May 2013
Beginner
208 pages
4h 21m
English
Content preview from Think Like an Option Trader: How to Profit by Moving from Stocks to OptionsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Introduction: Why Traders Fail
“Insanity is doing the same thing, over and over again, but expecting different results.”
—Albert Einstein
“I have not failed. I’ve just found 10,000 ways that won’t work.”
—Thomas A. Edison
There are plenty of bad trading ideas. Unfortunately, the merit of a particular idea is not whether it has examples of success. A trade based on poor reasoning can still make money. While nobody would say “no” to making money, none of us wants to be that trader who consistently puts his hard-earned money at risk in a way that doesn’t really make sense. We can paraphrase on the inscription at the Temple of Delphi: “Know thy trade.”
Stocks and options are very different vehicles for trading, but they are both trades in a general ...
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