Ahem.....er, well I'm not really comfortable with that term. But this is a follow on from Tech/A's expertise thread, where there was a lot of interest in options.
Some of us here have some experience....so lets just say "sharing what we know".
Firstly, options are a vastly complex subject. What I know has been slowly added to over the last few years and I don't think it is something that can be absorbed quickly...at least not for us booze addled old farts.
That complexity is what makes them so useful...yet dangerous.
Useful, because you can construct a situation to take advantage of whatever view of the market you have. Indeed , you must have a view of where the market is headed, even if that view is merely "somewhere" or "nowhere".
Dangerous, because of the leverage and strange price behaviour (strange if you have not studied enough). Options have so many "gotchas" it's mind boggling and you are trading against the smartest ****holes in the universe, bar none...the market makers!
They do not have to be dangerous though, they can also be the most effective risk control tool.
It's a bit like handleing stallions. They have the wherewithall to rip your head off your shoulders, and in the wrong hands they have done just that. In the right hands they are your best friend and a joy to be with. Just never take your eye off them LOL