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Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor
A detailed guide to successfully trading stock and commodity options After numerous years as an options market-maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. Now, in the Second Edition of Get Rich with Options, Lowell returns to show you exactly what works and what doesn't. Filled with in-depth insight and expert advice, this reliable resource provides you with the knowledge and strategies needed to achieve optimal results within the options market. It quickly covers the basics before moving on to the four options trading strategies that have helped Lowell profit in this arena time and buying deep-in-the-money call options, selling naked put options, selling option credit spreads, and selling covered calls. With this book as your guide, you'll quickly see options in a whole new light and learn how to become part of a small group of investors who consistently win.
272 pages, Hardcover
First published January 1, 2007
111 people are currently reading
283 people want to read
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Displaying 1 - 30 of 34 reviews
July 13, 2011
I did not get rich, but it filled me with optimistic delusions of grandeur.
August 14, 2007
This is an indispensable book for anyone wanting to earn money in the securities markets. I give it only three stars because it's one of the worst written books I've ever seen, bordering on incoherence at many points. Despite the atrocious prose, it explains four basic, powerful, and enormously lucrative strategies for using stock options. Any serious investor, wanting to improve his results, can benefit from this book. The four strategies are all conservative, seeking to profit by reducing risk, and dispelling the common misunderstanding that options are inherently risky. Because of the bad writing, readers should familiarize themselves with options basics before starting this book. The author, who seemingly wrote without an editor, is one of those brilliant practitioners who can only explain what he does with difficulty, so a reader will need to know what options are and how they work to make sense of the book. Once past the prose and into the content, this book becomes revelatory. Not to be missed by any serious investor.
July 31, 2014
Nothing new or interesting in this book, very disappointed.
February 23, 2021
Good content. Terrible title. Editor didn’t put in nearly enough effort.
August 30, 2023
I admit that I did a massive eye-roll when I first saw the title "Get Rich With Options - Four Winning Strategies Straight From The Exchange Floor". I also admit that I found the book to be engaging and useful, with much practical advice and examples on how to implement the 4 strategies mentioned in the title. The strategies, which I summarize below, are not the kind of "get-rich-overnight", "passive income" "systems" touted elsewhere, but very down-to-earth, one might even say hum-drum, methods to give you a shot at having the coin land on your side just a bit more often than not.
There are other books providing much more detail on option pricing, the role of volatility, plus more option investment strategies than you can shake a stick at, but these, by-and-large, miss the immediacy of the lessons offered here.
In the author's words: "If there’s one thing that I want you to come away with after reading this book, it is the fact that you must be open to the idea of being an option seller as much as you would be an option buyer. [...] Don’t be under the impression that picking a market direction and being right on it is the only way to profit. Far from it. If you concentrate on selling out-of-the-money options, you will gain a much higher probability of profit from your trades. The reason for this is because even if the market moves against your initial directional call, the out-of-the-money options can still expire worthless, leaving you with a winner."
The four strategies are:
1. The **Deep-In-The-Money (DITM) call strategy** is the a way a stock but with a fraction of the money at risk. If you believe a stock is going to go up (eventually), instead of buying the stock outright, buy a DITM Call option with a long duration left to expiry and a Delta of 0.9 or higher (meaning that the value of the option moves at least $0.90 for every $1.00 move of the underlying stock). You will find these where the strike price is about half the stock price, which means that you just have to invest half the money to capture at least 90% of the growth.
2. If you want to buy a stock at a lower level than it is trading today, consider using the **Put-Sell strategy**: sell Puts on the option at the Strike price you are willing to pay for it and get paid for waiting for the stock to drop, instead of just waiting.
3. If you have an idea of there the stock won't go (above or below a certain price in a certain time), you can make directional bets with **Option Credit Spread**. Even though the market might move against you, the probabilities will be on your side because the option strikes are out-of-the-money. The bull/bear credit spread involves selling an OTM put/call at the floor/ceiling and buy an even further OTM put/call f0r protection. Since the further OTM you go, the lower the option prices, this spread should net you some points. You can enhance this strategy by focusing on stock with a temporarily high Implied Volatility (which means its options are temporarily more expensive).
4. Selling stock you own at the price you want by selling **Covered Calls** at the desired level. Again you are getting paid while waiting on the stock to reach the level you are looking for.
For me, the discussion of the 1st and 3rd strategy were useful, as well as the author's take on the role and sources of Implied Volatility. I might recommend this book to a fellow options trader, and I will probably re-read some parts of it at some point. Four stars.
There are other books providing much more detail on option pricing, the role of volatility, plus more option investment strategies than you can shake a stick at, but these, by-and-large, miss the immediacy of the lessons offered here.
