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The ACE Program
Encyclopedia of Options Strategies

When I began trading on the floor of the Chicago Board Options Exchange (CBOE) in 1980, I discovered there were few educational resources about options. Over the years, however, there was an explosion of options related material. Unfortunately, the average retail trader has been forced to distinguish between products containing little more than exaggerated claims from those of genuine value.

The objective I established for my book, Trading Options Visually, was to take the mystery out of options and to enhance the readers' ability to trade options on futures.

Readers of my book learned the most important things I discovered as a floor trader --

Options are easy to understand when they're broken down into meaningful pieces, and they offer traders a variety of ways to earn money, each with a different degree and type of risk.

Market direction matters but only to the degree that you want it to matter. Changes in sentiment (as reflected in implied volatility) and time decay (either positive or negative) are two other factors, or variables, that significantly affect performance of options trades.

You can combine options in creative ways to achieve the impact you desire for each variable.

There are interrelationships between market movement, implied volatility, and time decay. Changes in one usually cause change in the others. This means there's a dynamic aspect to trading options that goes beyond forecasting market direction.

My objective in creating The ACE Program is to take you to the next level by showing you how to choose the right options position for your market outlook and for your tolerance for risk. It's your indispensible reference covering positions for 5 different market scenarios (very bearish, bearish, neutral, bullish, and very bullish) and for 3 different volatility environments (increase, stay the same, and decrease).

I made The ACE Program unique in that it focuses on which option expiration month to use for both directional and volatility trades given your tolerance for risk.

I want you to feel the excitement that comes with understanding once and for all how to use options to accomplish your goals.