Product Description
This book examines the fundamentals of the debt securities, stock index, precious metals, and agricultural commodities markets in detail. It explores the intuitive explanation of option pricing, including the differences between pricing options on futures contracts, physical commodities, and securities, and offers a wide variety of trading strategies, risk management techniques, hedging applications, and speculation, T- bond trading, put and call strategies. Included are dozens of graphs and illustrations, and features a foreword by Richard Sandor, who has been called the "father of financial futures." ... Read more

Product Description
From arbitrage to zero-coupon bonds, this all-inclusive guide explains the fundamentals of investments and their markets. Covers how broker/dealer firms function, option trading, technical and fundamental futures, exchange and over-the-counter transactions, and more. ... Read more

Customer Reviews (3)

Getting registered? Then get this book.
Are you getting NASD series 7 registered? For quick references and review this book will make a wonderful addition to your study materials. It's definitely a keeper.

Average primer but badly needs an update
For the average newcomer to investing this is an OK book, but it does focus alot on subjects you probably do not need to know unless you plan on working for a brokerage firm. It does give good descriptions and examplesof all the security instruments (stocks, bonds, options, futures, etc.) butit accounts for only about 50% of the book.The rest is in my opinionredundant to the lay-person and is in places woefully out of date(especially the taxation section). If updated, I would rate this a 4, butgiven the age of the text, I would recommend looking elsewhere for anintroduction to financial markets.

Superior intro to financial terms, processes, & instruments
If you're new to the financial world and want to understand the lingo, terrain, and equipment of pure capitalism, this book is for you.Don't let the 1991 publication date fool you.Aside from some out-of-date tax information in a later chapter, this book packs an amazing amount of useful financial clues and explanations. One of the strongest features of this text is its use of examples.Whether it's options, futures, or IPOs, the authors provide number-based scenarios to guide the reader towards understanding.This book will not excite you or show how to make $2 million in the stock market.It will help you understand many of the financial instruments which comprise capitalism. ... Read more

Product Description
Approaches trading from the viewpoint of market makers and the part they play in pricing, valuing and placing positions. Covers option volatility and pricing, risk analysis, spreads, strategies and tactics for the options trader, focusing on how to work successfully with market makers. Features a special section on synthetic options and the role of synthetic options market making (a role of increasing importance on the trading floor). Contains numerous graphs, charts and tables. ... Read more

Customer Reviews (10)

Excellent
It is one of the best books on option trading available in the market. It is really amazing how the author has been able to write the material so long back and it is still very relevant. It is not at all elementary level though. You should be very conversant with options before reading and appreciating this book in a true sense.

Put this one on your Option Trading Reading List.
Anytime anyone is willing to credibly tell you what he does to make money over the long run with well defined low-risk strategies you should listen because casinos, banks, and insurance companies certainly do. The author implies a positive expectation to option trading and those who make a living doing it would agree. The book has a conversational read and has something for the novice to the successful option trader.Highlights are: Delta neutral trading, gamma scalping, the use of spreads to enter, lay off risk and adjust, and emphasizes long volatility trading. The title of the book has probably disuaded more traders from buying the book because it is equally benefical to those who are not option market makers.

nope!
pretty outdated... the ratio of the added value of the book to the time spent to read it is far below than i expected..

Classic and essential, this and Hull are mandatory
Baird's "Option Market Making" is the *other* essential options book that any serious practitioner should read. Whether you are buy-side or sell-side, or trading your own book, this work is fundamental and extends where Hull leaves off. In short, pricing models do not a bid-offer spread make, and Baird illuminates this dark world with the well-crafted sunshine of expertise, mathematical rigor, and experience. In addition, Baird's prose is clean, clear, readable and lean, without glossing over tough spots or ignoring extremes.

Baird's 1993 "Option Market Making" while a bit dated, is becoming recognized as an enduring classic. Not because it is up-to-date with the latest smile dynamics from the research of Avellenada or Rebenato, but because it does what it does very well. Like a classic cookbook such as The Joy of Cooking, this work tells you how to make perfect pot roast, but not the latest slow braised chipolte-rubbed hand-aged hanger steak.