In the author's words: "If there’s one thing that I want you to come away with after reading this book, it is the fact that you must be open to the idea of being an option seller as much as you would be an option buyer. [...] Don’t be under the impression that picking a market direction and being right on it is the only way to profit. Far from it. If you concentrate on selling out-of-the-money options, you will gain a much higher probability of profit from your trades. The reason for this is because even if the market moves against your initial directional call, the out-of-the-money options can still expire worthless, leaving you with a winner."
The four strategies are:
1. The **Deep-In-The-Money (DITM) call strategy** is the a way a stock but with a fraction of the money at risk. If you believe a stock is going to go up (eventually), instead of buying the stock outright, buy a DITM Call option with a long duration left to expiry and a Delta of 0.9 or higher (meaning that the value of the option moves at least $0.90 for every $1.00 move of the underlying stock). You will find these where the strike price is about half the stock price, which means that you just have to invest half the money to capture at least 90% of the growth.
2. If you want to buy a stock at a lower level than it is trading today, consider using the **Put-Sell strategy**: sell Puts on the option at the Strike price you are willing to pay for it and get paid for waiting for the stock to drop, instead of just waiting.
3. If you have an idea of there the stock won't go (above or below a certain price in a certain time), you can make directional bets with **Option Credit Spread**. Even though the market might move against you, the probabilities will be on your side because the option strikes are out-of-the-money. The bull/bear credit spread involves selling an OTM put/call at the floor/ceiling and buy an even further OTM put/call f0r protection. Since the further OTM you go, the lower the option prices, this spread should net you some points. You can enhance this strategy by focusing on stock with a temporarily high Implied Volatility (which means its options are temporarily more expensive).
4. Selling stock you own at the price you want by selling **Covered Calls** at the desired level. Again you are getting paid while waiting on the stock to reach the level you are looking for.
For me, the discussion of the 1st and 3rd strategy were useful, as well as the author's take on the role and sources of Implied Volatility. I might recommend this book to a fellow options trader, and I will probably re-read some parts of it at some point. Four stars.
September 29, 2023
While this one was written some time before 2007, the info that would date it is fairly minimal. What matters are the option strategies, and they are timeless.
The four main option strategies highlighted are: deep in the money calls, out of the money puts, covered calls, and vertical spreads.
Covered calls were the first options I dealt with and go highly recommended by yours truly. To use this strategy, you need to own at least 100 shares of a given stock. Then, you sell an option for the buyer to purchase your shares at some point in the future at a price which is higher than it is today. Ideally, the option never gets exercised because it never reached the price agreed upon when you sold the contract. The great part is that you get to keep the premium you received when you sold the contract. And if the price does get hit, your stock gets sold at a higher price AND you get to keep the premium. Nice...
Selling out of the money puts is another great way to derive income. This strategy should only be used on stock you would like to own, albeit at a lower price than it is today. Selling a put offers you, the seller, to buy the underlying stock at some point in the future at an agreed upon price. I sometimes use this tactic to purchase shares at a lower price than it is selling for today. If you want to buy a $100 stock for $90, sell a $90 put. If you sell the put and the put cost $1 (times the 100 shares the put controls, or $100), that premium (the $100) goes right in your pocket. If the price of the underlying stock is $90 or less at expiration, you get to buy those shares at $90. Better yet, your cost basis is actually $89 because you collected $1 when you sold the contract. Very nice.
If you feel as though a stock is going to rise precipitously, you can buy deep in the money calls with a delta well north of 90. Delta is a measure of how much the option price will move when the underlying stock price moves. It can also be used to determine the likelihood the option will expire in the money. The option will be a lot cheaper than owning the stock itself, but you can still reap the price change the underlying stock realizes. This strategy can be great during earnings season, or with an important news release.
One last strategy of the four main strategies this book covers is the vertical spread. If you see that during the normal ebb and flow of stock pricing the current price is rebounding off a recent low, you can sell one put at a lower price than the underlying stock price, then for the sake of insurance you buy another put at a lower price, that is called a bullish put vertical. The idea is that if the stock price does turn around and go lower, your loss is defined by the difference between the two options, less the premium you collected for the put you sold.
These are all great strategies for deriving an income from options. Once an investor understands how options work, it can be a great addition to the toolbox of the average retail investor. That's you. That's how anyone can take little sips out of the market. Which is very nice indeed.
Learn all you can about options.
The four main option strategies highlighted are: deep in the money calls, out of the money puts, covered calls, and vertical spreads.
Covered calls were the first options I dealt with and go highly recommended by yours truly. To use this strategy, you need to own at least 100 shares of a given stock. Then, you sell an option for the buyer to purchase your shares at some point in the future at a price which is higher than it is today. Ideally, the option never gets exercised because it never reached the price agreed upon when you sold the contract. The great part is that you get to keep the premium you received when you sold the contract. And if the price does get hit, your stock gets sold at a higher price AND you get to keep the premium. Nice...
