{"product_id":"keene-on-the-market-isbn-9781118590768","title":"Keene on the Market","description":"\u003cb\u003eA leading expert unveils his unique methodology for options trading\u003c\/b\u003e \u003cp\u003eOptions provide a high leverage approach to trading that can significantly limit the overall risk of a trade or provide additional income. Yet, many people fail to capitalize on this potentially lucrative opportunity because they mistakenly believe that options are risky. Now options expert Andrew Keene helps aspiring investors to enter this sector by explaining the principles of the options market and showing readers how to utilize calls and puts successfully.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLeading options expert Andrew Keene demystifies the basics of options trading\u003c\/li\u003e \u003cli\u003eDebunks the myth that call purchases are synonymous with being bullish and that put purchases are bearish\u003c\/li\u003e \u003cli\u003eLays out in detail two distinct proprietary trading plans readers can follow\u003c\/li\u003e \u003cli\u003eExplains how to trade using market maker techniques and tricks from the trading floor to help with his probabilities in options trading\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAndrew Keene is best known for reading unusual options activity and seeing what others don't. Now he shares what he knows in a book that opens the opportunities of options trading to any investor.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eI Love to Trade 1\u003c\/p\u003e \u003cp\u003eFrom Young Clerk to Respected Market Maker 2\u003c\/p\u003e \u003cp\u003eTrading Career at the CBOE 3\u003c\/p\u003e \u003cp\u003eThe AAPL King 4\u003c\/p\u003e \u003cp\u003eFrom Trading Pit Hotshot to Retail Trader 5\u003c\/p\u003e \u003cp\u003eThe Live Trading Room: From Options 101\u003c\/p\u003e \u003cp\u003eto Complex Strategies 6\u003c\/p\u003e \u003cp\u003eQuestions 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Life of a Professional Trader 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerks of Being a Trader 10\u003c\/p\u003e \u003cp\u003eNot Quite as Glamorous as Everyone Thinks 11\u003c\/p\u003e \u003cp\u003eThe Rollercoaster of Trading 11\u003c\/p\u003e \u003cp\u003eThis is Not Monopoly Money 12\u003c\/p\u003e \u003cp\u003eIt Takes Money to Make Money 12\u003c\/p\u003e \u003cp\u003eThe Setup 13\u003c\/p\u003e \u003cp\u003eTrading Expenses and Opportunity Cost 14\u003c\/p\u003e \u003cp\u003eSticking to a Plan 15\u003c\/p\u003e \u003cp\u003eQuestions 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Trading for a Living: Hobby or Career? 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading for Amusement 17\u003c\/p\u003e \u003cp\u003eEnjoying Your Profits 18\u003c\/p\u003e \u003cp\u003eMoving from Amateur to Professional 19\u003c\/p\u003e \u003cp\u003eMoving from Simulated Account to Real Trading 19\u003c\/p\u003e \u003cp\u003eMoving from Simple to Complex Strategies 20\u003c\/p\u003e \u003cp\u003eInvesting in Your Options Education 20\u003c\/p\u003e \u003cp\u003eGo Slow, Go Pro 21\u003c\/p\u003e \u003cp\u003eDefining Goals 22\u003c\/p\u003e \u003cp\u003eQuestions 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Who the Players Are: Market Makers 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDPMs 26\u003c\/p\u003e \u003cp\u003eThe Death of Market Makers 26\u003c\/p\u003e \u003cp\u003eRetail Traders 27\u003c\/p\u003e \u003cp\u003eHedge Funds 28\u003c\/p\u003e \u003cp\u003eInstitutional Traders 29\u003c\/p\u003e \u003cp\u003eOptions Exchanges 30\u003c\/p\u003e \u003cp\u003eQuestions 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Options