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Managing Expectations: Driving Profitable Option Trading Outcomes Through Knowledge, Discipline, and Risk Management, by Anthony J Saliba
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Options trading legend Anthony Saliba delineates his trading ethos for the first time in Managing Expectations. This includes the strategies and tactics he used to achieve 70 consecutive months of profitable options trading.
In Managing Expectations, Saliba shows options traders how to trade options while navigating the markets for volatility and opportunity. There is a full compliment of studies on first and second order greeks including gamma, delta, vanna, and vomma.
Implied Volatility is studied from a theoretical and practical standpoint. Readers are shown vivid examples of trading around a core option strategy while monitoring the greeks and implied volatility with charts and graphs. You'll learn how to trade the IV of a particular underlying security.
Managing Expectations also shows readers how to roll positions. You can sell a Long Call and go flat taking profits, but you can also deploy several other tactics to prolong profitability. This isn't just theory, but how Saliba trades and how he trained his traders over the years.
This book illustrates trading techniques from short-term gamma scalping to trend following while delineating how to manage risk. Readers will not have any trading blind spots after reading Managing Expectations.
For a limited time, hardcover purchases come with FREE Audiobook and eBook version downloads, as well as the accompanying educational videos.�
Register for them at ManagingExpectationsBook.com.
- Sales Rank: #70649 in Books
- Published on: 2017-01-16
- Original language: English
- Dimensions: 9.02" h x 1.06" w x 5.98" l,
- Binding: Hardcover
Review
"I was given an advance copy of�Managing Expectations�by Tony Saliba, one of the original Market Wizards, which is being released next month. When I was on the trading floor, I was raised on the Sheldon Natenberg book,�Option Volatility & Pricing, but this is even better. I think it's going to be the new standard by which all options books are judged." -�Jared Dillian, author of�Street Freak�and Mauldin Economics 10th Man.
"I believe this book will be considered the new options trading bible." - Brian Shannon, Alphatrends
"Just looking at the subjects covered in a preview of the 24 chapters of the book gives you an idea of the obsessive detail Saliba approaches his work and the world of options. Perhaps that focus and attention to detail was born from early failures--as if often the case with talented traders--which forged in Saliba a desire learn all he could about options.�Managing Expectations�does not appear to be a light summer read but may provide the depth to put emerging options traders on solid footing. Saliba is an options master and if you have a desire to learn chess rather than checkers, you may want to pick up his new book."�- Dan Collins, Editor-in-Chief,�Modern Trader�Magazine
Knowledge of synthetic relationships is a dying art of the new-world trader. Tony always emphasized the power of studying option synthetics as a way to separate yourself from the crowd.�- Chris Hausman, Portfolio & Chief Technical Strategist, Swan Global Investments
Tony was an incredible options teacher to me without him even knowing so - Tony educated me while I was a clerk (freshly out of University) in the mid 1980's for a broker in the CBOE's S&P 100 option pit who executed Tony's many different types of complex option strategies. I learned first-hand all about Butterflies, Straddles, Strangles, Ratio Spreads, Calendar Spreads, Iron Condor Spreads...such a gift to a aspiring options trader.�- Michael McGuire
From the Inside Flap
Over his almost 40 years of trading, TonySaliba is a living legend, having fulfilled�every role you can fulfill inthe options business.�
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For the first time in 10 years, he's showingyou how to use his wisdom of options trading to trade with his mindset and makelarger, more consistent gains with lower risk in his new book�Managing Expectations:�Driving Profitable Option TradingOutcomes through Knowledge, Discipline, and Risk Management.
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Inside, he'll show you how to read the marketsfor price and volume, and then to listen to what Implied Volatility and theGreeks are telling you.
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He'll show you how to take a directionaltrade, say a long call, and know when the precise time to convert it into aVertical Bull Call Spread or to roll it.�
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Then how to leg out of the short call to gonet long again. It's trading around a core position with but with options - andmuch less risk.�
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Never has someone with his experience walkedyou through this play by play in options trading.�Plus, he's recordedvideos that highlight and explain some of the core concepts of this tradingstrategy.
