should know it in and out.
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Summary: A very thorough and completely understandable text.
Review: Obviuosly this book is a must read for anyone serious about trading options. However, Natenberg takes a complex science and explains the underlying fundamentals in a way that anyone can understand. I found this book to be a perfect primer on options pricing, trading and strategies.
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Summary: Great options book
Review: Perhaps the most amazing success story in the markets and investing in the last 10 or 15 years is the growth of the options market, and the advent of inexpensive trading for derivatives such as options, allowing even the small and amateur investor to use these vehicles if he or she wants. I've read that the options market has grown more than ten-fold since the 80s, even more so than the stock market. This book will help you advance your knowledge of this important area of the market. This is one of the few really high-level options books that are understandable without advanced math. I have a couple of other books on options and derivatives, and they require advanced calculus. It's still geared toward the professional, but as an amateur I still found it interesting and worthwhile reading. Be advised you'll probably still need to read an introductory book or two on options before tackling this volume, which is what I did. But after absorbing those two books, I found I had the background to read and appreciate Natenberg's book. Natenberg discusses all the advanced concepts so you learn such things as how to do butterfly option spreads, synthetic puts and calls, volatility spreads, how to remain delta and gamma neutral, and other such advanced concepts. Overall a great book and essential reading for anyone who wants a better understanding of this important area.
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