so i want to being trading currency futures soon but instead of stop losses i want to hedge myself with options;i will be holding for a long time . also possible that i trade commodities and would hedge myself too in case of stops runs, lock limits etc; thing is i'm not so sure i should be considering options instead of stoplosses yet as i know bugger all about them! so any good books out there teach options on futures well? do options on futures operate in the same way options on stocks do? so i could just read 'options made easy'? thanks; by the way is using a put instead of a SL a wise idea?
if you don't know about options then no...you can learn though: Sheldon Natenberg's book is the source for learning about options...
Sheldon Natenberg has an excellent book. http://www.amazon.com/Option-Volatility-Pricing-Strategies-Techniques/dp/155738486X
cme is a great source too. http://www.cmegroup.com/trading/fx/ http://www.cmegroup.com/trading/fx/files/FX-199_OptionsTraderHandbook.pdf
yes that book was recommended to me by a successful trader as well too; i think i'll take the plunge. thanks!
Natenburg is a decent start in understanding greeks, but it doesn't explain anything about trading, or making money. I would suggest you start papertrading your strategy. Watch the daily p/l swings and investigate why you made/lost money. That is by far the best way to learn.