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Preface xiIntroduction: Why Traders Fail 1Is Failure a Flaw? 2Blaming Emotions 2Blaming Systems 3Successful Traders Versus Successful Trading 5Trading for a Living 6Trade for the Right Reasons 6The Ability to Duplicate a Strategy 7Correlation Versus Causation 7Don’t Trade to Make Money 9Leverage 10What Kind of Trader Are You? 10A Single Difference Goes a Long Way 11A Limited Worldview 13
Chapter 1 Understanding Options 15What Is a Stock? 15What Is an Option? 18The Bet You Wouldn’t Make 18The Options Trader’s Toolbox 22
Chapter 2 What Is Price? 33How a Stock Trader Looks at Stock Price 33How Options Traders Look at Stock Price 37How an Options Trader Looks at an Option’s Price 48
Chapter 3 Pure Options Trading: Building Your Own Trade 67Basic Greek Concepts 69Build 1: Making a Directionless Trade 74Build 2: Reducing Your Risk 78Build 3: Augmented Returns 88Bending the Curve 95The Options Trader’s Toolbox: Synthetic Straddles 96Evolving a Trade 98In-, At-, and Out-of-the-Money Trades 98
Chapter 4 Situational Trading 99Known Knowns 100Analyzing Situations 105Building a Directional Trade 106Known Unknowns 126Unknown Unknowns 137
Chapter 5 Risk Management 157Responsibility in Trading 157Strategy Is Risk Management 159How a Stock Trader Measures Risk 160Defined Risk for Options Traders 163Layering and Unlayering Trades 164Trades Cannot Be Fixed, Just Replaced 165Portfolio Risk 166Concluding Remarks 168Appendix: Quantum Physics and Trading—The Price Uncertainty Principle 171Index 175
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