Destined to become a classic of trading literature, this book demonstrated how perception of risk is the key element to successful options trading. In easy-to-understand, down-to-earth language, Cottle shows traders how to calculate the risk on any option position, from simple puts and calls to sophisticated straddles and butterflies instantly. Cottle explains how to eliminate inappropriate risks, adjust positions as they underlying market changes, and optimize the potential of the option positions. No other book so effectively merges option theory with actual market experience. ptions: Perception and Deception also includes: Dessecting options positions and quantifying the hierarchy of risk; Elimanating or reducing unproductive risk; Matching a strategy to your market outlook.