Skip to main content
GammaBaba
Book
Options Trading 101: An Old Wolf's Stories — book cover
Free Book · 32 chapters · ~3.9 hours

Options Trading 101: An Old Wolf's Stories

by The Old Wolf

A storyteller's guide to options trading — risk, the Greeks, core strategies, and the discipline it takes to survive the market. Free to read online; PDF and EPUB available with a free account.

Read free online →📄 Download PDF📘 Download EPUB

Downloads are free — a GammaBaba account with a verified email is required, so we know where to send updates if the book changes.

What you'll learn

  • What an option is — and what most beginners think it is
  • The Greeks as five characters in a story you can remember
  • Position sizing that survives a bad streak, not just a good one
  • The silent killers: spreads, slippage, commissions, assignment
  • Core strategies: long calls/puts, covered calls, CSPs, verticals
  • Two-legged hunts: calendars, condors, butterflies, straddles, strangles
  • VIX, hedging, and what to do when the storm rolls in
  • LEAPS for the long game; journal & discipline for the long career

Table of contents

Front Matter

  1. Disclaimer and a Word from the Author1 min
  2. A Letter from the Old Wolf2 min
  3. How to Read This Book2 min

Part I — Before the Hunt

  1. Welcome to the Pack — What an Option Is, and Isn't10 min
  2. The Other Side — Who's Trading Options12 min
  3. The Five Characters — Meet the Greeks10 min
  4. The Anatomy of Price and Liquidity13 min

Part II — Risk Sits on the Throne

  1. "Do I Only Lose What I Put In?" — The Stop-Loss Lie9 min
  2. Position Sizing — Read This Chapter Twice7 min
  3. Which Wolf Are You? — Trader Archetypes7 min
  4. The Silent Killer — Commissions, Spreads, Slippage6 min
  5. Dark Scenarios — The Risks Books Leave Out11 min

Part III — Core Hunting Techniques

  1. Long Call and Long Put — The First Hunt16 min
  2. Choosing Your Expiration — 0DTE to LEAPS13 min
  3. Covered Call and Cash-Secured Put — The Pack's Income7 min
  4. Protective Put and Collar — Armor5 min
  5. Vertical Spreads — Walking on Two Legs7 min

Part IV — Advanced Two-Legged Hunting

  1. Calendar and Diagonal Spreads — Selling Time5 min
  2. Iron Condor and Iron Butterfly — Hunting the Sideways6 min
  3. Straddle and Strangle — Betting on Volatility7 min
  4. Reading the VIX and Hedging the Portfolio13 min

Part V — The Long Game and the Mind

  1. LEAPS — Hunting Over Years9 min
  2. Fear, Greed, and the Art of Not Hunting7 min
  3. Journal, Discipline, Ritual6 min
  4. A Field Guide to Safe and Risky Options9 min
  5. The Old Wolf's Last Word3 min

Appendices

  1. Glossary — The Old Wolf's Dictionary8 min
  2. Trade Journal Template2 min
  3. Strategy Selection Decision Tree4 min
  4. All Checklists, Consolidated6 min
  5. Recommended Resources4 min
  6. Bibliography and Citations5 min