Free Ebook , by Alan Ellman
Free Ebook , by Alan Ellman
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, by Alan Ellman
Free Ebook , by Alan Ellman
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Product details
File Size: 8987 KB
Print Length: 524 pages
Publisher: Digital Publishing of Florida,Inc. (October 18, 2011)
Publication Date: October 18, 2011
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B0064TJS7M
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Amazon Best Sellers Rank:
#280,750 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Pros:* This book is written in very simply language yet the system is powerful. It opened my eyes to the fascinating world of covered call writing like no other book. After reading it, I was skeptical that such a simple system could work. So I started using it with small positions and gradually increasing my stake over time. Although I have not achieved the maximum return the book states that is possible, I did have reasonable gains and very few losses (small ones).* The charts are beautiful, all in full color with clear annotations.* Nice real life examples.Cons:* His spreadsheet is confusing and could be vastly improved. For some reason, he uses the round function to perform some calculations. This, in my opinion, should not be done since removing decimals could potentially distort numbers in large positions.* His math does not consider operator precedence so you have to "fix it" yourself. For instance, if you wrote call option xyz at P0 and bought it back at P1, the return on investment percentage (ROI %) would be (P0-P1)/P0; in his book he writes something like P0-P1/P0, which is of course wrong since removing parenthesis would cause P1/P0 to be calculated first. This will hopefully get fixed in future editions.* Sometimes it takes too many pages to explain a simple concept, This is not big deal for me. In fact, I definitively prefer that to other books that give little to no details. For instance, the explanation about the reason he uses 1 month calls instead of longer time frames could have been done in a paragraph but it takes him 2 to 3 pages. That's fine with me.* The "hit a double" concept sounds great in theory. But he does not explain (at least not in detail) the risks of holding the down stock after covering the call. Should the stock continue falling, the losses will be greatly enhanced. Yes, the stock may go back up as in his examples, but what if it doesn't?* I would LOVE to see candlesticks charts instead of OHLC.* I would also like to see more details about Implied Volatility (IV) and how to use it to find trades in ones' favor.Recommendations:* Purchase the book. Don't worry about price, it will pay itself with the first trade.* Start with safe ITM calls to build your confidence up. Do not over extend yourself with risky OTM positions.* Create your own spreadsheet and carefully double check your calculations BEFORE placing the first trade. You don't have to be a math genius to create your own spreadsheet but if you are not good in math, then find another profession since trading is not for you. I don't care how many engineering degrees you claim to have, be humble. The market does not care if your numbers and formulas are wrong, but your portfolio will surely suffer your ignorance and arrogance.* Some people complain that he does not mention puts nor does he recommends them. I politely remind all those people to double check the book title. It is "Encyclopedia of Covered Call Writing", NOT put writing!!!! Don't blame the author for not including something he never promised.Final comments:You can't go wrong with Alan's book. Congratulations to him for writing such a useful book! I really hope he writes more as good as this one.
I like the author's teaching style of presenting the material to be covered, presentation of solid material in an easily understood manner, then a short test to determine if one has grasped the material I consider myself an almost expert who has slowly been accumulating wealth but was reminded of certain aspects of covered call writing I had forgotten. I use the same approach; fundamental analysis to find good stocks/ETFs, then technical analysis to determine the best entrance time and then trade management and finally exit. Many authors do not cover the last two very important aspects of writing covered calls. Hope is not a strategy. He does have a news letter where he does the heavy lifting but also includes sources to free sites where one can find the information needed. Some might fault his very narrow focus but he his title does not promise more. He could have written more on the Greeks but what he writes is sufficient.The new trader in options would do well to buy this book but the time a newbie finishes he will be ready to paper trade. Now paper trading allows one to get familiar with the mechanics. But once one places hard earned capital on the line emtionality enters the trading room. The author recommends three months I would have recommended six months which is two earning cycles. He does recommend diversification. Here I would go one step further and discuss Kelly's criterion or reference a good source for such (e.g.“Fortune's Formulaâ€).This to be sure is not the single book one needs to read to trade options and stocks but should be among the first one buys.
I read a news letter email about covered calls that left me intrigued. Searched for a book on the topic and decided to get this book. I knew nothing about options going in. Took a while to read through it and took a lot of notes. Very thorough work with details where details are needed leaving very little for guess work. I'm very happy with the knowledge I acquired from it. In the part about stock screening Alan Ellman explains how he is relying on a subscription to Investor Business Daily for fundamental stock screening. I have no objection to this approach but it did not connect with me. I have found that I can get good results by using different resources that are free and allow me more flexibility with my choices. This however is not related to the core concepts that are taught in the book with regard to covered calls writing and exit strategies. That part is solid.
Alan's system is brilliant. I paper traded for 2 months with solid gains and put hours into reading his books and blog, and I just completed the third complete month of investing our portfolio exclusively using his methodology. For the three months that I have been using my hard earned money to invest, I have been making within and slightly above the 2-4% guidelines. I have been investing for years, and this is the only system that makes sense, and I don't feel like I'm just holding on with my fingers crossed hoping that my stocks will appreciate, regardless of all the homework I did to carefully select each stock. His exist strategies, especially the mid-contract unwind, have helped me double my returns and mitigate losses.I am a stay-at-home mom of two boys, ages 2 and 3. It is a gift to be able to stay home full time and to now be able to generate a second income. It only takes a few hours a month now for me to select stocks and manage the positions. I cannot recommend this book enough. Read it from cover to cover and learn it well.
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