on Dec. 8, 2011 :
I concur with the thoughts of the earlier reviews. I would add a few points.
The tools on the web site are using a live feed of options trading data. Use the tools as a complement to strategies recommended in the book to know in the moment what trades fit your strategy.
The author is responsive to emails and genuinely wants to help his subscribers and build a community of options traders who can all benefit each other.
The author also makes clear when not to trade. Uncle Bob's agenda is to help someone who is motivated to learn options trading and to be successful in earning money and minimizing risk.
(reviewed 22 days after purchase)
on Nov. 18, 2011 :
Must have 'bible' for generating income using Options trading.
This book is not an exciting novel that will keep you on the edge of your seat, but it is a must have resource if you want to use conservative Options trades to make money.
This book will literally save you thousands and thousands of dollars instead of taking very expensive Options courses like Sheridan Mentoring or Optionetics.
The strategies used in this book are all 'non-directional', meaning that you don't try to guess which way the market will go, and you will make money if the market goes up, goes down or stays the same.
For those that aren't familiar with Options trading, the first chapters go through all the basics, so you can understand Options and the 'lingo'. Options are not familiar to most investors, and you can very quickly get up to speed here and feel confident moving forward to talk about and trade Options successfully.
The main part of the book goes into very exact detail how to make these conservative Options trades using 4 different Options strategies: The Calendar, The Condor, The Butterfly and The Double Diagonal.
What is critically different about this book, is that they give you the exact rules to follow:
- What Market conditions to monitor before entering into each strategy, and the specific rules they follow.
- What Market conditions are good for each strategy, and which Market conditions are bad. They show you how you can trade profitably in almost any Market condition: you just use the strategy that works best for what ever the Market is doing right now.
- When you should enter into each specific strategy; different strategies have different entry dates depending on when those Options will expire.
- How to monitor your positions after you made the trade; what specific indicators are most important for each strategy, and the rules for when you should exit a position early.
- They also tell you how to set conditional orders. I have a life outside of my investments, and I can't sit and watch my positions all day long - and I wouldn't want to. This book shows you HOW to set conditional orders and WHAT conditional orders you should have for each strategy. With conditional orders in place, I don't have worry or watch my Options positions at all. If the Market suddenly crashes or makes huge price movements, my Options positions will be removed automatically by my broker using these conditional orders and I will walk away with a minimal loss, unlike people I know who lost their shirts with these big market movements.
The author also has a website unclebobsmoney, where you can pay a monthly subscription to use their tools that make this type of Options trading really easy: both finding and monitoring your Options trades. They also have 2 sample portfolios, that you can just mimic in your own investment account so you don't have to waste any time learning or actively seeking out trades.
They say that you don't need to use their paid service at all; you can just take all the information in the book and start trading profitably. I found that to be totally true, and I started by doing everything myself. (But in the end I found it was a million times easier to pay for their subscription to use the tools - and I make more money that way because I am able to get much better trades using their tools.)
To sum up, I think this is a critical reference book that any investor should have. Options may not be ideal for every investor, but for most investors there are times that you can use these types of conservative income generating options strategies to make really good investment returns at very low risk, and this book walks you step by step through that process and gives you the specific rules you need to enter, monitor and exit these types of trades profitably.
(reviewed 3 days after purchase)