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Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor, 2nd Edition

Written by: Lee Lowell
Narrated by: John Haag
Length: 7 hrs and 20 mins
Categories: Business & Money, Careers
4 out of 5 stars (9 ratings)

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Publisher's Summary

A detailed guide to successfully trading stock and commodity options.

After numerous years as an options market-maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn't.

Filled with in-depth insight and expert advice, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options market. It quickly covers the basics before moving on to the four options-trading strategies that have helped Lowell profit in this arena time and again: buying deep-in-the-money call options, selling naked put options, selling option credit spreads, and selling covered calls. This book:

  • Breaks down four of the best options-trading strategies currently available
  • Explains how to set up a home-based business with the best options-trading software, tools, and websites
  • Contains detailed discussions of how options can be used as a hedging or speculating instrument

With this book as your guide, you'll quickly see options in a whole new light and learn how to become part of a small group of investors who consistently win.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2009 Lee Lowell (P)2012 Audible, Inc.

What members say

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    2 out of 5 stars
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    2 out of 5 stars

Hard to follow as a audio book may be go for print

it is not very suitable as an audiobook, plus nothing new unless you are a complete beginner in options. In fact, recommended if you are a novice

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Very difficult to follow

Since this book refers to different diagrams, audio format won't be useful. Better buy the physical book.

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    5 out of 5 stars

A rare gem that gives on option selling strategies

Great details about execution of the strategies along with risk management. Good insights into lesser known art of selling options.

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  • P. O'Neill
  • 25-09-12

Well presented strategies.

Buy this book if you already have decent options knowledge. If you don't speak the "options language", you might have a hard time understanding the strategies.

Not that this book isn't for a beginner, it's that the audio version isn't for a beginner. A beginner will need to see all the charts he is describing in the book to really understand how to place these trades.

Now, if you're already familiar with calls, puts, OTM, ATM, ITM, strike price, and all the other vocab you have to know to trade options, then you can probably handle the audio version.

He outlines 4 main strategies in the book:

DITM calls with a delta of .9 or higher. (The "D" in DITM stands for deep)
Option credit spreads. i.e. bull put spreads/bear call spreads
Selling naked puts.
Writing covered calls.

If you have already done all these things, the book is still worth checking out. He really explains Delta well and also gives some really good clues and insight on using volatility to your advantage.

There is also a great chapter on what life is like being a market maker. Great stuff in that chapter.

So, can you get rich doing this? Of course! Can you go to the poor house in a hurry doing this? Of course! If you're a person who is writing covered calls in order to collect high premiums without really wanting the underlying stock, you need this book. You will learn how to better hedge that strategy so you don't get hammered. Trust me, I've done that.....and I got HAMMERED! Do your homework on the underlying, hedge your position, and you won't get creamed. Honestly, if your goal is to beat the market average every year, you could easily do it with the strategies outlined in this book. I've done it for years and I'm getting better returns now that I am using the advice in this book.

He doesn't candy coat anything. He makes it very clear what the worst case scenario of each trade is. Don't selectively listen, do your homework and don't lose your retirement trading options.

One final note, he does plug a few websites that are pay sites. Reviewers on other websites nailed him for this in their reviews of this book. You do not have to have his pay site to implement his strategies. He also spends a good amount of time telling you where you can get option advice for FREE on the web so I don't know why those reviewers beat up on him so much for plugging his site. He points you to more than enough free resources to be fully informed on his strategies.

Good luck.

45 of 46 people found this review helpful

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  • Amber
  • 07-01-15

Great book but probably not the best audio book

I usually stay away from books that start with "How to get rich in..." But I decided to give this book a shot after reading some of the reviews.

I've been doing cover calls (one of the strategy taught in this book) for some times prior to listening to this audiobook. But the other three strategies gave me a whole new perspective in trading. I will never trade stocks the same way again.

If you're not familiar with options or new to trading I suggest buying the book instead. The author uses a lot of examples that requires charts and visualization from the book. Anyone who are not familiar with options can easily get confuse, bored, and lost.

I planned to buy the actual book and read it again for a better understanding of some of the strategies. Great book, if you're looking to make money in the stock market this is a must read.


13 of 13 people found this review helpful

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  • Andrew
  • 03-06-13

Good insight into option spreads

Any additional comments?

This is a good book that is fairly easy to follow. I do not recommend listening to it if you are not familiar with how options work. He does explain all the different parts that determine value of an option, but it's easy to get lost if you are not familiar with terms like Call, Put, Strike, In-the-money, Out-of-the-money, Beta, Volatility, etc. It can be difficult when he is referencing charts, but if you will get the idea of what the trade is trying to accomplish if you listen closely.

Overall, I think it is a worthwhile book. I hope I will be implementing some of these concepts in my future trading.

4 of 5 people found this review helpful

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  • Victor P Tomasso
  • 20-06-18

Deserves at least two reads

Great stuff here. Please write a third edition! Concepts are very solid and still valid.

1 of 1 people found this review helpful

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  • T. Plunk
  • 19-02-13

"Rich" may be an exageration, but make money, yes

I liked this book. Very practical guide to options. Does a decent job of explaining the risks.

Don't jump into options if you are a gambler. I think options can be a good addition to your portfolio.

1 of 1 people found this review helpful

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  • David
  • 25-01-13

Very good!!!

It provides a pretty straight forward explanation on how each strategy works and lots of examples. good stuff

1 of 1 people found this review helpful

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  • Joshua Isaac
  • 06-12-19

Good but be careful

For someone uninitiated to options, this book has a lot of great information. It was an enjoyable listen, and is packed with info and examples.

However, I don't think the author spends nearly enough time on risk management. How much of our accounts should we allocate to avoid getting wiped out on a black swan event?

In addition, I'm not sure the author gave a single example of a losing trade. This is unrealistic, and IMO dangerous if the reader comes away with an false impression of the risks inherent in trading.

The long option trade recommended, deep in the money calls, I'm sure can be profitable, with a better risk reward than straight stock. But you miss out on tax savings if you're using short term options, and you're also forced to realize gains even if using LEAPs, which you otherwise might not have done with a buy and hold stock.

The bigger issue with the long calls is that, for the couple of stocks I've backtested, buy 40-50 delta calls is way more profitable (if you picked a rising stock). But now I'm nitpicking.

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  • Harold Hunter
  • 23-06-19

Good.

This book told a good story unfortunately I found myself lost durning the chart and examples.

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  • Firas,CFA
  • 30-05-19

great for option traders

I have been trading options for a few months and this book has helped hone my trading skills and provide insights into option pricing related to implied volatility and some tricks that I was not aware off . The author gives practical examples and seems like a veteran in the option industry and lets us know how market makers think.

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  • Kahn
  • 15-03-19

Cheesy title, awesome content!

I also purchased hardback copy of this book. Lots of great info for anyone looking to learn some of the ins and outs of options trading. Perfect addition to my library, both digital and hard copy!

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  • Sitiveni
  • 17-02-17

Please read!

I am an investor and options trader. I use these trades the author speaks about. My main 3 trades r the bread n butter covered calls, selling naked puts and LEAP options. I don't trade spreads, I am more a value investor like Joel greenblatt that uses these 3 option strategies for amazing returns.