Rating: 
Summary: Now I understand volitility!
Review: ...well, almost! Reading this clear and concise book makes me feel that even a math-phobe like me can master the options market! While reading the explainations of what an option is, to the lingo, to postions, I never felt that I was in over my head...or that it was written in a way that was determined to go over my head! It's simplicity was refreshing and empowering, and I find that I go back to it again and again as a reference point.Who knew I'd ever get excited over a book about options trading?
Rating: 
Summary: Too many errors to be used as a definitive resource
Review: As an instructor in equity options for a major market making firm, I've been looking for an introductory text to supplement the lecture material presented in our training classes. While MacMillan and Natenberg have written great books on the topic, the former is not specific enough to our market making business and the latter is too advanced for the beginner. In looking for something in between these two fine works, someone suggested to me the Williams/Hoffman book. It has been unsatisfactory in several respects. Explanations of some concepts appear out of context with the material being covered, some others are very muddled, and some are just plain wrong. The book also suffers from a trait common to many traders-turned-authors in that while the authors may be very knowledgable about their subject they aren't very good at conveying - at least in book form - that knowledge to others. While students with previous exposure to options concepts may be able to overcome these deficiencies, I wouldn't recommend this book to the beginner. The beginner would be much better served by picking up MacMillan's timeless classic.
Rating:
Summary: Too many errors to be used as a definitive resource
Review: As an instructor in equity options for a major market making firm, I've been looking for an introductory text to supplement the lecture material presented in our training classes. While MacMillan and Natenberg have written great books on the topic, the former is not specific enough to our market making business and the latter is too advanced for the beginner. In looking for something in between these two fine works, someone suggested to me the Williams/Hoffman book. It has been unsatisfactory in several respects. Explanations of some concepts appear out of context with the material being covered, some others are very muddled, and some are just plain wrong. The book also suffers from a trait common to many traders-turned-authors in that while the authors may be very knowledgable about their subject they aren't very good at conveying - at least in book form - that knowledge to others. While students with previous exposure to options concepts may be able to overcome these deficiencies, I wouldn't recommend this book to the beginner. The beginner would be much better served by picking up MacMillan's timeless classic.
Rating: 
Summary: Finally
Review: Finally a book comes along that is useful to the average investor! I can actually implement many of the strategies in this book, they make sense.
Rating:
Summary: Finally....
Review: Finally, a book about options that is understandable and helpful. The book has been reprinted so the errors that the other readers referred to have been corrected. I loved it!
Rating:
Summary: An options workbook that is useful!
Review: I have been trading stocks and options for 3 years and found the volatility, strategy and synthetics section excellent. I have had a hard time understanding synthetics and the idea of creating other positions and understanding the risk and rewards was very useful. I already knew all the strategies but the book went into explaining how to trade them and hedge them. The contract vs. delta neutral was very informative and practical. The simple use of calculating volatility down to the day was very useful and helps me determine option's premiums against fair value. I like the workbook feel instead of textbook feel. Pros - Simple explanation of volatility, intro to synthetics, strategy section with how to trade the positions, great basic strategy formula section, interesting market making section, seemed more like a workbook, and a the quiz at the end of each section. Cons - More on Synthetics, some sections a little complicated for the beginner (This book is more intermediate then basic). Would like more on pricing formulas. The position trading section needs more examples instead of just one. Final thoughts: ... it was worth it, not too complicated, and information that you can use. At least it wasn't another one of those "get rich" day-trading books about scapling 1/8s with nothing but speculation and a lot of BS. I have enough of those books on my self, wish I could sell them. McMillan's book is the only other option book that I have found useful.
Rating:
Summary: Practical Options Trading
Review: I have read several options books and they are mostly theoretical or geared towards option market makers. This was the first book I read that I felt was practical. The beginning of this book is very simplistic and explains everything from what an option is to how they are priced. I found it a little to easy, but if you do not know anything about options then this would be a great place to start. The second section and strategy section are the best I have seen for the practical retail trader. I found it very interesting how market makers make markets and how it may effect the retail trader. This was also the first book that I have read that made volatility simple to understand. The best part was the strategy section. The book is divided into bullish, bearish, flat market, and volatile market strategies. I found this to be a great reference tool. This book should be on the self of every advanced retail trader. I have seen the author, Michael Williams, speak in New York and found him very knowledgeable, but even more importantly an excellent teacher. I would rate this book 4 1/2 stars because I am already familiar with options and the beginning is introductory. This book is for the retail client that wants to take advantage of options and the leverage they provide. I would rank this book for beginners to intermediate. For an advance book I would recommend Natenberg's "Option Volatility and Pricing". These two books together are all you need for stock options.
Rating:
Summary: A home run for the options trader
Review: Mike Williams and Amy Hoffman have written a clear concise book that is the best single option book of the scores that I have read. They teach a course thru the Pacific Options Exchange that I have had the pleasure of taking. The course is excellent and the book is superb. I was asked to help them improve their course and it needed very little improvement and the book is just the best description of synthetics and the more complex strategies in easy to understand examples. Mike and Amy you really outdid yourselves on this work - you should be proud.
Rating:
Summary: Good but many, many errors. Were the editors asleep?
Review: The authors appear to know their subject well. I would recommend this as a beginner-to-intermediate introduction to fundamentals except for the numerous errors. Some errors are like "typos" such as 6 instead of 60, some are more serious and subtle such as specifying a call when a put was meant, and some are fundamental structural problems with the book. For example, the Quiz answers don't match the chapters to which they purportedly provide answers, and in some cases only some questions are answered anyway. The errors are so numerous, and some of a type that they won't be caught by the average beginner, that it might be dangerous for a beginner to rely on this book as a reference or as an only introduction to options. I'd really like to have a completely "cleaned up" copy, as I think that could make this the best introduction that I'm aware of.
Rating:
Summary: Good but many, many errors. Were the editors asleep?
Review: The authors appear to know their subject well. I would recommend this as a beginner-to-intermediate introduction to fundamentals except for the numerous errors. Some errors are like "typos" such as 6 instead of 60, some are more serious and subtle such as specifying a call when a put was meant, and some are fundamental structural problems with the book. For example, the Quiz answers don't match the chapters to which they purportedly provide answers, and in some cases only some questions are answered anyway. The errors are so numerous, and some of a type that they won't be caught by the average beginner, that it might be dangerous for a beginner to rely on this book as a reference or as an only introduction to options. I'd really like to have a completely "cleaned up" copy, as I think that could make this the best introduction that I'm aware of.
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