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An option is a contract giving the buyer the right but not the
obligation to buy or sell an underlying asset at a specific price on or
before a certain date. An option, just like a stock or bond, is a
security. It is also a binding contract with strictly defined terms and
properties. Let's say for example that you found a house that you'd love
to purchase but you won't have the cash to buy it for another three months. You
talk to the owner and negotiate a deal that gives you an option to buy the house
in 6 months for a price of $100,000. The owner agrees to it, but for this
option, he wants you to pay a price of $4,000 (premium).
Now,
consider two theoretical situations that might arise:
During that time, the price of the house went up to $120,000. Now you
can buy the house for $100,000 and sell it back for $120,000 for a
profit of $16,000 ($120,000-$100,000-$4,000). To make it simple to see,
the cost of buying and selling the house is excluded.
Let's say, you had the house inspected and the house is full of
termites and need major repairs. You can choose not to buy the house,
even though you originally thought you had
found the house of your dreams. On the
upside, because you bought an option, you are under no obligation to go
through with the sale. Of course, you still lose the $3,000 price of the
option.
This
example demonstrates two very important points. First, when you buy an
option, you have a right but not the obligation to do something. You can
always let the expiration date go by, at which point the option is
worthless. If this happens, you lose 100% of your investment, which is
the money you used to pay for the option. Second, an option is merely a
contract that deals with an underlying asset. For this reason, options
are called derivatives, which means an option derives its value
from something else. In our example, the house is the underlying asset.
But most of the time, the underlying asset is a stock or an index.
This book describes just about every
fundamental strategy you could try with options. It covers the total return
concept of covered call writing, the pros and cons of option buying, examines
various types of spreads (vertical, calendar, and diagonal) and the various
delta (price) neutral strategies. If you have to have only one book on options,
this will be it.
Spend less than you earn! People who spend every penny
they make usually end up going broke.......
Take enough risk on the money you save! Playing safe by
putting your money under the mattress or in a savings account
will not make you wealthy..
Remember that.....Fully one-fifth of humanity, some 1.3 billion people,
struggles to survive on less than $1 per day. About 40% of
humanity survives on less than $2 per day. More than a billion
people around the world will go to bed hungry tonight. Life
expectancy in some 32 countries is less than 40 years. If you
have a few extra dollars in your pocket (you don't have to be a
millionaire to make a difference), please share some of your
financial good fortune with others who are in great need.
Think About It... Being in the 'now' brings a freedom, unlike living
in the past or in the future, which is a kind of imprisonment.
This isn't a kind of a denial where you pretend life doesn't have
problems. Life is full of problems, but most of those stresses
and failures are reliving old hurts or worrying about future
concerns. -- Carl Honore
When you 're diagnosed with cancer, you start to
bargain with God: "Let me get through this, and I'll take better
care of myself. I'll get my priorities in order. I'll learn to
live every day to the fullest." Isn't it sad that you have to get
sick before giving yourself permission to live life to the
fullest? -- Robert Schimmel
Look at Life in different & Positive ways