Selling out of the money puts is another great way to derive income. This strategy should only be used on stock you would like to own, albeit at a lower price than it is today. Selling a put offers you, the seller, to buy the underlying stock at some point in the future at an agreed upon price. I sometimes use this tactic to purchase shares at a lower price than it is selling for today. If you want to buy a $100 stock for $90, sell a $90 put. If you sell the put and the put cost $1 (times the 100 shares the put controls, or $100), that premium (the $100) goes right in your pocket. If the price of the underlying stock is $90 or less at expiration, you get to buy those shares at $90. Better yet, your cost basis is actually $89 because you collected $1 when you sold the contract. Very nice.
If you feel as though a stock is going to rise precipitously, you can buy deep in the money calls with a delta well north of 90. Delta is a measure of how much the option price will move when the underlying stock price moves. It can also be used to determine the likelihood the option will expire in the money. The option will be a lot cheaper than owning the stock itself, but you can still reap the price change the underlying stock realizes. This strategy can be great during earnings season, or with an important news release.
One last strategy of the four main strategies this book covers is the vertical spread. If you see that during the normal ebb and flow of stock pricing the current price is rebounding off a recent low, you can sell one put at a lower price than the underlying stock price, then for the sake of insurance you buy another put at a lower price, that is called a bullish put vertical. The idea is that if the stock price does turn around and go lower, your loss is defined by the difference between the two options, less the premium you collected for the put you sold.
These are all great strategies for deriving an income from options. Once an investor understands how options work, it can be a great addition to the toolbox of the average retail investor. That's you. That's how anyone can take little sips out of the market. Which is very nice indeed.
Learn all you can about options.
November 9, 2018
I started to read this book on english and like ebook, when I saw that the author really explained how to trade options practically I bought the physical book and in my language, spanish.
I like this book because is practical, has theory but is the theory necesary to operate the strategies the author advice, I have read others books about trading and about options, but they were just theory, leaving me with more questions than answers, this book solve the questions and help me to understand a little more how to trade with options.
I had done several operations with options on DEMO, after read the first part of the book (there are two parts, an introduction explaining options with some practical examples and why chose that option and not another one, and the second part are the 4 strategies the author advice) and I remember all of them except one to be in positive some days, which allow to close with gains.
The cons of the book, for me, just 2 and minor, the name... is the typical name who yell lost of time and nothing useful, which it isn't, and the second is that the author repeat itself a little explaining why trading options is the best.
To sum up, practical book with useful content. I still don't trade options for real, I prefer futures, but allow me to make test with options, and maybe when I feel myself comfortable with my experience on options I'll trade them.
I like this book because is practical, has theory but is the theory necesary to operate the strategies the author advice, I have read others books about trading and about options, but they were just theory, leaving me with more questions than answers, this book solve the questions and help me to understand a little more how to trade with options.
I had done several operations with options on DEMO, after read the first part of the book (there are two parts, an introduction explaining options with some practical examples and why chose that option and not another one, and the second part are the 4 strategies the author advice) and I remember all of them except one to be in positive some days, which allow to close with gains.
The cons of the book, for me, just 2 and minor, the name... is the typical name who yell lost of time and nothing useful, which it isn't, and the second is that the author repeat itself a little explaining why trading options is the best.
To sum up, practical book with useful content. I still don't trade options for real, I prefer futures, but allow me to make test with options, and maybe when I feel myself comfortable with my experience on options I'll trade them.
February 28, 2019
It was an easy read if your are already familiar with the space. Argues some logical points. Cringeworthy title as others have mentioned, especially when his examples are cashing in on $125 over two months or something like that. That being said, I enjoyed the deep in the money argument and cruised through the rest of it in a day. It seems more like an appetizer to options trading than a full meal.
May 21, 2019
Don’t let the title of the book fool you. The option trading strategies in this book are mostly conservative in nature but will help you outperform the general markets over the long term if applied properly. The book is full of useful strategies that I plan to apply moving forward but I wouldn’t recommend it to anyone who doesn’t already have at least an intermediate understanding of stock / option / commodity trading.
February 9, 2021
If you're completely new to stocks / options, may be difficult to follow as the book assumes you know the basics. As someone completely new to stocks/options; in my opinion, the book was not well written and then examples with the figures were difficult to follow at times. I did however look up Lee Lowell's YouTube channel and found his videos easier to follow.
Overall it was a decent intro to the various options strategies. Also, this book does not go into details on how to pick a stock.
Overall it was a decent intro to the various options strategies. Also, this book does not go into details on how to pick a stock.
May 12, 2020
Glad I got my hands on it.
Though the book doesn't teach you anything about technical analysis, it is one of the best books for options trading.
The author shares 4 simple option trading strategies which you can't afford to ignore, if you really want to get rich from stock market.
If you are new to the market, this book is for you.
Though the book doesn't teach you anything about technical analysis, it is one of the best books for options trading.
