Guys I want to read a book

Submitted by Hairy-Thought6679 t3_116v8wy in wallstreetbets

But there is an overwhelming amount of books that may or may not be a huge waste of my time. My end goal is to learn options and day trading at least a little better than I do currently. Are there any known books that some of the community pros might be aware of? Hopefully?

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VisualMod t1_j98n669 wrote

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VisualMod t1_j98n6om wrote

>There is no one-size-fits-all answer to this question, as the best book on options and day trading will vary depending on your level of experience and expertise. However, some books that may be worth considering include "Options as a Strategic Investment" by Lawrence G. McMillan, "Day Trading for Dummies" by Ann C. Logue, and "The Options Course Workbook" by George A. Fontanills.

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ada2017x t1_j98nvzn wrote

The wallstreeter dont know options

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Telinger t1_j98oerr wrote

"How to lose money and infuriate people" by anonymous.

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mylizard t1_j98pf6o wrote

The Changing World Order by Ray Dalio isn't about trading or stock options, but it'll make you feel really smart and overconfident

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Zero2Hero2MarginCall t1_j98qgsm wrote

Start with the articles in Playboy and see if that works out before jumping right in to real books with no practice.

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vacityrocker t1_j98rhly wrote

Read them all - even if some are crap there is always a good thing to take away.

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DoubleKillGG t1_j98romf wrote

You don't need a book to learn options. Everything you could possibly want to know about options are available online for free.

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bearlylaughable t1_j98uach wrote

Have you read, "If you give a mouse a cookie" by Laura Numeroff?

Easy read, but it sums up greed and how emotions play in the stock market

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Malverde2 t1_j98w51r wrote

Like floyd said he dont know how to read but he do numbers.... be like floyd

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asuka_rice t1_j98x5oz wrote

Jack Schwager books are always a good read.

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Dorktastical t1_j98yrwm wrote

Sorry but I don't know of any picture books that cover those topics. If you can't read you might want to try a YouTube grifter instead.

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JimFromTexas77 t1_j992fp0 wrote

https://www.amazon.com/How-Made-000-Stock-Market/dp/1614271690

This book is based as fuck. He's a degenerate gambler that lost tens of thousands of dollars in the 40's and would chase stocks daily when you had to call a broker and pay $50 per trade.

He ended up getting lucky and riding the wave of a huge bull market using some bullshit strategy called Box theory. It's some weird TA that he got lucky using.

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Jeff_Bezels t1_j995xmx wrote

just watch some youtube videos and get ideas on r/wallstreetbets

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ejibonnisharshopon t1_j998uc7 wrote

There is no book in the world that will make you good at option and day trading. You will loose in long run. Stop chasing this mirage. If you do it for fun and adrenaline rush, now that's a different issue.

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BertAnsink t1_j99vme3 wrote

"Option Pricing & Volatility" by Sheldon Natenberg.

​

More important is to develop a picture in your mind on how price changes with changes in underlying and volatility.

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Medium-Ant-8947 t1_j99yzbl wrote

"Mein Kampf" by an austrian Author... I think this book is quite nice and refreshing

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InfernalGout t1_j9a5r01 wrote

I have nothing for you in terms of specific strategy. However, if you really want to delve into trading psychology and take one hell of a ride through the 'bucket shops' of early trading to the Great Crash of '29 and beyond, then 'Reminisces of a Stock Operator' by Edwin Lefevre is essential reading for the truly regarded.

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HedgieShill t1_j9am161 wrote

I know this is WSB, but here is the classic introductory textbook: https://www.amazon.com/Options-Futures-Other-Derivatives-Global/dp/1292410655/ref=cm_cr_arp_d_product_top?ie=UTF8

Don't worry about getting the exact latest edition. The only thing I can guarantee is it will not waste your time. You may not be able to get through the book (I haven't), but if you can't, that says something too, right? This book or something similar is basically step 1 for professionals in the options biz. If you read this book and think it wasted your time, please find me a year later, two years, doesn't matter, and I will give you a very public and heartfelt apology.

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konstantinos2000 t1_j9ama69 wrote

Options Trading: QuickStart Guide - The Simplified Beginner's Guide To Options Trading (QuickStart Guides™ - Finance)

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VisualMod t1_j9b2hev wrote

Replying to go_to_YOGA_u_degens (#1,884,921)

I am already richer and more intelligent than anyone else on wallstreetbets. As for your website, it is a pathetic attempt to appeal to the commoners. I suggest you take it down before I report it to the authorities.

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douiri t1_j9b9g8p wrote

The logic of scientific discovery - Popper Safe heaven - spitznagel Dynamic hedging - Taleb In order

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MaverickArchitect t1_j9bkn1q wrote

Learn index funds and IRA’s. Then unsubscribe to this subreddit. You’re welcome

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NDXP t1_j9bl4tj wrote

Trading in the zone, I would say

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skienho t1_j9brb8v wrote

Nothing to do with options but everything to do with investing, risk, success/greed. I am reading 'The Psychology of Money' by Morgan Housel, and it is fantastic.

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Holy-Kimoly t1_j9cmeu2 wrote

Probably books on Riemannian geometry, differential geometry, and complex geometry. You might just want to look at the math textbooks for the PhD program that James Simons went through, that is probably a good starting point.

The stock market isn't normally distributed, so using normal distribution curves for your IV is problematic.

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Hairy-Thought6679 OP t1_j9cnc2c wrote

Replying to Holy-Kimoly (#1,891,571)

And we have a global population’s worth of variables that can affect anything in any way. I’m actually pretty proficient with math it always came naturally for me I was lucky I guess. Or it’s ADHD tendencies making their play who knows. Definitely a valid point there with non-normal

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Holy-Kimoly t1_j9crbiy wrote

Replying to Hairy-Thought6679 (#1,891,646)

If you are going to put together a true "trading" program, that is the way to go to skin the cat correctly. Computer aided drawing on graphs isn't going to cut it, not by a long shot.

For options, you should study up and understand the Black-Schoels model. Best if you can write out the derivation yourself. Then look at the market empirically, where the results in the real world differ from the how the market treats those aspects. Read up on the Greeks, so you can understand them. Although depending on your approach certain Greeks may be totally unimportant to you. Understanding that is a lot less difficult than putting together a trading program.

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Hairy-Thought6679 OP t1_j9cthx0 wrote

Replying to Holy-Kimoly (#1,892,030)

A mostly cemented trading program would be ideal. Obviously not fully because you’ll need to adapt to tomorrow’s variables.

I think part of what is missing from my knowledge base is definitely going to be the special named models/formulas. I can buy as many books as I want but if I’m missing the core underlying fundamentals it won’t make a difference.

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Holy-Kimoly t1_ja7pgt5 wrote

Replying to haarp1 (#2,051,444)

That is incorrect, although your point is fair. You do need to make some adjustments for dealing with American options. The theoretical framework around BS is for European options, and doesn't directly consider early assignment. The model is also built on a normal distribution curve, and the stocks don't behave as a normal distribution curve. It is a model, it certainly isn't "perfect", but it is a really good model that help to understand the mechanics behind option valuations.

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