Options Trading: The Hidden Reality – Ri$ k Doctor Guide to Position Adjustment and Hedging (“Options: Perception and Deception” & “Coulda Woulda Shoulda” revised & expanded, Printed in Color)
- Expanded Information on Option Trading Strategies,
- Position Adjustments
- The Options Metamorphosis Chart and Dissection Proofs
Required Reading for the Serious Options Trader
This book is an expanded revision of “Options: Perception and Deception” and “Coulda Woulda Shoulda”.
“Options Trading: The Hidden Reality” (OTTHR) is printed in color and has 100 more pages than previous versions. In addition to 3D graphics and Skew Library, OTTHR features Position Dissection (the Market Maker Risk Management Tool) illustrations on popular wingspread (stretched-out condors, slingshots and skip-strike-flies) and calendarized spre
List Price: $ 90.00
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Roku 2 XS 1080p Streaming Player
- 600+ channels with movies, TV shows, music, sports & more
- High-definition streaming up to 1080p HD
- Works with virtually any TV
- Free app for iOS and Android
- Built-in wireless (Wi-Fi b/g/n) and wired Internet connectivity
The Roku 2 XS delivers the best experience in 1080p HD streaming to your TV—plus motion-based gaming for an extra dose of great entertainment. Includes one-stop search across top channels like Netflix, Hulu Plus and Amazon Instant Video; a free app for iOS and Android; and a full complement of connectivity options. Angry Birds included FREE. It supports closed captioning for Netflix, USB port (supported formats include: MP4 (H.264) video / AAC & MP3 audio / JPEG & PNG image),Power Input 5.2 V
List Price: $ 99.99
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Get the book,
I wanted to comment on my experience with the book and some of the other customer reviews.
You do not need to be a market maker or veteran options trader to read and get value from this book. I am a retail options trader, with a very serious full time job, and have virtually no mathematical aptitude, and I have already started benefiting greatly from the book.
In my opinion you should make sure you have basic familiarity with how options work, and some of the basic outright positions and spread techniques and what market view they support, and you will be ready to start learning what options are really about from there. You cannot go wrong by using this book and Mr. Cottle’s other materials as the very next step.
Be under no delusion—after the basics—options can get very complicated very quickly–if you let them. I have discovered, contrary to my initial impression, that Mr. Cottle in fact through the use of detail is really attempting to simplify option strategy decisions and trading itself. Through the use of what seems to be complicated examples—CC cuts through the fog and gets to the meat of options strategies and how and why one might choose one over the other–and invariably the best choice is something straightforward.
Based on what I know about him and my experience with his materials, he is committed to teaching. If you expect to read this book without pen and paper in hand, with little or no effort on your part, and have him simply say “do x and you will get rich” this book and his approach is definitely not for you. He is like any good teacher. He will make you work for the answer, but not leave you hanging when you struggle. In working for the answer—and having his approach, experience and techniques available–you will most assuredly gain a grasp of options and how to make money trading them that you never had before.
Don’t be intimidated when you first view the book. The presentation looks strange, the tools he uses will be different from those you have seen or used before, and the terminology will be strange to some. There is a reason he takes the approach he does and it will, with a modicum of effort, become clearer every time you are exposed to it and use it.
Here is what it has done for me.
It has forced me to actually think about what may be happening underneath the option quote and the day to day change in a position.
It has convinced me that trading outright positions whether short naked or long does not necessarily produce the best results. Yes longs are problematic due to all the standard theta reasons, and yes naked shorts are risky—we all know that—the trick is to figure out how to take the inherent advantages of either of these approaches, and make them work for your view of the market without getting killed in the process.
What he has made me a believer in is that risk can be reasonably controlled, while still making very attractive rates of return, and if you are looking for a method to make reasonable returns in the market, the raw tools are there for the taking.
He has convinced me that uncomplicated but well constructed spreads, for debit or credit, can actually allow me to participate in the market with a reasonable expectation of success, and allow me to sleep at night in the process without position adjusting every 10 minutes. He has also made me a true believer that options, by their very nature, provide huge flexibilities that outright underlying positions cannot, and allow much wider margins for error if I prove to be wrong in my view in any given position if they are structured correctly in the first place.
You do not have to be a rocket scientist to make money in options. In fact if you arbitrarily go out and sell an option this afternoon at random, odds are it will expire worthless and you will make money. The problem lies in the odds piece that is not in your favor. You also do not have to be a rocket scientist to get killed by these odds. Although small in most cases, when it goes against you—you will be dead unless you are very savvy and well prepared to deal with such an eventuality. This is the piece that CC is so good at getting at–managing the underlying risks in any given option situation, structuring the position correctly and buying or selling it right to hold as much risk as possible in check–while still giving you the opportunity to make some money.
