The Option Advisor: Wealth-Building Techniques Using Equity & Index Options

This book is fantastic. Bernie Schaeffer is so full of knowledge on options that I hope he comes out with a new book soon! Check out other books he has contributed to like Breakthroughs in Technical Analysis, New Thinking in Technical Analysis, and the SFO Online Trading Book. They're all full of information and so useful.

Mr. Schafer writes about several different option strategies. More importantly, he covers several tools you can use ranging from magazine covers to VIX. He also touches on the "Greeks" and money management. The first 130 pages covers the tools and basics of options and the second half of the book covers specific option strategies and more details on how to spot a trade. There are many black and white charts throughout the book detailing the specific indicators and what they may look like when you want to buy or sell. The examples are clear and easy to understand. I had to read some paragraphs a couple of times to understand which I would expect when learning a new concept. Each time I go through this book, I am reinforced of what I know and often pick up details I have missed in the past. There is a lot of good information in this book. Someone who wants to increase their knowledge regarding technical analysis and broaden their horizons can gain something from this book.

I find it funny how many negative things I have been reading here and I have a few comments. First, this book is GREAT? In 4 months I made thousands of dollars by following Bernie's strategies. Second, he actually TEACHES how to do something with your money that isn't confusing, unlike many other money making strategy books. Third, he STRESSES over and over that you MUST CUT YOUR LOSSES when they hit 8% and let your winners run to overcome the deficit. I wonder how many of these negative people that have posted angry messages here were too emotional and let their greed or fear get the better of them while making investment decisions attempting to follow Bernie's advice? I learned a long time ago that being negative and only talking about the problem and not a SOLUTION to the problem is NOT the way to live life. Please read this book, and FOLLOW HIS RULES. It does actually work. And don't listen to Forbes, for crying out loud they have to hate anyone else that might actually compete with them and make them look bad. How many of you have made a dime off of what Forbes magazine taught you? I haven't. Read this book...it works, but ONLY if you work and FOLLOW THE RULES!

I did not read this book for the sole purpose of trading options. I became interested in reading this book only after learning about Bernie Schaeffer and his impressive winning record on wall street and seeing him on CNBC.This book will serve every stock and options trader well. However, this book is made complete by the chapters in the first section where he thoroughly explains contrarianism, expectational analysis, selecting the right stock, sentiment indicators, and market timing indicators. These chapters alone are pact with valuable information and have greatly improved my stock trading performace.This book is suitable for the beginner and advanced trader. The easy-reading style together with the many useful subjects makes it easy to passover important points. Don't be fulled by the simplistic style. Considering the many topics, the author manages to thoroughly cover each without losing the reader.Even with the many books that I have on trading and technical/trend analysis, this is the one that I reference the most.

The option Advisor is a decent book on options. It gives a good market view on options trading. However the Authors' monthly newsletter The Option Advisor, has a very bad track record. The Author offers a 3 month free trial to his newletter in the back of the book - be careful puting your money into these trades. One should track the recommendations over time, to see how they do before putting money into these trades.