Baird's "Option Market Making", indeed, is an economic anomaly, for it refutes an old chestnut: "those who can't do, teach." In the financial publishing world a book that makes or saves you money should not exist, since the expected return of taking the time and work for authorship is much lower than another economic activity (probably including flipping hamburgers). What motivated Baird? Who knows? But this is pure saved gold here.

Option neophytes should not be misled: this is not a book of "secrets of" that will lead you to quick easy riches in the sometimes wild swings of delta and gamma in options markets. Rather, this is a sober, careful, useful book on the actual difficulty of making a market under uncertainty and rapidly changing information sets. This is a work for practitioners and professionals who want to survive and thrive, not "*just*drive!*" Cowboys and "feelings" punters look elsewhere to scratch your itch.

Standout chapters include "Options Risk" which treats delta, gamma, lambda, theta, kappa/vega, rho, skew, and time spread risks in a clear, although direct and quick, manner. "Position Risk Profiles" covers the meat and potatoes of an options market maker: what is in your book at any one time. This chapter mercifully is not in a "panic mode" tone, but rather carefully and soberly guides you through essentials of risk determination for your entire book.

The chapter "On Strategy" will be helpful for punters and those who have committed some capital to being a market maker, covering delta neutrality (yawn!), but more importantly time spreading, expiration, Fences, and high volatility periods (yeah!). It also treats broker order flow and open interest analysis in a sober way ("saucer bottom" and "reverse hook" technical analysis copter beanies need not apply).

The chapter "Market Making Tactics" is perhaps the most aggressive, but it also patiently spells out what option market makers do on a daily basis. The entry on "common mistakes" alone is worth the price of this volume. Baird closes with a lighter "Observations from the Floor," which it behooves all to read nd revist upon occasion. Having worked in a pit myself, all I can say is "amen Brother, and again I say amen."

Out of date
Just out of curiosity it may be worth skimming through its pages, but the way Mr Baird used to trade in the past (with sheets to get ur position from) is far away from how this is done today. Hence, do not surprise yourself if discussions such as smile delta and smile gamma do not come into play. ... Read more

Product Description

Confused about commodities? Consult this essential resource

• The fundamentals of the commodities market
• Different commodity classes and subclasses
• Finding a reputable commodities broker
• How to make online trades
• Strategies for minimizing risk and maximizing profits ... Read more

Product Description
The author reveals his personal strategy for profitably trading the grain markets.A brilliantly conceived original strategy with an "over 15 year history" of 100% to 240% average annual returns per market.Grandmill relies on a long-term approach using forecasting graphs to predict grain prices up to 8 months in advance.Time required to implement this powerful yet simple strategy: 5 minutes per week--Tops! ... Read more

Customer Reviews (1)

!00 Million Dollars, Anatomy of a Market Killing
This book was written entirely by Kelly Angle.Wm. Grandmill had nothing to do wth this book, and this book does not use Grandmill's principles.If you want material by Grandmill go to some of his other books.

What Kelly Angle wrote is reasonable decent.It is primarily about his father's trading in Gold Futures. ... Read more

Product Description
Today's Premier Guidebook for Understanding Agricultural Options and Making Them a Key Part of Your Trading and Risk Management Strategy Agricultural futures and options represent a vital niche in today's options trading world. Trading and Hedging with Agricultural Futures and Options takes an in-depth look at these valuable trading tools, and presents clear, proven strategies and techniques for both hedgers and traders to achieve their goals while minimizing risk. Relying on nuts-and-bolts techniques and examples as opposed to the mathematical models and theory favored by other options-trading manuals this practical, hands-on book discusses many topics, including: How hedgers and traders can use options effectively with realistic expectations Methods to understand price behavior including the Greeks (delta, gamma, vega, and theta) The importance of volatility and little-known ways to make it work to your advantage For producers and processors, agricultural futures and options are necessary components for controlling costs and hedging risks. For traders, they are proven vehicles for earning exceptional risk-adjusted profits. Whichever side of the aisle you are on, Trading and Hedging with Agricultural Futures and Options will provide you with the answers you need to effectively use these versatile tools and make them an integral part of your business. ... Read more

