Show notes: http://optionalpha.com/show132 Some traders wrongly assume that if they can't trade unlimited risk option strategies, such as straddles and strangles, that they should just avoid trading altogether. Today however, I want to present four great alternative trades to some of the more common unlimited risk options strategies and help you learn how to convert these trades into their synthetic counterparts. The goal of all conversions is to turn a trade from unlimited risk to defined risk so that the broker will allow it in your account or based on your options approval level.  I think that you'll find after you listen to today show it's much easier to trade unlimited risk strategies using a synthetic, risk-defined alternative than  you might have otherwise thought.