I recently was asked to review Tony Saliba’s new book “Managing Expectations.” I receive a lot of these requests and will often skim a book and then politely refuse to write a review. Not so with Tony’s book! You may have heard of Tony Saliba in the original Market Wizards book by Jack Schwager The book was published in 1990, approximately 23 years after Tony began his professional career as a trader. Tony specializes in options trading and he was the only options trader to be profiled in the Market Wizards book.
Fast forward 27 years, Tony is still trading options and he has just published a new book “Managing Expectations.” I believe this book will be considered “the new options trading bible.”
Here are 4 Reasons I think you should own this book.
1- Tony is the man! Seriously. Tony was the only options trader to be profiled in Market Wizards and that was 27 years ago!… Tony has traded continually since that time and he takes his decades of trading experience (not theory) and explains them in this new book.
2- The book is written in plain English. Options can be quite complicated but Tony has written the book in a way that they are not complicated, but presented in an easy to follow format with tons of examples. I like the “Key Takeaways” where important concepts are emphasized. For example
3- Practicality of the material. Even if you are an expert in how options trade and the theories behind them, you can find well explained examples of all kinds of options trading in my favorite section of the book, Part 4 Options Strategy.
There are 4 sections of the book
Part 1: The Basic Properties of Options and Options Traders
Part 2: Options Moments and Measures – The Greeks
Part 3: Volatility Surface
Part 4: Option Strategy
4- Detailed explanations of trade strategies. The strategies are explained traditionally as you would read in any options book but Tony also puts his experience with actual trading scenarios and multiple potential outcomes. The strategies go deeper than any explanation I have seen by explaining:
– The effect of the Greeks and a strategy
– Who should consider this strategy
– What the market outlook should be for a trading scenario to have the best outcome of the strategy
– Examples of multiple P/: Scenarios
– Risk management of the strategy
– How your personal risk tolerance should be viewed (and tweaked) in context of the strategy
– The strategy and “thoughts from experience”
ORDER TONY’S BOOK HERE and get the eBook, Audiobook and Videos for FREE. I receive nothing for suggesting you use this link instead of AMZN or a traditional site, but YOU receive these bonuses for free.