The thing that finally made me a believer was the time he took to talk to me. He is not a prima donna. When I had concerns about spending even one more nickel on books, learning materials, educational seminars, etc. because so much of what I spent has been a waste of money and merely kept the educator in new Mercedes for so long—CC came through with flying colors. He took almost a half hour and spoke with me on the phone, and since then has never failed to answer…
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|how to actually use options.,
First I need to point out that i know the author and worked with him on the floor of the Chicago Board of Trade during the late 1980’s. Charles was a superb trader but is an even better teacher. Options can be daunting because of all the associated terminology. This book will give the motivated reader numerous tools for understanding and choosing strategies for using options to control risks and achieve trading objectives. I know of no book that better serves a user of options as opposed to those whose interest is theoretical or academic.
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|The most advance yet very practical options books out there!,
This books differs from other books in that it presents not only the profit stories but also the stories about how certain positions lost money and why. The 3D risk graphs in color are great and after looking at them for a few minutes a flash bulb goes in your head making your understanding of options better. Detailed examples of advanced strategies like gamma scalping helps an intermediate retail trader to pickup and start using these strategies. If you are serious about options trading this book is a must have.
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|Smart little puck, as good as (but different from) Apple TV,
UPDATED Nov 28, 2012 to reflect software changes to both Roku 2 and AppleTV.
This little player, about the size of a hockey puck, is exactly what I was looking for. It’s cheap, easy, and fun. I got it to play Netflix, Amazon Prime, and Vimeo, and everything else it does is a pleasant add-on, especially motion-controlled Angry Birds. If you’re in the market for a Roku 2, I think you might as well get this high-end model (there are stripped-down versions for less money) since it has a few more capabilities, including a game controller, an ethernet jack, and a USB port for playing external files. The software interface is not slick but everything fast and responsive. I added a star because this unit has proven itself much more stable than it was at launch, due to frequent software updates. The HBO Go app is particularly useful, which allows you to stream from HBO on demand from a huge catalog of movies and TV shows if you have a cable subscription with HBO included.
How is the Roku 2 different from the Apple TV (which it resembles, and I also considered)? It’s physically similar and has some overlapping features, but here are the main differences as I see them:
BOTH have Netflix Streaming, Hulu+, Vimeo, and sports channels such as NBA and MLB (subscription required for the sports stuff). Both have wired and wireless network capabilities. Both are tiny, power-sipping, unobtrusive little devices that could probably be embedded in TV hardware.
AppleTV (not the Roku 2!) has tight iTunes integration, including iTunes movie rentals, streaming from a local PC/Mac with iTunes installed, and YouTube. Nearly all Apple iTunes video content can be streamed via Apple’s iCloud if you don’t want to use a local computer as a media source. If you subscribe to iTunes Match, you can stream your music in this way as well. Apple’s proprietary AirPlay feature allows you to stream audio or mirror audio and video to the box from your iOS device. It works well and adds to the usability of this device if you have an iPhone/iPad/iPod Touch. At this time, you can only use the “apps” that are included with the box. The AppleTV remote is made of attractive aluminum but relies on line-of-sight infrared signals. You can use an iPhone/iPad/iPod Touch as a remote as well. AppleTV requires an HDTV to work and displays up to 1080p resolutions. AppleTV has a YouTube app. It also has Netflix and Hulu+ apps on par with Roku’s.
Roku 2 (the product being reviewed! not AppleTV!) has a “channel” installer which you can easily manage via a web app on your computer. This system is a bit less polished, but a lot more open than the AppleTV system. Roku Channel choices include Amazon Prime videos, Amazon rentals, Vimeo, Hulu Plus, Pandora Radio, Plex Media Center, and bunch of streaming news and movie services. The Wii-like game remote comes with Angry Birds and several 2D casual games are available in their Channel Store. Development of new channels seems to have slowed down lately, but there are some fun options here. There’s a MicroSD card slot on the top end model for storing more channels, as well as a USB slot for playing your own media. The game controller has built-in accelerometers and game-friendly buttons, and it works well for this game. This layout would be ideal for Super Nintendo style games, too. I like how it doesn’t require an IR receiver like the Wii remote does. The tiny Roku 2 box has an IR receiver so you can use a universal remote with it, but the included remote uses RF signals and doesn’t need line-of-sight to the box. Roku 2 XS can run on pretty much any TV (it includes composite cables) and can display up to 1080p resolutions. There’s also an iOS app if you want to use a mobile device as a remote.
As you can see, these two machines are similar, but not the same. I originally chose this machine because it worked with an old SDTV, could play Amazon Prime videos (lots of kids programming on there, thanks Amazon), and offers a nice, standalone alternative to the Apple ecosystem. Since that purchase, I’ve added an AppleTV for the iOS-specific features, including AirPlay, iTunes Match, and YouTube.
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|The best streamer on the market!,
First I have to say the negative reviews are puzzling to me, because I dont think those buyers understand what they are buying.
As you know there is 3 versions, I absolutely recommend you spend the money on the XS (99.95) model, the main reason is because it’s the only model with a USB port. Which in short term will allow you connect USB HD and play any movies you may of ripped from your DVD’s. I have a 4TB array connected with most of my DVD collection, which is close to 1000 movies.