Customer Reviews (1)

OK but too basic on ags ...
I had great expectations of this book and thought that it would be a good primer to understanding ags futures, their behaviour & ideas (seasonality, calendar spreads, etc) on how to exploit them. However, it is more the traditional academic introduction on how to hedge ags futures, and the knowledge is very similar to any other options book. It is a good book for beginners & has some interesting intermediate strategies to explore. Well written but as an advanced options user, it adds little to persons who already knows futures & options in depth. ... Read more

Product Description
This book, geared specifically toward women, describes how to be a successful option trader, even if you hold down a full-time job or are a full-time stay-at-home mom.

While option trading is definitely not a risk-free method of investment, for women who have a few hundred extra dollars that they want to use to break into investing, option trading can be a lucrative way to make money.

This book explains what everything means and how to be an option trader in easy-to-understand, step-by-step ways that makes it great for the beginner or the more advanced investor. It is primarily focused on trading online and tells you what you need to know to better your chances of being successful. ... Read more

Customer Reviews (15)

Effective New Take on Time-Tested Indicators--It Works!!
Option Trading In Your Spare Time is sort of a "kinder, gentler" book about options trading--BUT DON'T LET THAT FOOL YOU--the methodology works!

Wendy Kirkland has written a book--aimed for women, but men would do well to read this--that explains option trading in a simple, yet professional and confident manner.Her new way of looking at time-tested indicators is nothing short of brilliant.This book has changed me, personally, from a hesitant, options trader to one who is now confidently trading options with a definite, workable (and most importantly--profitable) plan.

Spare time or full-time traders, men or women traders--this book will add to your knowledge base.The new take on old indicators is worth the purchase price--even if you get nothing else (which you will) out of this book.

So buy the book, grab a cup of coffee, settle in, and start reading--you'll feel like this lady is your best friend, yet also a trusted adviser on technical analysis and options trading.If you truly take the time to study the "new interpretation" of old indicators, you will benefit greatly from the purchase of this book.

It lacks in some areas and shines in others
I bought this book (kindle version) and found it to be both good and not so good.The information about what options are is adequate.A lot of the book is concerned with chart reading and the authors' take on that subject.Now charts do help you, but a lot of the information she provides is found on the chartschool section [...] (which she gives credit to) and that info is free.As you read the book you'll find you are constantly going to this web site to get a clearer understanding of what she is writing about in the book...some of the strategies are good, but not that revolutionary.I felt I did not get as much out of this book as I thought I would but did learn a few things...oh well, off to my next book on options.Hope it's better.

Option Trading In Your Spare Time
This is my first review on Amazon and this book really deserves 5 stars.I have always been curious about option trading (taken many finance classes in college/graduate school) but have been too scared to actually do it.This book demystifies it and breaks it down into steps you can follow for a thorough analysis.She goes through technical and fundamental analysis, and then puts it all together in a step-by-step trading plan. It's well written and easy to understand.

After I bought the book, I realized that Wendy offers support on her website, chatroom and newsletter which is a great addition to the book.Thanks Wendy for this book, I would never have come this far without it.

Really excellent book
This book is really well written and organized. I was pretty much a novice in this area and this book gives you all you need to get started in specific areas of options. I bought another book that attempted to cover too much and was really confusing. This book takes on just enough of the subject matter to be meaningful, but not to much so as to confuse. I read the book twice and go back for review. The authors have done an excellent job of covering the subject. I highly recommend this book.