The author shares 4 simple option trading strategies which you can't afford to ignore, if you really want to get rich from stock market.
If you are new to the market, this book is for you.
December 26, 2020
Good intro to options trading for newcomers, with a basic list of four strategies. However, the book is repetitive and wordy. The core content could have been delivered in a long form website article. References are out of date, but many of the free resources at the end can still be found and are very useful.
December 2, 2024
Very disappointing book. While it does contain a somewhat legible presentation of a couple options strategies it does not contain enough details for the absolute beginner and is way to simplistic if you have any real experience. So I guess if you have been introduced to options and want to know what is next then this book is for you. If you have any experience then don't bother.
January 27, 2019
Pretty basic but good information. 4 strategic (and logical!) ways to take advantage of options. Not a trading playbook but rather a complement to an investor's playbook which was a very nice surprise. The title is cringe worthy which is unfortunate.
June 21, 2021
If you’re already an options trader then this book is great to supplement your current knowledge.
I already use most of the strategies in the book but they go into more in-depth explanations of how the delta and IV affects the pricing of contracts
Good book. Easy to read.
I already use most of the strategies in the book but they go into more in-depth explanations of how the delta and IV affects the pricing of contracts
Good book. Easy to read.
February 19, 2024
the prose is basically unreadable but he has some great advice. The title also makes it sound like a scam haha.
Summary- sell options via:
DITM Calls to buy stock (idk why I would ever do this)
Naked put selling
Option Spreads
Covered Calls
Summary- sell options via:
DITM Calls to buy stock (idk why I would ever do this)
Naked put selling
Option Spreads
Covered Calls
May 25, 2017
Great Read with some lovely strategies for easy monthly profits & rent from the markets!
November 22, 2019
Good book to understand the technique and psychology of the option sellers.
April 17, 2020
Simple Strategies. U need to build on top of it if u want to be a full-time options trader
May 30, 2020
This book change my view about investing. No BS and straight out practical. Highly recommmended for serious traders out there
August 3, 2020
This was a very interesting book. I re-started it in 2020 and really enjoyed it.
Author Lowell does a great job explaining how the options and commodity markets work.
Author Lowell does a great job explaining how the options and commodity markets work.
December 20, 2020
The best option book
A wonderful read.written in a very interesting and simple manner,so that anyone can undestand.Read it in one go.Really worth the price.
A wonderful read.written in a very interesting and simple manner,so that anyone can undestand.Read it in one go.Really worth the price.
December 21, 2024
Los conceptos no son malos, pero la traducción es terrible.
No lo aconsejo.
No lo aconsejo.
April 5, 2025
Very practical guide
December 20, 2025
hell yeah
Great book for all people looking to learn option strategies that make money. Added resources are a bonus. Author is the genuine article.
Great book for all people looking to learn option strategies that make money. Added resources are a bonus. Author is the genuine article.
August 25, 2008
A very good source of information for anyone willing to start employing options into his or her stock strategies.
As with every decent options book, this outlines strategies to the effect of (paraphrasing) "Limit your losses but maintain an infinite potential of income!". That's exactly what options are: insurance. Do you drive a car without insurance? Then why trade stocks without it?
Trading options is not for beginner investors and should be researched thoroughly before ever trying it, and this a decent book for a few applications.
As with every decent options book, this outlines strategies to the effect of (paraphrasing) "Limit your losses but maintain an infinite potential of income!". That's exactly what options are: insurance. Do you drive a car without insurance? Then why trade stocks without it?
Trading options is not for beginner investors and should be researched thoroughly before ever trying it, and this a decent book for a few applications.
May 1, 2022
What I learned from day trading for almost two years is that, it doesn’t matter how many (or what) books you have read. Go, start trading, take calculated risks, always start with small amount of money (that you can afford to lose). Don’t think about losing trades. Some people would suggest you to start with paper trading, however for me, it didn’t add any value. It was like giving mock test vs actual test. Happy trading!!!
February 20, 2013
Maybe I'm just incapable of understanding options trading analytics. I understand the principles behind the tradings and slowly becoming more familiar with the new language attached to it. However, this book is very basic and yet I'm still at a loss as far as how to analyze and strategize for successful opportunities to take advantage of.
March 21, 2014
I thought it was a great introduction to options. I would have liked to see some discussion about what to do when an options trade goes against you. Some of the strategies sound great, but I found that I can't even consider most of them because my brokerage won't let a beginner do more than write covered calls or buy cash secured puts.
April 8, 2022
I'm not a fan of options. Buying the dips on ETFs has been a great and simple strategy for me (along with more complex stuff with forex).
But if you really wanna learn options, I think having more visuals is better. Optionalpha.com has some great videos on options.
But if you really wanna learn options, I think having more visuals is better. Optionalpha.com has some great videos on options.
Displaying 1 - 30 of 34 reviews