The Compleat Option Player * Kenneth R. Trester

Winning Strategy and Tactics in the New Options Games. This comprehensive financial manual outlines a realistic trading framework designed to help retail investors leverage stock options, protect trading capital, and generate consistent profits in both bull and bear markets.

The Story: Written by prominent options trading pioneer, computer software developer, and long-time finance professor Kenneth R. Trester, this classic trading guide treats Wall Street speculation as a structured, probability-first workspace. First published in the late 1970s and revised extensively through the late 1980s, the text looks past simplistic, high-risk betting strategies. Instead, Trester establishes a thorough, mathematical framework built on his professional trading background, demonstrating how to use options as tactical tools to limit downside risk while capitalizing on market volatility.

The book details the mechanics of options trading by breaking down complex derivative concepts into clear, accessible chapters. Trester utilizes a sharp diagnostic layout to review a wide ledger of strategies—including call and put buying, covered call writing, spreads, straddles, and advanced options combinations. The narrative outlines how to accurately calculate option premiums, evaluate implied volatility, and manage strict position sizing parameters to survive erratic market drops and sudden market shifts.Rather than treating speculation as a simple game of chance, the narrative functions as an informative field manual for systematic wealth management. Trester shares his unique "Option Writing" principles, detailing how retail investors can consistently take the side of the "house" by selling time-premium decay to other speculators. Published in its Seventh Printing (January 1989) by Institute for Options Research, this scarce vintage hardcover printing serves as an essential addition to any trading library, capturing a foundational masterclass in disciplined derivatives trading before the era of modern high-frequency algorithms.

Perfect For: Individual investors, options traders, and financial technical analysts looking for an empirical, classic textbook on mathematical risk management; students studying the history of Wall Street speculation and market pricing cycles; and book collectors archiving rare, definitive vintage finance and investment titles.

First published 1977. This edition, seventh printing January 1989.

Options Trading Strategies / Stock Market Speculation / Risk Management Manuals / Financial Technical Analysis