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Alan Ellman's Complete Encyclopedia for Covered Call Writing "Classic Edition", by Alan Ellman
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Alan Ellman’s Encyclopedia for Covered Call Writing covers option trading basics, stock fundamental and technical analysis, exit strategies, investment basics, option calculations and much more.
It took me four years to complete but here is the book you have been asking for. My goal when I started this project was to create the most comprehensive book ever written on the subject of covered call writing and gear it to the average retail investor, The Blue Collar Investor. I hope you feel that I have achieved my mission. This book completely updates the information in my previous two books, adds a wide range of new information that better fits today's investing environment. In addition to what we believe to be the most complete coverage of covered call investing available anywhere, this new edition provides coverage of a wide range of related subjects that have been taken from my popular Journal Articles that I have published over the last few years and will give you the background that will make you a better investor. It includes the “how to” of stock and option selection, calculating option returns and management of positions via exit strategies. We are particularly proud of the fact we have provided full color graphics...something not available in other investing books...which will dramatically improve your understanding of the material. In order to realize my objectives stated above my third book contains: * Over 500 pages packed with solid information, no useless filler material * 151 charts and graphs most of which are in color for better visualization * Chapter outlines to summarize the material located in each chapter * Questions and answers at the conclusion of each chapter to highlight the key points * 14 appendixes to supplement the information found in the 20 chapters * 4 flow charts that summarizes the stock selection and exit strategy processes My aspiration is that this book assists you in our mission statement of becoming CEO of your own money and ultimately financially independent.
- Sales Rank: #306787 in eBooks
- Published on: 2011-10-18
- Released on: 2011-10-18
- Format: Kindle eBook
Most helpful customer reviews
40 of 40 people found the following review helpful.
Great guide to an excellent investment strategy.
By tsctom
Covered call writing is a conservative, profitable strategy. But, like any options strategy, it is essential that you be well educated and trade consistently, knowledgeably and with discipline. Ellman outlines a specific strategy to do just that.
While this book encompasses the material in Ellman's earlier works, it is also much more. It is very comprehensive; most everything you need to trade covered calls is contained here. In keeping with Ellman's step-by-step "anyone can do this" approach, it has little fluff; it full of useful information, but must be read carefully, as there is a lot of information to absorb.
He has expanded earlier information regarding technical analysis, gives more guidance on locating and screening candidate stocks, and, perhaps most valuable, goes into great detail regarding strike selection and exit strategies.
Other than an explanation of delta and technical analysis studies, his approach is hands on, step by step instruction, rather than theoretical (his company name, Blue Collar Investor, says it all). It has a very good introduction explaining exactly what call options and covered calls are.
This strategy is not get rich quick; it takes time and effort, but Ellman is very supportive and giving of his knowledge. "Sophisticated" options traders may sniff at his everyman approach, but I found it very useful.
I trade options actively, and this book will have a place on my desk. Like any options strategy, new traders should paper trade until they are comfortable with this strategy.
26 of 26 people found the following review helpful.
Alan's system does work! (honest review)
By Adrian
Pros:
* This book is written in very simply language yet the system is powerful. It opened my eyes to the fascinating world of covered call writing like no other book. After reading it, I was skeptical that such a simple system could work. So I started using it with small positions and gradually increasing my stake over time. Although I have not achieved the maximum return the book states that is possible, I did have reasonable gains and very few losses (small ones).
* The charts are beautiful, all in full color with clear annotations.
* Nice real life examples.
Cons:
* His spreadsheet is confusing and could be vastly improved. For some reason, he uses the round function to perform some calculations. This, in my opinion, should not be done since removing decimals could potentially distort numbers in large positions.
* His math does not consider operator precedence so you have to "fix it" yourself. For instance, if you wrote call option xyz at P0 and bought it back at P1, the return on investment percentage (ROI %) would be (P0-P1)/P0; in his book he writes something like P0-P1/P0, which is of course wrong since removing parenthesis would cause P1/P0 to be calculated first. This will hopefully get fixed in future editions.
* Sometimes it takes too many pages to explain a simple concept, This is not big deal for me. In fact, I definitively prefer that to other books that give little to no details. For instance, the explanation about the reason he uses 1 month calls instead of longer time frames could have been done in a paragraph but it takes him 2 to 3 pages. That's fine with me.
* The "hit a double" concept sounds great in theory. But he does not explain (at least not in detail) the risks of holding the down stock after covering the call. Should the stock continue falling, the losses will be greatly enhanced. Yes, the stock may go back up as in his examples, but what if it doesn't?
* I would LOVE to see candlesticks charts instead of OHLC.
* I would also like to see more details about Implied Volatility (IV) and how to use it to find trades in ones' favor.
Recommendations:
* Purchase the book. Don't worry about price, it will pay itself with the first trade.
* Start with safe ITM calls to build your confidence up. Do not over extend yourself with risky OTM positions.
* Create your own spreadsheet and carefully double check your calculations BEFORE placing the first trade. You don't have to be a math genius to create your own spreadsheet but if you are not good in math, then find another profession since trading is not for you. I don't care how many engineering degrees you claim to have, be humble. The market does not care if your numbers and formulas are wrong, but your portfolio will surely suffer your ignorance and arrogance.
* Some people complain that he does not mention puts nor does he recommends them. I politely remind all those people to double check the book title. It is "Encyclopedia of Covered Call Writing", NOT put writing!!!! Don't blame the author for not including something he never promised.
Final comments:
You can't go wrong with Alan's book. Congratulations to him for writing such a useful book! I really hope he writes more as good as this one.
21 of 21 people found the following review helpful.
A very good book on Options
By William Fox
Sometimes we are fortunate enough to find the "Signal" in the "Noise". That's how I feel about finding [...] website and Alan's Complete Encyclopedia For Covered Call Writing. Several years ago I bought a cheap paperback on options, read nothing but theory, and quickly lost interest. Several months ago I met a successful options trader at work. Long story short, Murray explained how covered call writing worked and directed me to read, "Wall Street Money Machine" by Wade Cook. Wow, was I encouraged after that. Oh no, I realized that I didn't have enough education to put trading into practice, so the education began. After completing the free on-line courses at Investors Business Daily and BCI, attending a few IBD meet-ups, I read the reviews on Alan's book, and took a leap of faith. In all honesty , I couldn't be more impressed with the content in this Encyclopedia. I've read it twice to reinforce the ideas and refer to it often. It's not a bunch of theory, or a novel. It's a manual that can be referenced as needed. You don't read this book, you absorb the content slowly, tossing the ideas around in your head, putting all the pieces together as you practice your "virtual" trades.
Alan is an expert in customer service. Free newsletters, friendly, rapid responses to email questions regarding the content. The Encyclopedia is loaded with all kinds of pointers to helpful web links, working examples of Covered Call writing and strike prices. Probably the greatest strength of this book is the through descriptions of "Exit Strategies". Alan explains how calculate the Return on Option, your Downside protection, the smart way to exit your position, and much more. A gem of a find. Thank You Alan.
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