Brokers and Platforms: The Right Options Broker for You 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFull-Service Brokers and Options Trading 34\u003c\/p\u003e \u003cp\u003eDiscount Brokerage Firms 35\u003c\/p\u003e \u003cp\u003eResearching Discount Brokers Firms 36\u003c\/p\u003e \u003cp\u003eOptions Brokerage Firms’ Fees 37\u003c\/p\u003e \u003cp\u003eUse of Margin 37\u003c\/p\u003e \u003cp\u003eAutomatic Liquidation 38\u003c\/p\u003e \u003cp\u003eQuestions 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Technical Trading: Security Timing Tactics 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSupport and Resistance Levels 43\u003c\/p\u003e \u003cp\u003eWhat is a Gap? 43\u003c\/p\u003e \u003cp\u003eDow Theory 44\u003c\/p\u003e \u003cp\u003eElliott Wave Theory 44\u003c\/p\u003e \u003cp\u003eMoving Averages 45\u003c\/p\u003e \u003cp\u003eFifty-Day Moving Average 45\u003c\/p\u003e \u003cp\u003eForty-Week Moving Average 45\u003c\/p\u003e \u003cp\u003eMagnets and Targets 46\u003c\/p\u003e \u003cp\u003eThe Stochastic 46\u003c\/p\u003e \u003cp\u003eOther Charts, Technical Indicators, and Money Supply 46\u003c\/p\u003e \u003cp\u003eJapanese Candlestick Charts 47\u003c\/p\u003e \u003cp\u003eDisadvantages to Moving Averages 47\u003c\/p\u003e \u003cp\u003eThe Ichimoku Cloud 47\u003c\/p\u003e \u003cp\u003eSummary 48\u003c\/p\u003e \u003cp\u003eQuestions 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Reading the Market and Implied \u003c\/b\u003e\u003cb\u003eVolatility: Market Sentiment 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMake Money in \u003ci\u003eAny \u003c\/i\u003eDirection 51\u003c\/p\u003e \u003cp\u003eThe Concept of Beta 52\u003c\/p\u003e \u003cp\u003eWhen to Be on the Sidelines 53\u003c\/p\u003e \u003cp\u003eQuestions 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Options Basics Primer: What are Options? 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat are Derivatives? 57\u003c\/p\u003e \u003cp\u003eWhat are Calls and Puts? 57\u003c\/p\u003e \u003cp\u003eWhat is an Underlying? 59\u003c\/p\u003e \u003cp\u003eOptions: A Deeper Look 60\u003c\/p\u003e \u003cp\u003eAnother Example in the GLD 60\u003c\/p\u003e \u003cp\u003eOptions Premium 61\u003c\/p\u003e \u003cp\u003eOptions Definitions 62\u003c\/p\u003e \u003cp\u003eOption Pricing: Complex Models 62\u003c\/p\u003e \u003cp\u003eQuestions 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Greeks 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDelta 67\u003c\/p\u003e \u003cp\u003eGamma 68\u003c\/p\u003e \u003cp\u003eTheta 69\u003c\/p\u003e \u003cp\u003eRho 70\u003c\/p\u003e \u003cp\u003eVega 70\u003c\/p\u003e \u003cp\u003eQuestions 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Call and Put Trading Strategies 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLong Calls 73\u003c\/p\u003e \u003cp\u003eUsing Calls Bearishly 75\u003c\/p\u003e \u003cp\u003eLong Puts 76\u003c\/p\u003e \u003cp\u003eUsing Puts Bullishly 78\u003c\/p\u003e \u003cp\u003eSelling Options 79\u003c\/p\u003e \u003cp\u003eTime Decay with Short Options 80\u003c\/p\u003e \u003cp\u003eShort Calls 80\u003c\/p\u003e \u003cp\u003eShort Puts 82\u003c\/p\u003e \u003cp\u003eDeeper Look at OTM Calls and Puts 85\u003c\/p\u003e \u003cp\u003eIs Risk versus Reward of the Option Trade Limited or Unlimited? 85\u003c\/p\u003e \u003cp\u003eWhere is Breakeven on an Option Trade? 