Options Sucess
If you are interested in entering the world of option trading and unsure where to start, I highly recommend Option Trading in Your Spare Time by Wendy Kirkland and Virginia McCullough.I know Wendy Kirkland personally and she is actively trading options with success. I like lining up with success! In addition to the book, Wendy offers additional support through her website, blog site, newsletter and chatroom.Thank you Wendy for your loving spirit and all that you contribute.You are making a difference! ... Read more

Product Description
This book sets out to teach readers how to read the reports to understand them and spot market trends in the making. Further, the book demonstrates how to combine elements of technical and fundamental analysis to formulate favourable investment decisions. Readers learn how to recognize buy and sell signals, as well as volume levels, price trends, and market tops that indicate shifts in market direction. Wilson explains what to look for when analyzing a company's financial health and how to use that information to assess its stock value. Examples of real-life successes resulting from these techniques and many charts and graphs are provided throughout. ... Read more

Customer Reviews (1)

Outstanding guidance - Only wish is could be updated......
Book is arranged very well, easy to understand (most) and valuable information. ... Read more

Customer Reviews (7)

option education
The book is old and the information not with the current trading practices. Please note all the information is correct and the techniques are there, as well as teaching the basics very well. I would look for a newer edition of the authors work if someone wanted the latest methods as the markets keep changing and evolving so medthods must as well.

Excellent Options Overview
I read this book when I began my self-education
into the financial markets back in the mid-'80s.
Now I can get a hardback copy, in 'like new' condition,
for a steal!

It contains 200-300 practical examples on using
options for all sorts of investment situations and
objectives.

If you're new to investing, it might take a while
to see the logic in some of the examples, but all
of the strategies are viable and 'make sense'.

It is an excellent resource on the use of options
for straight trading, hedging, spreads, straddles,
producing income, and insurance, etc.

IMHO "Sure-Thing Options Trading:..." should
be on every investor's bookshelf.

Undiscovered gem
This book is a steal at the current used price. It is definitely worth putting on your shelf, and reading and re-reading it. I agree with the above reviews.

Top of the Class
This book is intended (more or less) for a person beginning in options. Its no "walk in the woods" but considering the abstruseness of both the subject and the other books on the topic I have scanned, it's near the top of the class. I think, it may also be somewhat more understandable than the Option Industry Council's - Option's Toolbox CD. This whole area has been poorly explained to the beginner for the most part, which is why options are not much more widely used despite their potential for leverage and risk reduction.

Best of the multiple options books I have read.
Of the ten + options books that I have read, this was my first, and it is the best.I still refer to it often.Most of the other books are either too technical or too simplistic.This engages the reader with practicalexamples and descriptions of the types of trades that the novice tointermediate investor will use most.I heartily recommend it. ... Read more

Product Description

Product Description
A to Z primer gives complete descriptions of the 12 most popular commodity option strategies. Learn about time value, premium, option pricing and best trading months for each commodity. See how to use options in conjunction with futures for risk abatement and profit enhancement. Great for getting started or refining techniques. ... Read more

Customer Reviews (3)

Commodity Options Spectacular Profits with Limited Risk
As a beginning commodity futures trader and options trader, I found this book extremely helpful. The first section goes through all the basics, giving definitions you need to know. The second section gets into using options. Yes there are some typographical errors, so what?My point is the information itself is very helpful for a beginner like myself. On each different option strategy the author states at what point in a market it could be useful, the risk, the potential profit, and then goes into an explanation of the strategy itself including graphs. I think anyone who is new to commodity options trading would find this a useful tool and extremely easy to read. I do recommend this book and plan on using it when developing my future trading strategies. It contains lots of information in an easy readable format.

The author should apologize....
Years ago, Paul Newman took out an ad in the L.A. Times, apologizing for the film (and his performance in), "Paris Blues."

The apology was most necessary and appropriate....

Larry Spears and his publisher should do the same---not merely in the Times, but in every financial publication in America....

I have started this book six times and have never gotten past page 20. The typographical errors are beyond counting.... Even students in a remedial Community College writing course could do better editing....

Sadly, the title was exactly what I wanted. The book, however, is an insult to Financial Writing....

Skip this book
This book is replete with typographical errors - even the words "call option" written as "can option" - numerous times in an options book ??? !!! Shoddy publication! ... Read more

Product Description
Buy Low, Sell High

This one-of-a-kind book outlines a highly successful alternative approach to trading commodity futures that is specifically tailored to today’s low-priced commodities markets. Unlike technical analysis, which uses statistics to derive trading strategies, scale trading utilizes fundamental analysis to make a plan to slowly buy as prices reach bottom and sell as they climb back up. Here, top trader and author Hal Masover describes scaling techniques that work in every commodity market and supplies you with a scale trading system that generates a complete rundown of how much money will be needed, when, and where. Learn when to begin a scale-down buying program, how to choose a broker, and the facts and benefits of scale trading.