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You'll learn how Tony trades. These are Rulesthat you can apply to your trading right away without needing $1,000 monthlysubscription or trading platform.�
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From the Back Cover
Trading options profitably has proven to be an elusive endeavor for many. Reason: There are many ways to trade listed options and it's hard to find the style that is right for you, a good teacher to show you what to do and what to avoid.�
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In addition to volatility and price direction, you have the first and second order greeks to evaluate in order to determine if a trade is worthwhile. You can also compare strategies using synthetic positions - a place where this book emphasizes particularly heavily.�
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Given their flexibility, there is no other instrument in the world that you can deploy in order to carve out a zone of potential profitability for yourself using various combinations... spreads or winged options strategies.�
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It can be said that�options are about 'ceilings' and 'floors' once you select your strike prices. You can bet that the underlying will go above or below a strike price, or bet that it won't get there. You can't do that with any other security. That's a powerful flexibility. That means that you can participate in upward, downward, and sideways markets if you know the correct evaluation techniques.�
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Full understanding = trading edge.�
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Knowing the exact risk ahead of time, an owner has the ability to take risk home overnight, through the weekend or during the lead up to major announcements and still have a sense of the max loss. There is still uncertainty, but the worst-case scenario is defined and knowable.�
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With the tools that Saliba has presented to you here, you'll have myriad ways to evaluate the risks associated with options trading exactly how professional traders do. As Jack Schwager rightly said in the Foreword, Saliba comes to this material having learned it by doing it. There is a great deal of theory, but it's presented from a practitioner's point of view. It's easy to write out the�theory, but it's hard to give it context if you haven't been in battle. Saliba has been there since the beginning.�
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Read. Learn. Trade.
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If you'd like to know more about our options courses taught by Tony Saliba, and get the bonus material, go to ManagingExpectationsBook.com.
Most helpful customer reviews
5 of 7 people found the following review helpful.
Major disappointment
By "Keynes:
I had great expectations.
Major disappointment.
Nothing new.
Good for beginners only.
Very well hype.
Returning book.
5 of 10 people found the following review helpful.
I AM VERY DISAPPOINTED AND WILL NOT RECOMMEND THIS BOOK TO ANYONE WITH MORE THAN 6 MONTHS OF EXPERIENCE
By Mestengo Hidalgo
I just received my copy and quite frankly I am disappointed.
Have I chewed through it page by page yet, no. But a careful scan has found that Saliba completely ignores a major category of options trading; iron (butterflies, condors, unbalanced, and broken-wings). The Capital Discussions Group and other sophisticated option strategy traders are going to less than impressed. The website ManagingExpectationsBook.com, at this time, is nothing but an email address list collection site. There is no supplemental information or contact information for asking about the glaring omissions.
I WAS EXPECTING QUITE A BIT MORE FROM YOU MR. SALIBA
5 of 6 people found the following review helpful.
Saliba: New tips from an old options pro (reprinted from MODERN TRADER magazine)
By Amazon Customer
This review was published in MODERN TRADER magazine...
In the forward of Anthony Saliba’s newest book “Managing Expectations: Driving Profitable Option Trading Outcomes through Knowledge, Discipline, and Risk Management,” Market Wizards author Jack Schwager highlights an anecdote from the book where Saliba demonstrates how a covered call, or buy-write — what is thought to be a conservative strategy — is the equivalent of a short put or naked put, which is seen as extremely risky. In fact, Saliba’s example shows that a buy-write could entail greater risk than the naked put.
Schwager’s point is to highlight that “Managing Expectations” is “a book written by a trader who learned option theory through trading.”
Just looking at the subjects covered in a preview of the 24 chapters of the book, which will be released this September (managingexpectationsbook.com), gives you an idea of the obsessive detail, with which Saliba approaches his work and the world of options. Perhaps that focus and attention to detail was born from early failures — as if often the case with talented traders — which forged in Saliba a desire to learn all he could about options.