86\u003c\/p\u003e \u003cp\u003eQuestions 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Why is Everyone Long Stock?: How to Use Options for a Hedge 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe American Dream 90\u003c\/p\u003e \u003cp\u003eI Have Insurance on Almost Everything 91\u003c\/p\u003e \u003cp\u003eThe Famous Covered Call 92\u003c\/p\u003e \u003cp\u003eThe Zero-Cost Collar 95\u003c\/p\u003e \u003cp\u003eSummary 98\u003c\/p\u003e \u003cp\u003eQuestions 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 What are Synthetic Options Positions? 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSynthetic Long Stocks 101\u003c\/p\u003e \u003cp\u003eSynthetic Long Stock = Long Call + Short Put 103\u003c\/p\u003e \u003cp\u003eSynthetic Short Stock = Short Call + Long Put 105\u003c\/p\u003e \u003cp\u003eThe Goal of Making Synthetics 107\u003c\/p\u003e \u003cp\u003eSynthetic Long Call = Long Stock + Long Put – Strike Price 107\u003c\/p\u003e \u003cp\u003eSynthetic Short Call = Short Stock + Short Put – Strike Price 109\u003c\/p\u003e \u003cp\u003eSynthetic Long Put = Long Call + Strike Price – Short Stock Price 110\u003c\/p\u003e \u003cp\u003eSynthetic Short Put = Short Call + Strike Price – Long Stock Price 112\u003c\/p\u003e \u003cp\u003eQuestions 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 What is Volatility and How Does It Affect Options? 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasics of Volatility and Options Trading 117\u003c\/p\u003e \u003cp\u003eHistorical Volatility 118\u003c\/p\u003e \u003cp\u003eImplied Volatility 118\u003c\/p\u003e \u003cp\u003eVolatility is a Trader’s Best Friend 121\u003c\/p\u003e \u003cp\u003eCBOE’S VIX Index 122\u003c\/p\u003e \u003cp\u003eCBOE’s VIX: More Than a Fear Indicator 123\u003c\/p\u003e \u003cp\u003eContango versus Backwardation 123\u003c\/p\u003e \u003cp\u003eQuestions 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Various Uses of Options and Why I \u003c\/b\u003e\u003cb\u003eLove to Trade Them 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLeverage 127\u003c\/p\u003e \u003cp\u003eFlexibility 130\u003c\/p\u003e \u003cp\u003eRisk Control 130\u003c\/p\u003e \u003cp\u003eTrader’s Edge 130\u003c\/p\u003e \u003cp\u003eHedge versus Speculation 131\u003c\/p\u003e \u003cp\u003eComplex Options Strategies 132\u003c\/p\u003e \u003cp\u003e“If Only I Had Bought Those Calls!” 133\u003c\/p\u003e \u003cp\u003eWhen in Doubt, Hands Out 134\u003c\/p\u003e \u003cp\u003eWhat It Takes to Make a Bigger Trade 134\u003c\/p\u003e \u003cp\u003eQuestions 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 More Complex Options Strategies 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLong Straddles and Strangles 139\u003c\/p\u003e \u003cp\u003eShort Straddles and Strangles: Beware Blowout Risk! 143\u003c\/p\u003e \u003cp\u003eButterflies and Condors 146\u003c\/p\u003e \u003cp\u003eQuestions 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Managing Trades on Expiration 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLong Call—Long the FB November 23 Calls 156\u003c\/p\u003e \u003cp\u003eShort Call—Short the AAPL November 500 Calls 158\u003c\/p\u003e \u003cp\u003eLong Put—Long the MSFT November 27 Puts 159\u003c\/p\u003e \u003cp\u003eShort Put—Short the GOOG November 650 Puts 160\u003c\/p\u003e \u003cp\u003eMore Complex Trades 161\u003c\/p\u003e \u003cp\u003eLong Call Spread—Long the FB November 23-25 Call Spread 161\u003c\/p\u003e \u003cp\u003eShort Call Spread—Short the AAPL November 500-520 Call Spread 162\u003c\/p\u003e \u003cp\u003eLong Put Spread—Long the MSFT November 27-25 Put Spread 164\u003c\/p\u003e \u003cp\u003eShort Put Spread—Short the GOOG November 650-630 Put Spread 165\u003c\/p\u003e \u003cp\u003eLong Straddle—Long the FB Nov 23 Straddle 166\u003c\/p\u003e \u003cp\u003eShort Straddle—Short the MSFT November 27 Straddle 167\u003c\/p\u003e \u003cp\u003eLong Strangle—Long the AAPL November 480-500 Strangle 168\u003c\/p\u003e \u003cp\u003eShort Strangle—Sell the GOOG November 650-670 Strangle 170\u003c\/p\u003e \u003cp\u003eShort Iron Condor—Selling the FB November 23-21 Put Spread and Selling the FB November 25-27 Call Spread 171\u003c\/p\u003e \u003cp\u003eShort Condor—Short the MSFT November 27 Straddle and Long the 25 Put–29 Call Strangle 173\u003c\/p\u003e \u003cp\u003eLong Call Butterfly—Long the FB November 23-25-27 Call Fly 174\u003c\/p\u003e \u003cp\u003eLong Put Butterfly—Long the MSFT November 27-25-23 Put Fly 176\u003c\/p\u003e \u003cp\u003eQuestions 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Andrew Keene’s Non-Blowout Trading Plan: How Much of Your Portfolio Can You Risk? 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading Pepsi Back in the Day 181\u003c\/p\u003e \u003cp\u003eNow That I’m Upstairs . . . 183\u003c\/p\u003e \u003cp\u003eLimiting Your Exposure to a Percentage of Your Total Book 184\u003c\/p\u003e \u003cp\u003eAndrew Keene’s Confidence Scale: Ranking Every Trade from 1 to 5 185\u003c\/p\u003e \u003cp\u003eEvery Trade is a Percentage of My Book 188\u003c\/p\u003e \u003cp\u003eAndrew Keene’s Non-Blowout Trading Plan 189\u003c\/p\u003e \u003cp\u003eQuestions 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Andrew Keene’s \u003ci\u003eOCRRBTT \u003c\/i\u003eTrading Plan 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStory of the \u003ci\u003eOCRRBTT \u003c\/i\u003eTrading Plan 195\u003c\/p\u003e \u003cp\u003eReading Options Paper 196\u003c\/p\u003e \u003cp\u003eWhat Call and Put Volume Means to a Trader 197\u003c\/p\u003e \u003cp\u003eHow Insiders Read Paper 198\u003c\/p\u003e \u003cp\u003eUsing the \u003ci\u003eOCRRBTT \u003c\/i\u003eTrading Plan 199\u003c\/p\u003e \u003cp\u003eConclusion 201\u003c\/p\u003e \u003cp\u003eQuestions 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Trading Earnings (\u003ci\u003eHIMCRIBBIT \u003c\/i\u003e) 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHIM: Historical, Implied, Measured 205\u003c\/p\u003e \u003cp\u003eWhich Type of Option? 207\u003c\/p\u003e \u003cp\u003eC: Chart 207\u003c\/p\u003e \u003cp\u003eRRBTT: Risk versus Reward, Breakeven, Time, and Target 208\u003c\/p\u003e \u003cp\u003eCalendars and Advanced Topics 210\u003c\/p\u003e \u003cp\u003eTrading for a Living 210\u003c\/p\u003e \u003cp\u003eConfidence Scale 211\u003c\/p\u003e \u003cp\u003eTricks and Tips 212\u003c\/p\u003e \u003cp\u003eQuestions 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003eConclusion 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnswers to End-of-Chapter Questions 219\u003c\/p\u003e \u003cp\u003eAbout the Author 223\u003c\/p\u003e \u003cp\u003eIndex 225 \u003c\/p\u003e  \u003cp\u003e\u003cb\u003eANDREW KEENE\u003c\/b\u003e was an independent equity options trader at the Chicago Board Options Exchange for eleven years. He spent most of that time as a market maker in over 125 stocks, including Apple, GE, Sears Holdings, and Goldman Sachs. From 2006-2009, Andrew was the largest independent on-the-floor Apple options trader in the world. Currently, he actively trades futures, equity options, currency pairs, and commodities. Over the last few years, Andrew has become one of the CBOE's most recognized faces in the media, appearing regularly on Bloomberg TV's \u003ci\u003eStreet Smart,\u003c\/i\u003e CNBC's \u003ci\u003eSquawk on the Street,\u003c\/i\u003e nationally syndicated \u003ci\u003eFirst Business,\u003c\/i\u003e and CBOE TV's \u003ci\u003eIn the Money with Angela Miles.