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How to Trade Earnings Releases With Stock Options Using Neutral-Based Strategies, by Kevin O'Brien
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Kevin Michael O'Brien is a published author who has been trading stock options for over 16 years. He is a contributing author on the financial website Seeking Alpha and developed his own stock option day trading strategy, which is titled "Breakthrough: A Consistent Daily Options Trading Strategy For Volatile Stocks"... Mr. O'Brien is also very experienced in many other option strategies, such as debit spreads, earnings trades, and weekly strategies. This book delves into neutral-based earnings strategies that generate profitable returns, using debit spreads. Full of detail with each strategy, this book is a great source of information for both the novice options trader and the advanced.
- Sales Rank: #481933 in eBooks
- Published on: 2013-03-22
- Released on: 2013-03-22
- Format: Kindle eBook
Most helpful customer reviews
14 of 17 people found the following review helpful.
Decent book, but a LOT of inaccuracies
By Kim
Overall, this is a decent and well written book. It is pretty short (less than 40 pages, I finished it in about 20 minutes) and is intended mostly to novice traders. More advanced traders probably will not benefit much from it.
The author starts with a statement that "there is no way you will be successful trading options on earnings if you go into the trade one-sided. The only smart way to trade earnings is by remaining neutral". This is where I'm in a full agreement with the author.
My main issue with the book is the same as with the author's articles on Seeking Alpha: he completely ignores the risks of most of those trades. As we all know, risk is directly related to the reward and the probability of success. There are no free lunches in trading. Most of the strategies described in the book can work very well, but when they don't because the stock moved too much or too little, the losses can be catastrophic.
For example, the author describes the Reverse iron Condor and says "it has much narrower break even points than the straddle or strangle". He also says that "the stock does not have to move tremendously to profit".
Both statements are inaccurate. The truth is that break even points and profit potential depends on the strikes you choose. The further the strikes, the higher the profit potential, but the stock also has to move more. With tighter strikes, you have lower profit potential bit also higher probability of success. What is completely missing here is mentioning the fact that if the stock doesn't move enough, the loss can be very significant. The author presented a similar GOOG trade in one of his Seeking Alpha articles and promised that "the trade recommendation I am writing about will work like a charm." The stock did not move as expected and the trade lost 100%. He did not disclose any of the risks involved in the trade.
There are a lot of other inaccuracies in the book. For example, when describing the calendar spread, the author says that "calendar spread has one of the highest returns on investment". In fact, there are a lot of factors involved (Implied Volatility, time to expiration etc.) that have a direct impact on a potential profit. As mentioned, the Reverse Iron Condor can have a very high profit potential if the strikes are far enough from the underlying and the stock moves enough (as shown in NKE example).
The descriptions of a straddle as "extremely risky trade and the one I use the least" and the strangle as "one of my favorites" is surprising and misleading as well. The truth is that the straddle is much less risky than a strangle, especially when using far OTM strikes. The strangle has higher profit potential but also requires larger move. The fact that it requires less capital has nothing to do with the risk - risk is always measured as percentage of invested capital. So once again - higher risk, higher reward.
In the last chapter the author describes a strategy of selling ahead of the earnings release. This strategy is described by Jeff Augen in his books and is based on the fact that IV is rising before earnings, and in many cases, this rise will offset the theta. I have been using this strategy very successfully on my SteadyOptions forum. The author makes a case that this strategy would not work since the potential gains are too small. He claims that options trading is meant to be utilized for leverage only. This of course is ridiculous. In fact, none of the neutral strategies described in the book utilize leverage.
The simple truth is that there is more than one way to Rome. The power of options is in their versatility, in your ability to control the risk/reward. Some strategies will aim for higher gains but also experience higher losses. Others aim for steady and consistent 10-20% gains with very low risk. The key of any strategy is knowing and controlling risk, and this is the main thing missing in this book.
Kim Klaiman
Founder and Editor, SteadyOptions
2 of 2 people found the following review helpful.
great set of information, but could have been better organized
By Dr.B
O'Brien did a great job keeping it simple and real, making this options book a pleasure to read. Kudos!
However, I hope the author takes a few steps to make this book into a gem easily. For each strategy, it would be good to organize author's comments into sub-sections. For example, I made my own notes from this book using the following:
1. Setup Name
2. When to use it
3. When to avoid it
4. How & when to get in (author calls constructing the setup)
5. How & when to exit
6. What to watch out for
7. Advantages/disadvantages (like author already has -loved it!)
In the current version, author seems to cover most all of the above, but it is spread throughout the chapters.
On a lesser note, there are some typos and grammatical mistakes that can easily be ignored.
1 of 1 people found the following review helpful.
An Understandable Introduction to a Complex Trading Concept
By Terry O'Hara
This is an introduction to the concept of neutral risk options spreads and how they can be used in regularly occurring situations. The entry conditions and techniques are explained clearly. It is light on presenting adverse exit criteria.
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