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Options Trading for the Conservative Investor: Increasing Profits Without Increa |  |
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Options Trading for the Conservative Investor: Increasing Profits Without Increa | |
Michael C. Thomsett has written over sixty books on investment and financial topics, including Stock Profits: Getting to the Core (Financial Times-Prentice Hall 2004) as well as the best-selling Getting Started in Options (now in its Sixth Edition, with over 200,000 sold, John Wiley & Sons 2005) and The Leaps Strategist (Marketplace Books 2004). His Investment and Securities Dictionary (McFarland & Company 1986) was named Outstanding Academic Book by Choice Magazine.
Thomsett lives in Port Townsend, Washington.
© Copyright Pearson Education. All rights reserved.
Other copy "Every open-minded conservative investor should read this book."
–Lawrence G. McMillan, author of Options as a Strategic Investment
"The author's option trading guidelines include important issues often overlooked by investors. Attention conservative investors! Michael Thomsett's Options Trading for the Conservative Investor has hit a bulls eye...for you!"
–Marty Kearney, The Options Institute, Chicago Board Options Exchange
"Michael Thomsett has done a terrific job of showing how a conservative investor can use certain option strategies to his advantage. He spells out how that investor can utilize options to provide income, to protect stock holdings, or even as a substitute for stock itself. Every open-minded conservative investor should read this book."
–Lawrence G. McMillan; publisher, The Options Strategist newsletter; president, McMillan Analysis Corporation; author, Options as a Strategic Investment
"This book is a must for the diligent investor. Perfectly timed for these uncertain markets, Michael Thomsett provides a lucid guide for how to approach options trading conservatively, yet also focuses on the fundamental need for good returns and provides real examples throughout."
–Guy Cohen; author of The Bible of Options Strategies and creator of OptionEasy (www.optioneasy.com)
If you're an investor concerned with preserving capital, maximizing predictability, and maintaining consistently strong returns, your best solution just might surprise you: Options. In Options Trading for the Conservative Investor, Michael C. Thomsett reveals a narrow band of options strategies that can help you improve results as you systematically reduce unnecessary risk throughout your portfolio.
Thomsett, author of the global best-seller Getting Started in Options, writes in simple, nontechnical language, uses real examples, and guides you through every strategy–one easy step at a time. He's made this book simple and visual enough for any experienced investor to use, even if they have no experience trading options. Thomsett is also the author of Stock Profits: Getting to the Core (Financial Times-Prentice Hall 2004), The Leaps Strategist (Marketplace Books 2004), and Investment and Securities Dictionary (McFarland & Company 1986).
Thomsett systematically covers several options strategies optimized for conservative investors, including covered call writing on carefully selected stocks, contingent purchase strategies, and powerful "combination" strategies that produce cash to bolster current income. No matter how cautious an investor you are, this book will give you powerful new tools for achieving your financial goals–without losing a moment of sleep.
Fundamental ground rules for conservative options investors
What you should know and believe before you get started
How options fit into your conservative trading strategy
Deciding what stocks to buy or sell options on–and what to avoid
Examples and case studies based on an actual model portfolio
Practical guidance for leveraging each strategy with your own portfolio
Practical "rescue" strategies
Recovering your investments when market values have fallen
How to take profits without selling stock
Step-by-step techniques based on long puts and short calls
Improve Returns–Without Added Risk!
Easy, step-by-step options strategies for increasing income and protecting capital
Preserving your spending power after inflation and taxes
Avoiding unacceptable market, liquidity, and diversification risks
Protecting your profits without losing invested positions
No options experience necessary!
By Michael C. Thomsett, author of the worldwide best-seller Getting Started in Options, 6th Edition (John Wiley & Sons 2005)
The world's #1 options author has written the definitive options guide for conservative investors! One step at a time, you'll discover how to use options to increase yields, reduce risks, protect existing positions, and ride safely through any market down cycle. Want double-digit returns without heart-pounding risk? Here are the options you've been searching for!
© Copyright Pearson Education. All rights reserved.
Preface.
Acknowledgments.
About the Author.
