Lawrence was a "smart" trader—or so he thought. He understood the basic math of a call and a put, but he was playing checkers while the market was playing three-dimensional chess. He’d been bleeding capital for six months, caught in the "volatility crush" of earnings season without ever knowing what to call it.
Lawrence stopped seeing options as lottery tickets. Through McMillan’s eyes, they became tools for hedging, for generating income through covered calls, and for structured speculation via spreads. He learned that time—theta—wasn't just an enemy; it could be a landlord collecting rent if you sat on the right side of the trade. He discovered the "Greeks," the silent gears turning behind every price movement. McMillan on options
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