Trading options is especially attractive these days, considering how extremely volatile the markets have been. Governed by economic fears, interest rate speculation, unemployment rates, and potential wars with foreign powers, more and more people are using options to their portfolios. These people, for the most part, are not day traders. And the extent of their investing IQ ranges from absolute beginner, all the way up to professional trader.
But while these lucrative investing strategies are gaining popularity, so too are the number of companies who want to prey upon people’s desire to grow their investment portfolios.
A quick Google search for options trading guides, generates over 22,200,000 search results for you to sift through; from buying options to binary options and everything in between. The information out there is endless. But not all options strategies are created equal, and even the ones that are proven to work well, are often so poorly explained, that even those with years of options trading experience under their belts, have a hard time following along. Putting your faith in the wrong guide, or using options before you have a firm grasp, can be devastating to your account.
With so many different companies and offers available, we decided to do a deep dive on options trading guides and services, and performed fully comprehensive reviews on each of them to help you learn what to look for, and what to avoid.
The Results Are In…
#1: How Options Trading Made Me A Millionaire
Best Options Trading Guide
In our research of the best Options trading guides, Joshua Green’s How Options Trading Made Me A Millionaire is the gold standard for learning to trade options. This is a “no frills” straight to the point guide on options trading. Written by professional options trader Joshua Green, a 33-year-old, self-made millionaire, who went from struggling telemarketer to successful financial consultant thanks to his experience with options trading. He’s now offering training courses, and an in-depth options guide, so that anyone who’s serious about making money, can do what he did and copy his success. Split up into 4 defining sections, this guide did way more than lay out the basic concepts of how to trade options.
First it dives into the history of options, where they stem from, and how they were used initially.
Then the guide goes thru all the terminology needed to understand and execute options trades. It even goes so far as to dissect options chains, providing real, tangible, examples so anyone unfamiliar with options will be able to read real charts moving forward.
But here’s where we think the guide went further than the others. Josh gives us his recommended strategies—the very same ones he uses in his portfolio.
With so many different strategies out there, it can be overwhelming to try and pick which ones are right for your account. Well, Josh gives us his 3, and it just so happens, they’re perfect for satisfying the needs of any trader, whether they’re conservative, risk adverse, or not.
And lastly, and probably most importantly, Josh talks options trading safety, and how he’s managed to keep his profits, and the list of rules he believes every options trader needs to follow, for consistent profiting.
In a nutshell, this guide will give you the history of options, the lingo needed to trade options, the options strategies he’s had proven success with (and still does) and lastly, a string of safety measures he feels are paramount for options traders if they want to be successful long-term. All in all, How Options Trading Made Me A Millionaire is our #1 top choice.
#2: The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies
In The Bible of Options Strategies, Second Edition, Guy Cohen presents today’s most effective strategies for trading options: how and why they work, when they’re appropriate and inappropriate, and how to use each one responsibly and with confidence.
Updated throughout, this edition contains new chapters assessing the current options landscape, discussing margin collateral issues, and introducing Cohen’s exceptionally valuable OVI indicators.
The Bible of Options Strategies, Second Edition is practical from start to finish: modular, easy to navigate, and thoroughly cross-referenced, so you can find what you need fast, and act before your opportunity disappears. Cohen systematically covers every key area of options strategy: income strategies, volatility strategies, sideways market strategies, leveraged strategies, and synthetic strategies.
Even the most complex techniques are explained with unsurpassed clarity – making them accessible to any trader with even modest options experience. More than an incredible value, this is the definitive reference to contemporary options trading: the one book you need by your side whenever you trade. For all options traders with at least some experience.
#3: Options Trading for Beginners: Learn How to Get Started and Make Money with Options Trading.
Options Trading for Beginners: Learn How to Get Started and Make Money with Options Trading is written by Michael Johnson, and can be purchased through Amazon.com
We really liked this book for a few reasons. For one, it was laid out simply, and written clearly. There was a ton of good information for beginners, and the strategies he discusses make sense. We also liked he price point. We definitely felt we got a ton of value at only $19.97.
It also takes a step by step approach for laying out each of the options strategies. Conceptually it’s great, while not overwhelming the audience with the technical.
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