McMillans Books

erol · Jul 19, 2009

Hey,

I know McMillan has been recommended here several times, and so I'm wondering if I should get his book. I need to understand more what the best entry points are, managing positions, and repairing. (e.g. knowing a butterfly and knowing how to trade are different things).

So I'm either going to purchase

'Options as a Strategic Investment'

or

'McMillan on Options'

Will these books give me what I'm looking for?

Of these two, which do you recommend?

Thanks,

Wayne Gibbous · Jul 19, 2009

I'd get Strategic Investment, as it is a pretty good reference to keep around. Also, get the Natenberg book for a little more theory. On Options has some good trading stories, but I doubt it would help you much.

A basic strategy book sounds like what you are looking for. The ones that Phil and Mark have should help you out. The Option Trader Handbook and Rookie's Guide are probably good as any.

spindr0 · Jul 19, 2009

Quote from erol:

So I'm either going to purchase

'Options as a Strategic Investment'
or
'McMillan on Options'

Will these books give me what I'm looking for?
Of these two, which do you recommend?

I'd go with the former. I spent a summer with it at the pool 20+ yers ago. I didn't lern squat but I sure looked good!

dagnyt · Jul 19, 2009

Quote from erol:

Hey,

'Options as a Strategic Investment'

That's - by far - the best of his books and one for your bookshelf.

It may be a bit complicated as your first book, but you do want to own it.

Mark

erol · Jul 19, 2009

Quote from spindr0:

I'd go with the former. I spent a summer with it at the pool 20+ yers ago. I didn't lern squat but I sure looked good!

^ lol

thanks guys, appreciate the advice.

If this is a reference book that I would refer to, even after knowing more, then I'm sold.

El OchoCinco · Jul 20, 2009

Quote from erol:

^ lol

thanks guys, appreciate the advice.

If this is a reference book that I would refer to, even after knowing more, then I'm sold.

I would not even recommend reading it cover to cover. Read first few chapters and then start with the basic strategies. If you are not a complete beginner then read the chapters on the strategies that most interest you and the topics and refer back to the book often. Reading it cover to cover straight might be like trying to read the Bible in one sitting.

erol · Jul 20, 2009

alright, that might make most sense.

I don't consider myself a complete beginner, though I have lots to learn.

I'm reading Natenberg right now. It's going slow but I'm getting all of it.

I know this book is large, so it may not be practical to read the whole thing... I just may have to do that.

dagnyt · Jul 20, 2009

Quote from erol:

alright, that might make most sense.

I don't consider myself a complete beginner, though I have lots to learn.

I'm reading Natenberg right now. It's going slow but I'm getting all of it.

I know this book is large, so it may not be practical to read the whole thing... I just may have to do that.

If you can do Natenberg, you are nowhere a beginner.

Learning is a continuing process, and Strategic Investment is just that, a strategic investment for you. There's stuff in that book with which I disagree, but it's a good book that covers many, many topics. A great reference.

Mark

xflat2186 · Jul 20, 2009

Quote from spindr0:

I'd go with the former. I spent a summer with it at the pool 20+ yers ago. I didn't lern squat but I sure looked good!

Come on spin you were impressing chicks at the pool with your options knowledge.

erol · Jul 20, 2009

If you can do Natenberg, you are nowhere a beginner.

I still feel like I don't have the knowledge to apply the things yet... I'm still trading basic strategies for now.

I want to get to Cottle's book, but after going through it, it appears as though I'd better know my stuff before immersing myself in his work.

Strategic Investment is just that, a strategic investment for you

ahhh, fair enough

and xflat, I hope it worked better at the pool than it does at the bar...