Updated and expanded 2nd edition of the Amazon best-selling book: The Rookie's Guide to Options. Wolfinger teaches readers how to use the versatile, risk-reducing investing tool, the stock option. Step-by-step instructions on making, managing and exiting trades. The emphasis is on getting the reader to understand how options work. There are no rules to memorize, just plain common sense ideas. Wolfinger's unique approach has readers follow along as he makes trade decisions and manages risk. The lessons follow in a logical sequence , with each lesson based on knowledge acquired in earlier chapters. Seven basic option strategies are covered. Learn why the commonly used strategy -- buying options for speculation -- is far too risky for all but the most sophisticated traders and why it is an inappropriate strategy for newcomers to the option's world. Learn to adopt strategies with limited risk but which come with a high probability of earning profits. His favorite strategies include covered call writing, selling cash-secured puts, collars, credit spreads, iron condors, diagonal spreads, and calendar spreads. Don't let the title fool you. This book contains all the information that a new trader has to know before getting started with options, but it also could be titled "The Rookie and Intermediate Trader's Guide to Options." You will keep this book handy as a reference as you gain trading experience and a better understanding of how to use options effectively.