Guide to the 5th Edition
Options as a Strategic Investment (5th Edition) by Lawrence G. McMillan is widely regarded in the Reddit trading community as the "Bible of Options Trading". Released in 2012, this nearly 1,100-page tome remains a cornerstone reference for serious investors.
Call & Put Strategies:
Extensive sections on covered calls, naked writing, and ratio writing.
Security Risks:
Many "free PDF" sites are fronts for malware or phishing attempts.
Final Thought
Reddit is great for ticker ideas, but terrible for fundamentals. McMillan’s book is the antidote to the noise. Whether you find a PDF or buy the hardcover, just get the information into your brain. Your portfolio will thank you.
- Where to look: Subreddits like
r/options,r/StockMarket,r/WallStreetBets(rarely, usually mocked there), orr/Piracy/r/Scholar. - The Reality: Direct links to copyrighted PDFs on Reddit are often deleted quickly by moderators to avoid subreddit bans. You will more likely find users discussing the book rather than linking it.
- The Strategy: Look for "Mega" threads or older archived posts. However, be cautious of links from unknown users—they often lead to malicious sites.
Scribd
: A digital document version of the 5th edition is sometimes hosted on Scribd , though a subscription may be required for full access.
- Title: Options as a Strategic Investment
- Author: Lawrence G. McMillan
- Edition: Fifth Edition
- Subject: Finance, Investing, Derivatives, Options Trading.
- Key Features of the 5th Edition: This edition is widely sought after because it updates classic strategies to modern market conditions (circa 2012 publication) and includes expanded chapters on volatility derivatives (VIX) and ETFs, making it a staple for retail traders.
Use it as a Reference:
Treat it like an encyclopedia. When you want to learn "Iron Condors," read that specific chapter.
