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Jason ZiemianskiVisionary
GM, Product & Distribution
Asked a question 4 months ago

What is the best resource for me to learn about trading options?

Where am I?

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If you want to learn from books, then start with "Option Volatility & pricing" by Sheldon Natenberg. Later, a more advance book is "Options as a Strategic Investment" by Lawrence G. McMillan.

As for option course, you can visit my Options-Course site at: https://www.options-course.com/ 169

where you can look at the Case-Studies and  my Blog for free. 

Oh boy, where to start... I've spent most of my free time over the last year answering this question for myself ;)

You can get the basics of puts and calls off Wikipedia, but it takes a while to get the intuition down, understand spreads, etc. This just comes with research and practice. But understanding the instrument and profitably trading are two totally different things.

To understand at a philosophical level why and a bit of how (generally long, not short), I highly recommend Antifragile by Nassim Taleb. It has simultaneously everything and nothing to do with options trading. Armed with the basics of puts and calls though, you can infer what he's doing.

Next, I would recommend starting reading his book Dynamic Hedging, which is a proper technical work on options that is actually surprisingly approachable. He gets deep in the weeds, but I promise it's worth it if you're serious about this. You don't need to finish the book before making your first trade (I'm still in progress; about 25% through).

There are also of course a number of RV videos I found off the hook awesome. Watch these as soon as you understand the basics of puts and calls, and have some intuition of what delta, gamma, and theta are. Then re-watch them again after a few months of study and your mind will be blown.

Finally, I'd also recommend Chapter 3 and all of Part VII of Statistical Consequences of Fat Tails (available free: https://arxiv.org/abs/2001.1048829). It covers some of the math of the distributions, risk, hedging, etc. in a lot of depth (requires basic Calculus in some parts). This tends to be a bit more theoretical than about the practicalities of trading, but I found it worthwhile.

Hope this helps!

the best resource to learn trading options? Well even if ultimately you don't like their strategies e.g. Short Premium, Selling Options etc that is an absolute no brainer .............. Please note neither I nor any member of my family or friends have relationships with the people involved.

https://www.tastytrade.com/tt/45 live online TV for 7.5 hours per day, trading options with their own money Monday - Friday, also live 1 hour sessions each Saturday, and again live for 30 minutes each Sunday afternoon prior to the Futures Opening. Anyone can watch, there is no payment firewall, all free..................

https://www.tastytrade.com/tt/learn27

https://tastytrade.thinkific.com/collections11

All entirely free, irrespective of being a client or not of their Brokerage https://tastyworks.com/9 or their new Futures Exchange https://smallexchange.com/19 they answer all emails from any body you don't even have to be registered user of their educational material  to receive a response to a question.

One can go high level basic or start a deep dive low level journey which will take approx 2 years of daily immersion in the subject.  

One very important note, these folks are primarly focused on SELLING (short) options which in some ways is analogous to being a Market Maker to all those on RV, speakers and subscribers that appear to only focus, or only interested in Long Options Strategies i.e. in effect Tasty will advocate their is opportunity in taking the other side of all Long Options trading Strategies

I remain of the view, often stated on RV since it's day 1 inception it's RV Options Content is entirely un-balanced and to date has never made any attempt to talk about the other side with short premium Option Strategies.  I'm inclined to think this maybe due to their own and their invited speakers Compliance issues or quick win Sales interests i.e. who will be willing stick around if told up front getting serious about "learning short premium options trading" is going to take maybe 2 years to attain an average level of competence.

TastyTrade advocate Portfolios with -'ve Delta (always directional short), Positive Theta, -'ve Vega (short vol) made up of only the most liquid Options and Futures, they are agnostic, almost to the point of indifference on choice of underlying as long as they're are liquid.  In approx terms, on any one trading day (US Markets) there are only approx 200 symbols with optimal Option Liquidity characteristics.

Note with Options it always helps the learning process if one has a good mathmatical background or at the very least sufficient mathmatical knowledge to appreciate and untilmately trust the maths involved. You certanly don't need a Math PhD.

 

tastytrade is the best source in my opinion. You can check out the series "where do I start". They have multiple series going back years of them teaching their employees/kids to trade options. They have a certain style/strategy but they will teach you everything you need to know. For example: https://www.tastytrade.com/tt/shows/wdis-back-to-cool?_sp=4ed7be49-9389-45f4-a171-e71b21dabefe.1604346594130164

I finished ITPM courses and mentor program. Highly recommended. 
The MD is ex GS and the mentors all have excellent references.

https://www.itpm.com/165