\u003c\/i\u003e Andrew received a BS in finance with a concentration in accountancy from the University of Illinois. He can be contacted at \u003cb\u003eAndrew@KeeneOnTheMarket.com.\u003c\/b\u003e   \u003c\/p\u003e\u003cp\u003eAndrew Keene\u003cb\u003e\u003c\/b\u003e is renowned for his ability to spot opportunities overlooked by other options traders and his uncanny talent for uncovering hidden gems by watching the order flow for unusual options activity. In his eleven years trading equity options in the pits of the Chicago Board Options Exchange, he was a market maker in over 125 stocks, including Apple, General Electric, Goldman Sachs, and Yahoo!. An unabashed equity options fanatic who now runs his own trading room, Andrew enjoys sharing his knowledge of the art and science of options trading almost as much as he enjoys trading itself. \u003c\/p\u003e\u003cp\u003eFilled with the same enthusiasm and knowledge that Andrew brings to his many TV interviews, podcasts, numerous speaking engagements, and high-priced seminars and tutorials, \u003ci\u003eKeene on the Market\u003c\/i\u003e is the ultimate guide to understanding and capitalizing on today's new wave of options trading. \u003c\/p\u003e\u003cp\u003eWritten for complete beginners and experienced options traders alike, \u003ci\u003eKeene on the Market\u003c\/i\u003e covers a plethora of material, ranging from put and call basics, to complex options strategies such as Butterfly Spreads and Condors, to time-tested trading plans guaranteed to maximize overall trading returns while minimizing losses. It also lays out proven techniques for combining the elements of simple put and call trades into more complex, yet safer—and more lucrative—options trades. \u003c\/p\u003e\u003cp\u003eWith fascinating and instructive personal anecdotes interspersed throughout, Andrew Keene uses approachable language to demystify the basics of options trading and explain: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eHow to get started with options and find the right broker for your trading style\u003c\/li\u003e \u003cli\u003eTrading tactics that include moving averages, support and resistance levels, technical indicators, and powerful charting techniques\u003c\/li\u003e \u003cli\u003eReading market sentiment and implied volatility and using that knowledge to make money in any market direction\u003c\/li\u003e \u003cli\u003eStrategies for using spreads—combinations of calls and puts, both long and short, to maximize a trade's profit potential while minimizing its risk\u003c\/li\u003e \u003cli\u003eTwo powerful proprietary trading plans—OCRRBTT and HIMCRRBTT—Andrew developed as a floor trader and successfully adapted for retail options trading\u003c\/li\u003e \u003cli\u003eTime-tested market-maker techniques guaranteed to significantly improve your probabilities in options trading\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThroughout \u003ci\u003eKeene on the Market,\u003c\/i\u003e you'll also find end-of-chapter questions, exercises, and other skill-building tools. \u003c\/p\u003e\u003cp\u003eWhether you're a novice looking to get a handle on modern options trading, an options hobbyist who's thinking about turning pro, or a conservative investor interested in boosting your portfolio's returns without incurring substantial risk, \u003ci\u003eKeene on the Market\u003c\/i\u003e is the book for you.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989495988453,"sku":"NP9781118590768","price":80.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118590768.jpg?v=1761784335","url":"https:\/\/k12savings.com\/products\/keene-on-the-market-isbn-9781118590768","provider":"K12savings","version":"1.0","type":"link"}