(foreword)

I bought my first call almost 25 years ago; at that time puts hadn’t even
started trading. Like a lot of people who get hooked, that first trade was
a winner – which only led me to think I knew way more than I did.
Succeeding years have taught me otherwise.
In the intervening years, I have traded as well as sat on the
sidelines. I have read a number of options books to improve my
understanding of options theory. But I have never been a professional
trader.
In my role as President of thinkorswim, I am working with people
who have made their livings trading options. In addition, I have been
working closely with Charles on his book to make it more
comprehensible to those who have not been floor traders.
Charles is a natural born teacher. He is enthusiastic about options
and loves all of the nuances of options and their possibilities in different
positions.
These attributes are important and come through in his writing, but
are not the reasons to read this book. You should read this book because
it is not another “put/call parity” and “how butterflies are constructed”
options book. Those elements are dealt with properly, but this book
really covers how to get to the heart of options positions using the
insights of a market maker.
I would compare this book in its field to Percy Boomer’s ‘On
Learning Golf’, a book that has stayed in continuous print for over 50
years. Like that classic, Charles’ book moves beyond the mechanics of
his profession, giving the reader the true feel for trading options,
speculating and hedging.
If you take to heart the lessons in this book, you will be well
equipped to trade, fully understand your positions and operate in
different types of markets.
Read it, and good luck trading.