Roku has three type of channels:
Public
Apps
Private
The public channels are the once visible in what is called “Channel Store”. Currently there about 300, but channels are added weekly. Looking at fan blogs, there has yet to be a weeks in about 4 months, that at least several channels weren’t added.
Now channels can fall into three categories, Pay, Free, and Subscription.
Pay means you pay onetime fee and you get access to the channel, subscriptions are channels like Netflix, Hulu Plus, etc… if you already have those subscriptions, you just add them at no additional cost. If you are an amazon prime customer then you will get access to amazon prime streaming collection, about 9000 movies and shows. You can also rent movies from .99 cents to 3.99. Or you can digitally buy movies, which will then be permanently accessible to you through any device that supports the Amazon channel.
I will admit that half the pay channels are bad, so do your homework before laying out money for any channel that requires either a onetime fee or subscription. You have to understand the Roku is a streaming device, they are not a content provider, so they don’t have anything to do with setting prices. That said there are 100’s of free channels, especially if you are fan of Video Podcasts from companies live Revision 3 or TWiT. They are all there in HD, and free.
I imagine as time goes on more pay services will become available as well as free once. To give this device a bad rating because you have to pay for some channels, is just typical spoiled attitude. Remember folks who provide these channels have to pay for servers that store the content, bandwidth that delivers the content, and sometimes licensing of the content.
Roku 2 operates on a modified Linux OS. This gives this device a lot of flexibility. Roku has also given out an API so others are writing applications for the device. There are already some games available, again some free, some pay. If you buy the XS model you get a motion controller, similar to the WII one. It’s obviously that it’s very early in the devices API development. Even though Roku 1 has been around for years, the API flexibility really didn’t open up until Roku 2. There is also SD slot so you can upgrade internal memory so you can store games and apps, which you will likely have use for in the coming months, as more apps come out. For example there is one very useful app for Netflix users, called Instant Watcher, it’s a onetime fee of $2.99, and give you a lot more flexibility and power to browse the Netflix Streaming Library, you link you Netflix account through this application, and then it allows you to do everything from managing your queue to browse various lists. I discovered a few movies and shows, I would of probably never found on my own.
Second category is Application, which also includes games. That’s where the motion controller that comes with the XS model comes in. XS comes with a full version of angry birds, which actually looks and plays quite well. I don’t see using Roku to replace my PS3, PC, or WII as gaming platform. But I can see a few possibilities like network wide scrabble; poker, etc… type games and tournaments. There also application, some free some are pay. For example if you got the XS model you have a USB channel, to enable its use for a HD connection you have download a free application. But there is also a pay application, which will allow you to stream audio and video from your server or PC’s in the house. There are few other apps, but nothing of any real value at this time. Since the API relatively new, I would expect we will see a lot more apps coming in the next few months.
The last type of channel and probably one most people will not know unless they are told or stumble on it on the forums are “Private Channels”. These channels are not advertised or visible through any Roku channel. There are dozen plus sites that track them. Simply google Roku private channels and you will see quite a few. Again some are free, some require a subscription. Channels range from Adult content to one person operations. Some are quite unique like a live stream of ABC in Australia. Like Public channels, private channels go up all the time, and because many of them are one person operation they also go down just as quick sometimes. Adding private channels is quite easy you login to…
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|Great device, user experience could be better,
I’ve been using Roku 2 XS for a few days now and I must say I like the device, but there are quite a few hiccups. So first the good stuff.
* The Box is tiny and the setup is a breeze. I was up and streaming in under 5 mins.
* Netflix, Huluplus, Amazon and Pandora worked fine
* Streaming in 1080p worked fine without buffering (I use Xfinity) and the quality is superb
* The Ethernet option (available only in XS) is very helpful and the Quality of streaming is far better than wireless
and the not so good stuff:
* The Box does not have adequate memory and needs an external micro-SD card for more capacity
* The device re-booted a few times for me when switching between channels. I was initially very upset with this as the reboot process takes about 3-4 mins. I called support and they asked me to uninstall Angry Birds as it takes up huge amount of space. Did that and then on no re-boots. This sucks as Roku 2 advertises Angry Birds big time and the remote is designed for that, but the device is not capable without additional memory
* It is non-sense that I buy the high end XS version for Ethernet and HD support and I still have to buy HDMI cable and Ethernet cable separately!
* I mainly bought Roku for streaming International Channels and to my horror I found that most of the channels do not work in Roku 2!! Apparently Roku 2’s video format is different to that of Roku 1. Roku support says that the Channel provider needs to fix it and the Channel provider’s support say that Roku needs to fix it!!! So why advertise them and make me sign up for them then??
* Finally, many channels have sub-channels within them. Switching from One channel is only possible through menus and there are no short-cuts. It takes up to 5 to 6 button press to switch Channels and it obviously sucks.
Verdict:
If Roku is serious of competing with Apple TV and Content is the differentiator, then Roku needs to pay more attention to the content and ensure it works and make the user experience better.
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