Once upon a time, on another board, I gave Mark a hard time for mentioning one of his earlier books. Then as I got to know him (online), I realized he is alright. Now I'm not a noob, so I don't have need for his books, or most any options book for that matter. But some people learn best through reading. For these people who never studied options in a good finance class, or have had the pleasure of learning through experience, Mark's books could very well prove an efficient and cost-effective way to learn. ET is fortunate to have him actively participating here.
congratulations, Mark. Writing a book and seeing it through publication is a major accomplishment. I have not read it, I assume it is good. I don't understand the objections to your mentioning it. It seems that should be a matter between you and the site owners. I for one am glad you brought it to our attention. Again, congratulations. (By the way, you actually did mention the title in your original post. Good for you!)
Mark, Congrats Mark, you deserve it. I don't know any other author/trader who would do what you do, your an asset to the Industry and have allowed many a newb get first hand knowledge from a pro.
Congrats, that's a hell of an accomplishment. I can't imagine the site being against you mentioning it, you're an asset to the site and they should be thankful for your contributions as they make the site a better one.
It seems you trade iron condors as your go to trade, what is it about this strategy that you find appealing. Please explain this so that newer options traders may benefit. I appreciate the fact that you patiently explain options concepts so well, congrats on the book.
1) What's appealing to me may not be appealing to others 2) Strategy selection is important, but risk management is far more important - at least in my opinion. 3) I don't like to pick market direction, so need a market neutral strategy. Iron condors suit that need 4) I believe buying options has little chance of success - but again, that's my point of view and comfort trading zone 5) Thus I sell option premium in a market neutral fashion 6) Iron condors fill my needs for market neutral and 'sell premium' 7) The position can work wonders. Sometimes, the clock ticks , the market doesn't move much, and the short positions fade away. Lovely. But not too common. 8) Thus, a significant part of the time, some sort of action will be needed before expiration arrives. That action is taken to reduce risk. This means that I must be willing to lock in losses, and I am. 9) I can buy insurance before it's needed. That reduces profit potential, but also reduces risk. That's a trade-off I am willing to take - and I understand that many traders are unwilling to do that. What I like about insurance (owning extra puts and calls - plus variations on that theme) provide an occasional chance to earn extra profits. Not likely, but possible. Insurance means fewer adjustments and it also means profiting from a black swan event. 10) All in all, I have a premium-selling position with limited losses. That's good. I also get to buy insuance that makes it smewhat less likely that I will incur losses. All in all, that fits my comfort zone. I've still taken losses during these unidirectional markets, but diligent risk management keeps these under control. 11) This does not suit everyone. But, the combination of characteristics of my portfolio suits me. Mark
Quote from dagnyt: I do not believe mentioning 'my book' - and leaving out the title is in any way a violation of TOS. In what way did you leave out the title? It was in the OP and in the response above to someone who asked the title... And in what way did you think, "well, the TOS does not apply to me, so I will go ahead and make a pitch for my book, #1, etc. etc.?" And now the blank stare that this is somehow different from all the other people trying to get free publicity??? Had you checked with the site owners first? I somehow suspect it must have crossed your mind, correct? Everyone is subject to the TOS. Regardless of well wishers or others. If number one in sales, could you not afford to compense the owners via advertising?
Funny thing. A few days ago, you were feeling so happy about this without wanting to impose on ET, you also listed a blog to similar. http://www.elitetrader.com/vb/showthread.php?threadid=177374
Thanks for your book, Mark. It is indeed an excellent intro for aspiring traders--the first such book I have seen. I wish I could get more people to read it. I've recommended it to many people, but I think most are too lazy to read it.