Lessons of a Lifetime: My 33 Years as an Option Trader

(5 customer reviews)

$6.32

Author(s)

Format

PDF

Pages

123

Published Date

2010

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Description

This book contains a series of commentaries on a variety of topics related to trading options. It’s my attempt to share lessons that were learned along the way. Some lessons came easily, while others had to be repeated before I even considered altering my way of doing things. I’ve also developed some ideas about trading that are not in accordance with mainstream thinking. Those ideas are included in the book.

I began trading options as a professional in 1977. I’m not so egotistical to believe that these ideas are gospel and that if you fail to follow them you are doomed to failure. Rather, this is my method for sharing important lesson’s that I’ve learned. This book is clearly not comprehensive. It was written with the hope that you can spare yourself some of the anguish that I experienced when learning these truths. Okay; I shouldn’t exaggerate. They are truths to me, and not every lesson will be suitable for you, your investing style, your risk tolerance, comfort zone boundaries, etc. But, they are helpful to me and I hope they will be helpful to you.

Some topics are mentioned more than once. That’s the result of the way this book was compiled. It was not written as a separate book. Instead, it’s a collection of ideas. Most chapters are 100% new. A small number were previously published or discussed in my books or blog. But each was rewritten, updated, or modified in some way. The writing is fresh.

This book is not filled with trading lessons. It is filled with my philosophical ideas, or my way of looking at options related situations that I encounter. I believe this way of looking at the world will help you make those difficult decisions when you are faced with them. I know they guide me through both normal and difficult times. If you gain confidence in your ability to think through a problem, or recognize that something you always thought to be true may be worth further consideration, then this book will have served its purpose.

There are always life lessons to be learned. This book does not contain the definitive way to view the world. Indeed, some readers will strongly disagree with at least one of my tenets. But that’s a good thing. If this book achieves no other purpose than having you reconsider the way you approach decision-making or view the world, then something positive has been accomplished. It’s not necessary that you change your mind. The fact that you take the time to reconsider – regardless of whether you change your way of seeing a specific situation, or continue as before – is valuable all by itself. It gives you increased confidence in your ability to be successful in your trading career. And confidence is an important quality for a trader. Confidence, not overconfidence.

Contents:

  • Reality
  • Don’t Ignore Risk.
  • Being Comfortable with your Trade
  • Money Management
  • Who Wants the Last Nickel?
  • Profits are in the Future, not in the Past
  • Exiting a Trade
  • Holding Positions into Expiration
  • Strategy Selection vs. Risk Management
  • Trading Plan and Record Keeping
  • The Best Decision
  • You Have a Loss?
  • Getting Even
  • More on Comfort Zones
  • Odds and Ends
Lessons of a Lifetime: My 33 Years as an Option Trader By Mark Wolfinger pdf
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5 reviews for Lessons of a Lifetime: My 33 Years as an Option Trader

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  1. Cameron Howell (verified owner)

    Author’s message is basically to cut your losses, take your profits, don’t try to get back money you’ve already lost, track your trades so you can look for patterns, and not to get emotional. What it lacks is really a coherent trading strategy or even recommendations on how to make money. Interesting, may help you avoid mistakes, but you’ll still need to develop a game plan if you want to makes $$.

  2. Ila Murphy (verified owner)

    The author shows the various traps that the options traders (begginers and experts) falls.
    I would like to read this book a few years earlier.

  3. Nikolas Odom (verified owner)

    Mark teaches you from a professional perspective and obviously sees more than your average option teacher. Well worth the money.

  4. Xander Lucero (verified owner)

    Mark is a great teacher. I’ve enjoyed all of his books.

    When he advises the reader to be cautious about something, the new option trader should pay attention

  5. Laylani Daniels (verified owner)

    I highly recommend this book for experienced traders who are still struggling to find consistency with their performance. If you have a hard time determining when to exit and or adjust a trade, then this book is for you. Throughout my personal trading journey I have mostly focused on learning about tactics and strategies that perform well. This book takes you to the next step of helping you settle those psychological
    battles within yourself about how to handle open trades that are winning and losing. To be successful in the long term, a trader must learn to manage risk appropriately and not just focus on a trade’s profit potential. Mark’s great descriptions of the psychological battles we all have within ourselves will surely help you to find consistency in the long term.

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