Reviewed by Ed Dobson, President, Traders Press, Inc.
Are you interested in learning about options but hate having to labor through text that will make your eyes glaze over? If you don’t like that “back in math class” feeling, take note. Here’s a brand new book that will not only teach you some profitable new option strategies, but will keep you wide awake and smiling throughout the process.
Author Mike Parnos characterizes himself as a bit of a rebel. His unique brand of humor is immediately evident in the subtitle and cover of the book, which states that you’ll learn the “naked truth” about profiting from options. If you pay close attention and learn his Couch Potato methods, you may graduate and become a certified “Master Tater”.
At the head of the class is the Head Couch Potato, Mr. Parnos, who says that most people take this “stuff” much too seriously…“after all, it’s only money”. So, grab a copy of this delightful book, hang on for the ride and enjoy learning the hows and whys of some fascinating strategies used by professionals.
Right up front, the prospective student of Mr. Parnos’ methods is instructed on what is necessary to succeed: “God gave men two ends -- one to sit on and one to think with. Ever since then, man’s success or failure has been dependent on the one he used most. The secret of being a successful Couch Potato trader is in knowing when to use which end. Unfortunately, when God created the two ends, he forgot to include instructions. That’s why I’ve compiled my wisdom (for you) into these hallowed pages.”
Parnos is well versed in his craft of teaching option strategies. He has written an advisory column for more than 6 years, which, according to his figures, has shown monthly profits approximately 90 percent of the time. Parnos recently launched his own Internet advisory subscription service. He also conducts seminars (which he characterizes as “R-rated”) in various locations around the country for those who prefer personal instruction.
In the book, he tells you that he will teach you a wide range of trading strategies…and, fortunately for you, he says he is better at picking trades than wives. He bills his website and the methods he teaches as “where directional traders come to be cured”. His underlying premise is that folks who pick trades based on a direction are wrong most of the time…and they would be better served using safer non-directional strategies, which offer profit opportunities whether the underlying goes up, down or sideways.
He gives colorful and entertaining names to his strategies, such as the “Siamese Condor”, the “Boston Strangle” and the “Sure Thing” credit spread. Just reading his Table of Contents is an exercise in amusement and curiosity itself. Entries include “Hey Baby, Wanna Get Lucky?”, “The Good Stuff”, “The Bouncing Strangle”, “The Rock and Roll Out Adjustment” and the like.
Perhaps the best part of all is the nifty acronyms he uses to teach you. For instance, when it is time to exit a strategy, it is usually because price has reached the point at which one needs to GTFO. (If you can’t figure this one out, you’ll just have to GOYA and get a copy of the book, pronto.)
In addition to the tongue-in-cheek humor, there is plenty of substance -- covering everything from trade selection and trade entries to adjustments and more. Serious traders will learn a lot about trading options in this fun book…and will enjoy every minute of it. If you don’t, well…you’re simply taking this “stuff” much too seriously!
Review by
Edward Dobson, President
Traders Press, Inc.
Greenville, SC
Additional details and table of contents may be viewed at: http://www.traderspress.com