• Scaling works in every kind of commodity, including metals, energies, and agricultural commodities
• Scale trading is a fairly conservative methodology that uses big trader strategies but on a much smaller scale
• Value Investing in Commodity Futures includes a disk with the scale program–

...all you have to do is input the data and the program will show how much money is needed, when, and where

Take advantage of the only complete guide to an increasingly popular approach to futures trading. In these times of amazingly low commodity prices, the method presented in this comprehensive and invaluable book works best. ... Read more

Customer Reviews (1)

Trading on common sense
Finally there is a well-tested method for investing in commodity futures with reduced risk, based on the logic of fundamental factors rather than the fancy footwork of technical predictions. This book is well-written and clear, and brings us the straight-forward trading system successfully developed by Robert Weist in the 1970's. ... Read more

Product Description
Trading Spreads and Seasonals is a powerful, profit enhancing trading course based on Joe Ross' years of personal trading experience and remarkable trading success.

These days, it seems most traders are focused on outright futures or options trading strategies. You hardly ever hear of anyone who trades spreads or seasonal spreads, or outright seasonal futures - especially at the same time! That's because very few futures traders truly understand seasonality. This is why far too many never earn all they can from trading. Worse than that, they end up losing money.

Fortunately, Trading Spreads and Seasonals changes all that. It stacks the odds of winning in your favor. How? By giving you a complete explanantion of how to crack the markets using a novel approach that combines explosive profit potential of futures with seasonally measured risk. Plus you learn to protect yourself from the vagaries of market price action that serve to turn winning trades into losers.

You'll find out just what to look for before you enter a trade, such as how to spot trends that will affect you positively where it counts, your trading account. You will not only learn how to hedge your risk, but how to use it to explode your profits in a steady pattern of equity growth! You'll see which markets to avoid and which trades to avoid. You'll know when to get in and, MORE IMPORTANTLY, when to get out. Trading Spreads and Seasonals does it simply, without all the technical mumo-jumbo and mathmatical formulas of other approches. ... Read more

Customer Reviews (5)

NOTHING NEW
Unfortunately nothing new at all: Bollinger Bands, RSI and typical chart patterns. Unprofessional lay out, a lot of unused space and many peripatetic explanations. Maybe some ideas for absolute beginners. I will short this book and rather spend the money on a new Harry Potter novel.

Where's the Meat?
I think Joe did an excellent job of describing what seasonal/seasonal spreads are, but gave me little in the way of new ideas for trading them, or new research into spreads that really work. Most traders would be much better off with a subscription to Moore Research if they already know they would like to trade futures in this manner.

Closely Guarded Secret
"Secrets!"
If you have gotten this far by choice or accident, you have stumbled onto the most profitable way to make a living with the least amount of margin in the field of speculation.

Ross' refers to seasonal spreads as a "closely guarded secret."Many books about trading assume that you are starting out with many thousands of dollars earned somewhere else.

This little known facet of the commodities market is ideal for people who have a steady income and want to earn a second income trading a small amount of capital.

The key here is supplemental income.You have to find a way to keep your day-to-day needs for income separate from your program of wealth building.You have to find a way to keep your spending from increasing just because you are making a bundle trading.Seasonal Spreads are how many new traders build up a large trading account in a short time, starting with a hardly any capital in the commodities market.

In high school you should have become familiar with the "Ten Multiples."Let me refresh your memory.Mony grows geometrically.How much do you have when you double one thousand dollars ten times?

1. 2,000.00
2. 4,000.00
3. 8,000.00 etc.

Ifyou can save $20.00 a week and you will havethat first thousand dollars in less than a year.

Now the thing is this.People often talk about a Million dollars as being a lot of Mony.But really, do the math.Let's see what the flow-of-sums returns.