Saliba began his trading career at the Chicago Board Options Exchange in 1979, working as an independent market maker who would later serve as a member of the CBOE Board of Directors from 1987 to 1989. Despite taking a conservative approach, he did so well that he was able to retire briefly before his 30th birthday before being lured back to the floor to make markets in new option products. He is one of the original “Market Wizards,” as profiled by Schwager in that best-selling book, the only option trader featured.
He went on to head options technology firm LiquidPoint and act as managing director of ConvergEx. Currently he is running a venture capital business, Saliba Venture Management, LLC and a family office.
A theme that has run throughout his career is a desire to teach options and options strategies. In fact, Saliba has written numerous books on options throughout his career, which begs the question, what new can you write about?
“We hear from many that theoretical training has been commoditized, that it is practical experience and the tenets of being able to see options in another way that is desired,” Saliba notes. “This book is light on definitions yet heavy on the practical evaluation of options strategy, the option Greeks and volatility; helping the reader understand and embrace the consistency of change.”
He says that the primary audience for the book is the Chinese market and new professional traders, but it is also an attempt to provide a deeper dive than those commoditized products that cherry pick strategies without providing the deep knowledge needed to mold the appropriate option strategy based on all available data.
This is not for the shopper who wants to learn the hot strategy to make you rich. In fact, the title — “Managing Expectations” — is a purposeful bit of advice for the neophyte trader. Saliba acknowledges that the expectation of quick riches is one of biggest obstacles to new traders.
“Many new users of options can’t wait. It’s not the nature of their place in the food chain. Those that are patient from the start are in the minority,” he notes. “It is usually after losing more than they imagined would happen that the expectation management becomes a part of their repertoire. With a whole new breed of traders yearning to learn about the great instrument listed options can be, we decided to take them down a measured path.”
That measured path includes an in-depth look at the Greeks, put-call parity and understanding how to build synthetic positions. He notes that having a broad understanding of all the elements that go into options valuations is not only important, “it is the only way to really view opportunities.”
“It is a lost art that leaning on systems to too great a degree masks,” Saliba says. “Then when there is extreme volatility, strategies within a complex position can be overlooked.”
This goes back to our initial anecdote. Too many traders have only a superficial knowledge of certain strategies, marketed to them as an off-the-shelf solution without a deep understanding of all the components. “This has been the case forever and we feel is just the nature of an overly simplistic user-base combined with margin calculations that may falsely favor the covered call, Saliba says. “The exchanges have for decades been putting out proper educational points, but I’m not sure regulators are even sound on this point. Buying stock is part of the investing culture, selling a call against it makes it a bit less risky. But selling the naked put, with the same risk profile, gets short shrift as being too risky.”
But markets get complicated quickly and every serious trader needs to know all the tools available to them.
“Being able to see how flexible option structures are by knowing synthetics inside and out leads to alternative strategies that accomplish the same goal (hedge, exit, risk-identified entry, etc.). Particularly for new professional traders that may be forced to make a market for a customer or the larger retail trader whose position has gotten too large.”
Chris Hausman, portfolio and chief technical strategist at Swan Global Investments, provides the following blurb for Tony’s book: “The value in knowing synthetic relationships is profound. It can help any trader or asset manager see through the weeds and make better decisions with clarity. Knowledge of synthetic relationships is a dying art of the new-world trader. Tony always emphasized the power of studying option synthetics as a way to separate yourself from the crowd.”
“Managing Expectations: Driving Profitable Option Trading Outcomes through Knowledge, Discipline, and Risk Management,” does not appear to be a light summer read but may provide the depth to put emerging options traders on solid footing.
Many traders have compared trading options vs. outright futures or equities to playing chess instead of checkers. Well, Saliba is an options master and if you have a desire to learn chess rather than checkers, you may want to pick up his new book.
See all 5 customer reviews...
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