If you have experience in option trading, or a strong understanding of the options markets, but want to better understand how to trade given certain market conditions, this is the book for you. Mark Sebastian's new edition will teach trade evaluation, using Greeks, trading various spreads under different market conditions, portfolio-building, and risk management. Sebastian's approach will help traders understand how to find edge, what kind of trade under what conditions will capture edge, and how to create and successfully hedge. The book demonstrates how to structure a portfolio of trades that makes more money with less risk. Table of Contents: Foreword by Bill Luby Part I: Professional Lessons Every Trader Needs to Know Chapter 1: Trading in Options Chapter 2: Risk Management Chapter 3: Market Makers, Risk, and the Individual Trader Chapter 4: Volatility Chapter 5: What Is Edge? Chapter 6: Locking in Edge Part II: Using Spreads Chapter 7: A Quick Review of Spreads Chapter 8: Adding Edge to Spreads Chapter 9: Butterflies and Condors Chapter 10: The Front Spread Chapter 11: Calendar Spreads Chapter 12: Trading VIX Chapter 13: Trading VIX ETP's and ETF's Part III: Global Risk Chapter 14: How a Market Maker Trades Chapter 15: Portfolio Greeks Chapter 16: Investing with Options/Stock Replacement Chapter 17: Hedging and Crisis Alpha with Options Part IV: Appendices.