How much income per week will youhave if you hadone million dollars invested (not in spreads)?

You will find that you can easily exceed a Millionaire's income with a small amount of trading capital, perpetually in seasonal spreads.

Ok what is the minimum trail to your first successful trade.At a minimum

1. "Reminiscences of a stock Operator,""Reminiscences," gets into the details of Speculation and details you must thoroughly understand if you are considering making a living Speculating in securities.

2. "Ross's Spreads and Seasonals," for in-depth technical analysis and trading tactics.

With these tools, You should soon be able to enter and exit your first seasonal spread at a profit.

Best book for trading Seasonal Spreads.
Joe introduces filters and how to use technical indicators. You should update to Lane's %D Stochastics. This is a trading manual not a book about trading.

Best book for trading Seasonal Spreads.
Here is the thing that makes Ross's book particularly outstanding.When we trade spreads, the only data we can use is the closing price.The exchanges do not report the intraday ranges of spreads.

Ross's book is the best one for explaining how to use close only charts for trading.Its very simple, cuts out tons of useless noise many indicators thrive on.

Ross gives a good introduction to this high profit, low risk Speculation arena.

Ross explains how to use an indicator to filter spread trades, You may find that Stochastics works better.Ross principles are the same.

Assuming you did your homework with Reminiscences,Ross's book and some up to date seasonal Spread charts is all you need to make your first winning trade.

Ross offers an easy-to-read guide teaching traders how to use historically consistent trading patterns to capitalize on the opportunities offered by seasonal spread trading.

Joe covers how to find trades, filter them using technical indicators, how to place orders and manage your spread trade after entry.

When you make some profits, read the rest of the available spread books.Buy books when you are winning! ... Read more

Product Description
"Who Else Wants To Put Themselves Through An Exclusive, Top Secret Training Program, Developed By An Ex-Trader From One Of The World's Largest Grain Trading Companies That Can Instantly Transform Your Commodity Option Trades Into Pure Gold, While Minimizing Risks And Losses To The Lowest Possible Level?"

There are many futures options techniques that can be profitable. They can range from buying and selling options based on volatility to trading ratiobackspreads based on the technical analysis of the underlying futures market.

One way is to trade spreads that can profit from time decay. You can sell options which you believe will lose more time value than the options you buy.

The key is to find techniques that have an advantage when you put the trade on. What I will discuss are futures options trades that have this advantage.

Trades that have a special quality that you can spot before you enter into it. You will be able to see what options are cheaper or more expensive compared to another option. Not by price or volatility necessarily but by theprice per day. Even though an option might be more expensive than another, it might be cheaper in terms of volatility or price per day.......

This ebook will teach you everything you need to know to be succesfull in this market.

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Product Description
This volume is produced from digital images created through the University of Michigan University Library's large-scale digitization efforts. The Library seeks to preserve the intellectual content of items in a manner that facilitates and promotes a variety of uses. The digital reformatting process results in an electronic version of the original text that can be both accessed online and used to create new print copies. The Library also understands and values the usefulness of print and makes reprints available to the public whenever possible. This book and hundreds of thousands of others can be found in the HathiTrust, an archive of the digitized collections of many great research libraries. For access to the University of Michigan Library's digital collections, please see http://www.lib.umich.edu and for information about the HathiTrust, please visit http://www.hathitrust.org ... Read more

Product Description
With his take-no-prisoners 1994 book Winner Takes All, Bill Gallacher first carved out a reputation as a no-nonsense authority on the futures trading game. Now, with The Options Edge, he focuses on the world of options on futures, exposing the shortcomings of current theoretical pricing formulae and offering a simple, understandable, and widely applicable option pricing model without invoking any complicated mathematics whatsoever. Gallacher¿s watershed book represents nothing less than a new mindset for trading options on futures, a revolutionary approach that depends less on esoteric, theoretical abstractions and more on empirical evidence gathered from the real world of options trading. ... Read more

Customer Reviews (8)

Practical Analysis
The major question that is answered in the book is can the option trading be profitable in the long run? Is it possible make money as an option buyer? The book is the distillation of the results of the author's major empirical investigation into option pricing carried out over a 2-year period from 1996 to 1998.

