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The figures are particularly bad, with incomplete or incorrect legends. On page 9, for example, are shown profit graphs for puts and calls. One problem is that the graph for calls is labeled "Put purchase" and the graph for puts refers to buying a call. This is worse than useless to a beginner because it is flat out wrong, and makes the expert wonder whether anything else in the book is sufficiently reliable to trust. Another problem with this figure is that neither graph has any numbers on the axes.
Poor labeling of figures renders indecipherable many of the figures in Chapter 2, which deals with options as direct indicators. Figure 2.1, for instance, does not provide dates on the X-axis, so when the text says something about what happened on July 29, it's difficult to know where to look on the chart. Many of the charts in this chapter include several data plots, apparently including price and option volume, but the plots are not labeled. Sometimes the text refers to put volume and call volume, but the charts don't indicate which is which.
The text often is no more clear than the figures. The discussion on stops on page 133, for example, states: "So you gave back a lot by waiting for your stop to be hit. Or did you Will, in this case you did, but what if the S&Ps had gone on to 1335?" Who the heck is Will, and what does he have to do with anything?
The "review" questions are not really review questions. I expected them to review subject matter that was covered in the preceding chapter. However, the questions are directed to material is not covered in the chapter.
I'm going to try a different book on options. It's just too frustrating to get anything useful out of this one.
I learned a lot from the 2 chapters on using options as indicators to spot insider trading activity and the chapter on volatility.
The chapter on using options as insurance will help me teach my family the bare minimum of what every stock investor should know about options.
The chapter on System Trading was useless to me.
One "feature" of this book that irritated me at first is that the "Review Questions" after each chapter quiz the reader on information that wasn't covered. However, I quickly got over this minor irritation because the answers are useful new information. The section is simply mis-labled. It should be called "Relevant Questions" or "Frequently Asked Questions".
At any rate, I used up an entire highlighter pen and that is good indicator that this book is worthwhile.
One other minor nit-pick; the copyright date is 2002 but the examples are from 1999 and 2000 (pre bubble-burst). There are also a few references to "the video" which leads me to belive that this book is a collection of previously written reports. That's fine because the chapters are self-contained but the editor should have deleted the reference to "the video".
Overall I give it 4 stars.
Thank you to the author.
Don't abandon hope: your Tom Mix decoder ring arrives tomorrow.
I have yet to see any problem, however complicated, which, when
you looked at it in the right way, did not become still more complicated.
-- Poul Anderson
