Free PDF How You Can Sell Options For a Living: A Practical Guide On How To Extract Income From The Markets, by Shmulik Karpf
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Free PDF How You Can Sell Options For a Living: A Practical Guide On How To Extract Income From The Markets, by Shmulik Karpf
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This practical guide describes and explains in detail my seven-step strategy that I've been using for the past ten years to extract a monthly paycheck from the market. I believe this trading strategy is one of the safest trading strategies that you can possibly find. And even more importantly—it's relatively simple to implement.
- Sales Rank: #257547 in Books
- Published on: 2014-01-18
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .27" w x 5.00" l, .27 pounds
- Binding: Paperback
- 118 pages
About the Author
Shmulik Karpf is a renowned trader and securities analyst based in Israel. He worked as a Securities analyst at the Tel Aviv Stock Exchange, and is currently serving as an equity analyst at Leumi Global Markets. For several years now, Shmulik has been a well read and closely followed contributor on leading financial sites like Seeking Alpha and Investing.com. He holds a B.A in Economics and Law, and an L.L.M in Commercial Litigation - both from the Hebrew University of Jerusalem.
Most helpful customer reviews
6 of 6 people found the following review helpful.
Starter Manual
By maf
This is a good introduction, however many of the critical issues in trading options are not covered in depth such as position sizing, surviving a severe market draw down, use of margin, selling of uncovered calls, etc. Also, the author recommends only trading options when the VIX is over 20 which means that as an options trader there would have been very few opportunities in the market from 2011 till present.
8 of 10 people found the following review helpful.
Fundamentals are sound but flawed execution
By Amazon Customer
This book presents a strategy for generating income returns by selling put and call options. The strategy is fundamentally sound but the book itself is flawed in basic ways.
The fundamental strategy is easy:
1. Sell put options on megacorp, dividend paying stocks. These stocks are likely to be stable and will generally resist tanking with violent moves in all but the most extreme market conditions (e.g., 2008).
2. By selling put options, you can generate a steady return of roughly 1% - 2% per month on committed capital, and more if you use margin.
3. The risk here is that the price of the underlying stock falls and you actually get assigned to purchase it.
4. If this happens, well, it isn't the end of the world because these are big, blue-chip stocks that are unlikely to be down for too long, plus they pay dividends. Further, you can then switch your tactic to start writing covered calls every month and generate similar incomes, plus collect dividends.
In short, if you're looking for a low-risk strategy to generate > 10% returns every year, this is a solid one.
Unfortunately, the presentation in the book is marred by egregious errors. First, the author gets "in the money" and "out of the money" mixed up and uses the opposite terms. If you don't already understand options terminology, this will get you even more confused. In fact, he gets the right at one point and then wrong at another point.
Next, the author gives some really bad advice about what to do if the price of the underlying stock price drops and the put options go in-the-money. If this happens, the author says, you can either buy back the option (this is correct; Method #1 in Chapter 6) or you can "Exercise Your Obligation" (Method #2 in Chapter 6). The description of Method #2 is WRONG. First, as the seller, you cannot "exercise" your obligation. You sold the right of exercise to somebody else who can choose to exercise or not. You have no choice in the matter. If the counter-party exercises, your broker will come looking for you, not the other way around. You merely need to sit tight and your broker will inform you that the options you sold were exercised and assigned and the transaction will happen in your account automatically. Specifically, you do not cancel your obligation to the option buyer by simply telling your broker to buy shares of the underlying on the open market. If you do this, you can easily end up with twice the number of shares of a company that you really weren't looking to buy in the first place.
The "About the Author" section states that "Shmulik Karpf is a renowned trader and securities analyst based in Israel. He worked as a Securities [sic] analyst at the Tel Aviv Stock Exchange, and is currently serving as an equity analyst at Leumi Global Markets." If that's true, it scares me that somebody of such "renown" is getting basic options concepts like in-the-money/out-of-the-money and assignment procedures wrong.
Still, overlooking those flaws, the technique is solid and I'm using it successfully in an IRA account of mine.
4 of 5 people found the following review helpful.
Strategy is Flawed
By Merlendale
This a good introductory primer on selling puts. The basic strategy is sound, and the author does a good job covering risk management. The fatal flaw is that the author advises to only sell puts when the VIX is between 20-50, but states that he earns 15-20% per year with his strategy. This is not possible. For the past three years the VIX, while spiking above 20 on a few brief occasions, has been well below 20 for the vast majority of time. I don't agree with his VIX rule, but that's not the issue. The issue is that if you followed his rules you would have done very little trading the past three years.
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