on 9 March 2008
Difficult to tell who this book is really aimed at - the book purports to be about options trading for the serious options market maker, but then remains in generalities and doesn't really manage to rise above a run-of-the-mill options text book.
The book makes a great stand in advising all market participants to restrict themselves to synthetics, single-month positions and limited risk positions, and even goes so far as to suggest that certain strategies are to be avoided completely (never sell straddles...) yet any serious market maker working for an investment bank will have far too complex a book to be able to restrict himself to any of these tenets.
Sure, the book does make some attempt to generalise from what it says about simple single-month or calendar strategies to how one might manage a larger book, but that's all they are - generalisations.
Go for Natenberg or Taleb instead.