Options as a Strategic Investment
by Lawrence G. McMillan · first published 1980
55% recommend45% neutral
Why HN recommends it
Thorough practical guide to options strategies such as covered calls, valued as a bible by investors who moved past basics; suits intermediate learners building real trading knowledge.
Summarised by Claude from recommending comments
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…summer of 2007 when I felt the crash was imminent. (I was a year early, but for that kind of deal you don't worry about not nailing the absolute top!) Spreads might be something good for you too-- "Options as a strategic investment", by McMillan is the bible. (Using spreads I get better returns at much less risk than people who buy stocks directly.) Economics is a lot like programming- the basics are easy but there's no end to…
on “Ask HN: Your best passive income sources?” ↗Options as a Strategic Investment by Lawrence G. McMillan introduced me to the wonderful world of selling covered calls on my long term holds as well as many of the ins and outs of options wrangling in general.
on “Ask HN: Which books made you the most money?” ↗Something like "Options as a Strategic Investment" is probably the shallow end of the big pool of modern trading. Highly recommended. Others might disagree, and say its over-ambitious (without some technical chops). http://www.amazon.com/Options-Strategic-Investment-Lawrence-...
on “You Are Naturally Short Housing” ↗…a lot of books like "The gorilla game" and "the wealthy barber" and stuff like that. They were less useful than the Buffett books, but they all had nuggets of good advice. Eventually, I graduated to Options as a strategic investment. A $100 book that became my bible. -- Please note also, I'm out of the markets right now. I think the outlook for the US is not good, capital controls are coming and that there's going to be a major,…
on “Google IPO? No Thanks (2004)” ↗…on the right things. Any company could do it... the question is why they don't, not why Apple is able to do it.) Finally, if you're willing to spend some time learning, I highly recommend McMillions "Options as a strategic investment". Its something like 1,000 pages. Read that and you'll really level up. (Options allow you to dial up, or down, risk as much as you wish. But they do take some focus and thinking. But they're not…
on “Apple Shares Hit $600 Ahead of iPad Release ” ↗…investingwithoptions.com Read Van Tharp's Trade Your Way to Financial Freedom it's a must... teaches you that the entry is not important. It's the position sizing, risk management, and the exits. Also: - Options as a strategic investment - Mind over markets
on “Using an automated day trader to generate income” ↗Hull is a great book and is not too heavy on the math. However, for someone just getting their feet wet, Options as a Strategic Investment by MacMillan is a classic.
on “Offline Algorithms in Low-Frequency Trading” ↗…you're "betting" on, the more likely things are to end in the money. Finally, a lot more people have $6,000 to risk than $18,000 or $58,000. Hope this is useful. I highly recommend reading McMillins "Options as a strategic investment" (not sure about the author name, very sure about the book title.) [1] Of course if things weren't working out as you expected by the summer of 2013, you could probably have rolled over from January…
on “Apple Shares Hit $600 Ahead of iPad Release ” ↗You forgot to cite the continuation: > In that period of time, I read McMillan's "Options as a Strategic Investment"book. It's like the Bible of options trading." Which is pretty laudable. An even extraordinary example would be the current president of the united states, which still manages to lie, and people still…
on “I Got Catfished by a Candidate” ↗For me... 1. Technical Analysis of the Financial Markets by John Murphy 2. Options as a Strategic Investment by Lawrence G. McMillan 3. [just finished] The Checklist Manifesto: How to Get Things Right By Atul Gawande 4. [finished last week] Dealers of Lightning by Michael A. Hiltzik 5. [currently working…
on “Ask HN: 2018 Summer Reading List?” ↗Options as a Strategic Investment: Fifth Edition by Lawrence G. McMillan
on “Omnieq: Credit Spread Scanner” ↗…and easy to read. The millionaire next door, the wealthy barber, etc. I really liked Timothy' Vicks books on Warren Buffett, and Buffettology. These, of course, are the gateway drugs to things like Options as a Strategic Investment by McMillion -- a thousand pages on options, and I read most of them! Ultimately, though, mises.org and "Economics in one lesson" by henry hazlitt gave me enlightenment. The latter can be downloaded…
on “Behaviors That Destroy Your Financial Health” ↗"Options as a Strategic Investment" is not available at my local library, could you name some alternatives, please?
on “Behaviors That Destroy Your Financial Health” ↗What about 'Options as a Strategic Investment'?
on “Ask HN: What are the best textbooks in your field of expertise?” ↗