Many, many theoretical works have been written (by mathematicians anxious to display an encyclopedic knowledge of the Greek alphabet) on the topic of option pricing. Virtually all theoretical works on options are needlessly complex and of limited practical use in the real world of options valuation and options trading. Much of this complexity stems from the option trading community's uncritical allegiance to the million dollar formula.

This book, in the opposite, is mostly empirical. The author has directed the reader's attention to egregious instances of misleading information in the literature, especially where this information has been widely disseminated and even accepted as gospel. For all that, The Options Edge is concerned more with pragmatic issues than with theoretical arguments. The author would rather search for something of practical value than come up with another set of abstruse mathematical equations of limited applicability in the real world. There is but one Greek letter (unavoidable) in this entire book.

Whereas much of what the author says applies to options in general, including stock options, the findings of The Options Edge derive from, and are specifically relevant to, options on commodity futures. The Options Edge will most likely appeal to readers with some practical experience in the trading of options. It should not be, however, your first book on options or commodity futures. Compared with other technical books on the subject, The Options Edge is rather sparing in the use of algebra and complex statistical formulae. However, the book does delve deeply into the principles of statistical inference. It also analyzes a great deal of data, but data structured in a way that anyone with an affinity for numbers should find easily digestible. The author takes it for granted that anyone interested in options is interested in numbers.

Enough said, this analyzes popular misconceptions and irrational beliefs, when it comes to options on commodity futures. If you are interested in similar analysis to the market in general, I would recommend The Only Three Questions That Count by Ken Fisher.

Fast and enjoyable read
This book contains some very useful information for people who write options and wonder if their profitability is sustainable over the long run (hence the title "options edge"). Although Gallacher states that the edge between writers and buyers is zero (based on his empirical evidence); he illustrates that writers still can make consistent positive return on their trading, as long as they sell implied volatility which exceeds historic volatility and as long as they cover their short positions in options with futures at strike. Unfortunately, Gallacher doesn't compare LEAPS to futures as a way to cover short positions in options. An easy and enjoyable read!

Interesting book for option writers
This book contains some useful information for option writers who wonder if their profitability is sustainable over the long run (hence the title "options edge"). Although Gallacher states that the edge between writers and buyers is zero (based on empirical evidence); he illustrates that writers still can make consistent returns if they sell implied volatility which exceeds historic volatility and if they cover their short positions with futures at strike. The book is easy to read and I finished it in half a day.

yes, but the risk
The research work is better than most available and the writing very good(See his other book as well).However if somebody can answer thefollowing: Isn't there a risk of blowing up the strategy with a string oflimit days?They may be rare, but their effects are extreme (see NassimTaleb's site and/or book).At one point limit days are mentioned; they arehandled by using the price at the limit.This assumes that one can tradefutures at the limit price, which is not a guaranteed thing. Otherwise, thenew and refreshing look at option pricing is excellent.Clearly accuracyis more important than precision in markets with bid/ask spreads and Mr.Gallacher is able to cut to the core of the issue.Lots to consider, butthat one problem remains.

Highly readable and full of wisdom
This book is a very enjoyable read. The author uses real world data from options on futures to demonstrate where the edge really lies, allowing the trader to improve his chances. It is written in a very practical manner,showing the many weaknesses of highly theoretical option pricing models andwhy they rely on needless mathematics. The reader will see how options workin the real world. This book has been written by a real trader not atheorist. As a options trader myself, I would highly recommend this book. ... Read more

Product Description
Agricultural Options Trading, Risk Management, and Hedging If you’re a trader, a hedger, a speculator, or even a novice at the ag market game, this is the book for you. Written by a leading options expert, Agricultural Options: Trading, Risk Management, and Hedging gives you the principles and proven strategies you need to profit in all the ag option markers— wheat, corn, soybeans, livestock, soft commodities, and more. You’ll learn:

• All the mathematical background and formulas you need to win in today’s ag market
• All about options in general and agricultural options in particular
• Risk management strategies, option pricing factors, and trading techniques