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多次犯错，但最终结果要赚钱。抓住一次重大反转会弥补一连串的亏损，并赚很多利润。
The best options trade I ever made was during the October 1989 minicrash in the stock market。 On Thursday the market closed weak； with new lows exceeding the new highs for the first time in over a year； which gave me a long…awaited sell signal。 On Friday morning； while at a trade show in Chicago； I bought OEX puts at 3/8。 On Friday afternoon the bottom fell out of the market。 On Monday the market opened sharply lower and my puts； purchased just a few trading hours ago at less than half a point； were bid at 17。
我最好的期权交易发生在1989年10月股市的小崩盘。周四收盘弱，整年中第一次出现新低比新高低，给出了我一直等待的卖出信号。周五早上，当时在芝加哥看交易展，我用3/ 8的价格买了OEX的看跌期权。周五下午形成了新底。周一早上市场严重低开，我的看跌期权已经涨到17了。
Why don’t more people use this tactic？ First； it requires a great deal of patience； as opportunities are very infrequent。 It offers very little entertainment value。 Most people cannot stomach the idea of being wrong three； four； or five times in a row； even if they are likely to make money in the end。 This is why so few traders play one of the greatest games in the options market。
为什么大部分人不使用这个战术？首先，需要极大的耐心，因为机会太少了。它可不是给你娱乐的。大部分无法忍受连续3，4或5次亏损，即使最终会赚钱。所以很少有人玩这个伟大的期权游戏。
Writing Options Beginners； gamblers； and undercapitalized traders make up the majority of option buyers。 Just think of all the money lost by those hapless folks in their eagerness to get rich quick。 Have you sent a few dollars down the options hole？ Who got all that money？ Brokers； of course； but mostly options writers。 Well…capitalized professionals tend to write options rather than buy them。 Covered writers sell options against securities they own。 Naked writers sell options without owning the underlying securities。
发行期权 新手，赌徒和资金少的交易者构成了期权买家的大部分。想象那些急着赚钱，却不幸亏钱的人吧。你有没有把一些钱投入期权的黑洞？谁赚了所有的钱？当然是经纪商，但大部分是发行期权的人。资金雄厚的专业人士一般是发行期权，而不是买期权。有标的证券期权发行人卖出针对他们拥有的证券的期权。无标的证券期权发行人没有证券也卖出期权。
A stock or a future can do one of three things： rise； fall； or stay flat。 When you buy a call； you can profit only if the market rises； but lose if it goes down or stays flat； and sometimes even if it rises but not fast enough。 When you buy a put； you win only if the market falls fast enough。 An options buyer makes money only if the market goes his way； but loses if it goes against him or stays flat。 A buyer has one chance to win out of three； but the odds are two out of three for an option writer。 No wonder the pros prefer writing options。
股票或期货可以做3件事：上涨，下跌或横盘。如果你买入看涨期权，你有在市场上涨时赚到利润；如果它下跌或横盘，你就亏损；有时候它在涨，但涨的不快也亏损。如果你买入看跌期权，只有市场跌的足够快你才能赢。只有市场按照他想的方向走，期权买家才能赚钱；如果市场方向和想的相反，或横盘，就要亏钱。买家赢家的概率是三分之一，但是期权发行人的机会是三分之二。难怪专业人士都喜欢发行期权。
Large funds tend to use puterized models to buy stocks and write covered calls against them。 If a stock stays below the strike price； they pocket the premium and write a new call with a new expiration date。 If a stock rises high enough to be called； they deliver it； collect the money； invest in another stock； and write calls against it。 Covered writing is a mathematically demanding； capital…intensive business。 Most serious players spread their costs； including staff and equipment； across a large capital base。 A small trader doesn’t have much of an edge in this expensive enterprise。
大基金一般用电脑模型帮助买股票，并发行针对它们的期权。如果股票在行权价以下，他们就赚了卖期权的钱，还可以发行到期日更远的新期权。如果股票涨到了行权价，他们就把股票卖出去，得到了利润，然后再投资另一只股票，再针对这只股票发行期权。发行有标的证券的期权需要数学好，资金充足。大部分热真的玩家要花巨大成本，包括员工和设备。小交易者没有优势搞这么昂贵的生意。
Naked writers sell options without owning the underlying securities； similar to shorting。 A naked writer collects his premium at the outset of the trade but his risk is unlimited if the position goes against him and he fails to get out。 If you own a stock； sell a call； and that stock gets called； you have something to deliver。 If you sell a naked call and the stock rises to its exercise price； the option buyer can demand delivery； whether you own that stock or not。 Imagine selling calls on a stock that bees a takeover play and opens 50 higher the next morning … you still have to deliver。 It can hurt。
无标的证券期权的发行人卖出期权，但自己并不拥有相对的证券，类似于做空。无标的证券期权的发行人最初通过交易赚期权的钱，但是如果在情况不利时不能逃跑，他的风险是无限大的。如果你有一只股票，你卖出看涨期权，股票涨到了行权价，你可以卖股票。如果你卖出无标的证券看涨期权，股票涨到了行权价，不管你有没有股票，期权买家都可以要求得到股票。想象一下，如果买家要求得到股票，而第二天股票开盘就涨了50元——你还是要给他股票。这太痛苦了。
Limited reward with unlimited risk scares most traders away from naked writing； but the reality and perception are usually quite different in the markets。 Writing naked options seems very dangerous； but most of the time a far…out…of…the…money option with a short time to the expiration is very likely to expire worthless； to the benefit of the writer。 Its chance of reaching the exercise price and causing a loss to a writer is very low。 The risk/reward ratio in naked writing is a lot better than it looks； and there are techniques for reducing the impact of a rare adverse move。
发行无标的证券期权是有限的回报，无限的风险，所以吓坏了大多数交易者。发行无标的证券期权看起来很危险，大多数时间没有价值的，很快就要到期的期权一般都会到期作废，但是发行人有钱赚。它到达行权价的概率太低，所以发行人亏损的概率也很低。无标的证券期权的风险回报比比看起来的要好，有一些技术可以防止很少出现的反转造成的冲击。
Savvy naked writers tend to sell out…of…the…money calls and puts at levels that a stock or a modity is unlikely to reach during the option’s life。 They sell distant hopes。 Good writers track market volatility to find how far a stock is likely to move； based on its recent conduct； and sell options outside that range。 If a stock took a year to rise from 60 to 130； the pros are going to fall all over themselves trying to serve some greenhorn who wants to buy 170 calls that will expire in a few weeks。 The chance of that stock rising 40 points before the option expiration is exceedingly low。 A gullible amateur wants to buy hope； and the pros are delighted to sell it to him。 This game goes into high gear during the week or two prior to option expiration； when the floor mints money out of thin air； selling naked puts and calls that have almost no chance of reaching their exercise price。
聪明的无标的证券期权发行人一般喜欢卖不值钱的看涨期权，行权价定在股票和期货都不太可能到达的水平。他们卖出长远的希望。聪明的发行人会跟踪市场的波动，看看股票最多波动到哪里，然后他在这个范围之外卖出期权。如果股票花了一年时间从60涨到130，这时专业人士会想法设法满足新手的要求，买入行权价为170元，几周就到期的期权。股票在几周内涨40点的概