1. Setting the Ground Rules.
The Ground Rules
A Model Portfolio
2. Option Basics.
The Workings of Option Contracts
Option Attributes to Determine Value
Intrinsic and Time Value Premium
Long-Term Options and Their Advantages
Strike Price of Options
The Time Advantage for Short Sellers
Long and Short
Taking Profits Without Selling Stock
Buyer and Seller Positions Compared
Understanding Short Seller Risks
Calls and Call Strategies
Is the Strategy Appropriate?
Option Terms and Their Meaning
The Cost of Trading
In, At, or Out of the Money
Puts and Put Strategies
The Overlooked Value of Puts
The Insurance Cost of Puts
Conservative Guidelines: Selling Puts
Puts as a Form of Contingent Purchase
Listed Options and LEAPS Options
Using Long Calls in Volatile Markets
Using LEAPS Puts in a Covered Capacity
Coordinating Strategies with Portfolio Goals
Option and Stock Volatility: The Central Element of Risk
Critical Analysis of Volatility
Free 20-Minute Delayed Quotes
The Black-Scholes Model
Identifying Your Market Opportunities
Limiting Your Strategies to Conservative Plays
Identifying Quality of Earnings
Trading Costs in the Option Analysis
Calculating the Net Profit or Loss
Tax Rules for Options: An Overview
The Importance of Professional Advice and Tax Planning
3. Options in Context.
The Nature of Risk and Reward
Using Volatility as the Primary Risk Measurement
Options Used to Mitigate Stock Investment Risk
Another Kind of Volatility
Lost Opportunity Risk and Options
Perceptions About Options
Finding the Conservative Context for Options Trading
Strategic Timing and Short-Term Price Changes
Short Positions, Naked or Covered
The Uncovered Call-A Violation of the Conservative Theme, Usually
A Stock's Likely Lowest Theoretical Price Level
Short Put Risks-Not as Drastic as Short Call Risks
Margin Requirements and Trading Restrictions
Other Margin Rules
Return Calculations-Seeking Valid Comparisons
Return If Exercised
Return If Expired
Long-Term Goals as a Guiding Force
Exercise as a Desirable Outcome
4. Managing Profits and Losses.
Your Conservative Dilemma
Deciding How to Establish Your Policies
Managing Profits with Options
Basing Decisions on the Fundamentals
The Reality of Risk
Overcoming the Profit-Taking Problem
Realizing Profits Without Selling Stock
Further Defining Your Personal Investing Standards
When a Rescue Strategy Is Appropriate
Reverting to a Secondary Strategy
Managing the Inertia Problem
Inertia Management
Taxes and Profits
Options Used for Riding Out Volatility
5. Options as Cash Generators.
The Covered Call Concept
Who Makes the Decision?
Examples: Ten Stocks and Covered Calls
Working within Pre-Established Standards
Calculating the Gain Comparatively
Smart Conservative Ground Rules
A Conservative Approach
Tax Ramifications of Covered Calls
Six Levels of Separation (of Your Money) for Taxes
Rolling Forward and Up-Exercise Avoidance
The Types of Rolls
The Exercise Acceptance Strategy
Remembering to Limit Yourself to Conservative Strategies
6. Alternatives to Stock Purchase.
Leverage and Options
Applications of Contingent-Purchase Strategies
The Long-Call Contingent-Purchase Strategy
Diversifying Exposure with Several Stocks in Play
Reducing Contingent Purchase Risks
The Covered Long Call
Extrapolating Future Strike Prices
Using the Forward Roll Effectively
Short Puts and Contingent Purchase
The Value of Selling Puts
The Value of Shorter Exposure Terms
Rescue Strategy Using Calls
Rescue Strategy Based on Smart Stock Choices
Programming a Profitable Result
The Ratio Write-Before Adjusting to Make It Conservative
Converting the Ratio Write into a Conservative Strategy
Ratio Writes for Rescue Strategies and Higher Current Returns
Rescue Strategy Using Puts
The Risk of Continued Price Declines
Covered Calls for Contingent Sale
Picking the Right Conditions for Forced Exercise
7. Option Strategies in Down Markets.
Thinking Outside the Market Box
Remembering the Fundamentals
……
