Part One: What You Need to Know First
Part One lays the conceptual foundation before any strategy is introduced. It covers the four main uses of options (income, protection, hedging, speculation), how to open an options account and the approval levels involved, and the full core vocabulary — calls, puts, strike price, expiration date, premium, intrinsic value, and time value.
| Chapter | Title |
|---|---|
| 3 | Welcome to the Options Market |
| 4 | How to Open an Options Account |
| 5 | The Fascinating Characteristics of Options |
These three chapters are the vocabulary prerequisite for everything that follows. If a later strategy chapter feels unclear, returning to Chapter 5 usually resolves the confusion.
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